Massachusetts Mutual Life Insurance Co. introduced new insurance coverages to help working Americans protect their finances and savings against critical illnesses and accidents.
The critical illness and accident group insurance policies are available through employers, either directly or through MassMutual’s BeneClick! integrated benefits exchange. The coverage is voluntary, meaning employees pay the full cost of the coverage offered through their workplace, or it can be made available on an employer-paid basis. The policies cover employees and, where available, spouses and children as well.
MassMutual notes that often, workers who find themselves in a financial pinch resort to taking loans from their 401(k)s or other retirement savings accounts. Many of those loans are never repaid, resulting in $6 billion in lost retirement savings a year, according to the Pension Research Council (PRC) at the Wharton School, University of Pennsylvania.
Critical illness coverage provides a lump-sum benefit, paid directly to the employee, to help cover medical costs, mortgage payments, childcare, or even groceries. The coverage is also portable, which means employees can take the coverage with them and remain protected if they are diagnosed with a critical illness, even if they change jobs.
MassMutual’s accident insurance provides a temporary replacement for the insured’s salary should he or she be unable to work due to an accident, helping cover medical insurance deductibles and co-pays, down time from work and other expenses.
Critical illness and accident group policies are part of a portfolio of protection products offered at the workplace by MassMutual. The policies complement MassMutual@Work Whole Life and Group Universal Life policies, as well as executive life and disability coverages.