Massachusetts Mutual Life Insurance Co. is offering a new renewable-term rider for its whole-life and modified-premium whole-life products.
The rider, announced Thursday, provides a level amount of term insurance for one year in addition to the base whole-life policy coverage. It is renewed automatically each year until the insured reaches 90 years of age or unless the insured makes any changes to the face amount of term coverage.
The minimum amount of renewable term insurance that can be attached to either a MassMutual whole-life or modified-premium whole-life policy is $100,000; the maximum amount is 20 times the base policy amount.
During a conversion period that begins when the policy is issued, policyholders can convert part of the term coverage to permanent insurance without proof of good health.
