Massachusetts Mutual Life Insurance Co. launched a whole life insurance product that lets investors increase or decrease coverage according to changing needs, and to customize the policy with riders.
The Whole Life Legacy 100, introduced Tuesday, offers guarantees, including a generally tax-free death benefit, guaranteed premiums for the policyholder's lifetime, and guaranteed cash value that grows each year on a tax-deferred basis. It also offers dividends which are not guaranteed but can be received in cash or used to purchase additional insurance to increase the policy's death benefit and cash value.
The Springfield company, which uses the trade name MassMutual Financial Group, had more than $450 billion of assets under management as of Dec. 31.
