Life Insurance
As a business owner, you work hard preparing a good future for yourself, your family, your business partners and your employees. By incorporating life insurance into your financial strategies, you can begin to build a solid foundation for your personal and professional financial goals.
Cash value life insurance from MassMutual saved a family business.
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What is it?
A life insurance policy is a contract between a policy owner and an insurer. The insurer agrees to pay a sum of money upon the occurrence of the death of the individual insured under the policy. In return, the policy owner agrees to pay a stipulated amount, or premium, at regular intervals.
How is it used?
Life insurance can be used for attracting and retaining key employees, financial management, protecting your business, retirement planning and succession planning.
What are the benefits?
There are several benefits to both employees and employers when life insurance is used within business planning strategies. The primary purpose of life insurance is to provide your beneficiary a death benefit in the event you, the insured, dies. This death benefit can be used to help ensure the continuity of your business or be used to transfer business interest. In addition, depending on the life insurance product chosen, a policy can be used to offer supplemental retirement income benefits to you and survivor benefits to your beneficiaries.1
What are the different types of life insurance products and solutions that can help your business?
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Corporate- and Bank-Owned Life Insurance (COLI/BOLI)
COLI/BOLI is life insurance purchased and owned by a company/bank to insure the lives of key employees. COLI/BOLI also can be used as a source of funds to help support deferred compensation and other post-retirement employee benefit programs.
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Executive Group Life Insurance (EGL)
Executive Group Life Insurance is employer-sponsored group life insurance designed with the specific needs of executives and professionals in mind.
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Term Life
Term insurance can be your gateway to permanent insurance, providing the amount of protection you need today at a cost that is less than a comparable permanent policy.
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Universal Life
Universal life insurance provides lifetime death benefit protection along with flexibility that gives you choices as your needs and finances change. It offers options such as coverage amounts that may be increased or decreased, and premiums that you can vary based on your finances.
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Variable Universal Life2
Variable universal life insurance is a flexible premium, permanent insurance product combining death benefit protection with the option to allocate net premiums among divisions of the Separate Account and Guaranteed Principal Account.
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Whole Life
Whole life insurance provides protection for a lifetime. It offers guarantees that you can’t find in other forms of life insurance, including guaranteed premiums that will not increase, a guaranteed death benefit and guaranteed cash value growth.
Prefer to speak to someone about life insurance?
1Distributions under the policy (including cash dividends, withdrawals and partial/full surrenders) are not subject to taxation up to the amount paid into the policy (your cost basis). If the policy is a Modified Endowment Contract, policy loans and/or distributions are taxable to the extent of gain and are subject to 10% tax penalty. Access to cash values through borrowing or partial surrenders can reduce the policy’s cash value and death benefit, increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured.
2Variable life insurance policies are sold by prospectus. Before purchasing a variable life insurance policy, investors should carefully consider the investment objectives, risks, charges and expenses of the variable life insurance policy and its underlying investment choices. For this and other information, obtain the prospectuses for the variable life insurance policy and its underlying investment choices from your registered representative or click here for our financial documents. Please read the prospectuses carefully before investing or sending money.
Principal Underwriter
MML Distributors, LLC
1295 State Street
Springfield, MA 01111-0001 |
Wholly owned subsidiary of
Massachusetts Mutual Life Insurance Company
1295 State Street
Springfield, MA 01111-0001 |
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Insurance products issued by Massachusetts Mutual Life Insurance Company (MassMutual), 1295 State Street, Springfield, MA 01111-0001 and CM Life Insurance Company and MML Bay State Life Insurance Company, 100 Bright Meadow Boulevard, Enfield, CT 06082. Securities and investment advisory services offered through MML Investors Services, Inc., 1295 State Street, Springfield, MA 01111-0001, (800) 542-6767. Member FINRA (www.finra.org) and SiPC (www.sipc.org).
CRN201009-106976
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