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PHONE: (914) 372-2966
EMAIL: YonkersLifeInsurance@Barnumfg.com
Enrollment Period: August 1st - September 15th
MassMutual: Whole Life Insurance
Plan Effective Date: October 1, 2020
For all active, full-time employees working at least 30 hours per week
Build Your Benefit: With MassMutual's Whole Life Insurance, your employer gives you the opportunity to buy valuable life insurance coverage for yourself, your spouse, and your dependent children -- all at affordable group rates.
| Employee | Spouse | Child | |
|---|---|---|---|
| Non-Medical Maximum | $150,000 | $50,000 | $25,000 |
| Overall Maximum Benefit | $250,000 | $50,000 | $25,000 |
| GUARANTEED | Guaranteed and locked-in premiums for life | Guaranteed and locked-in premiums for life | Guaranteed and locked-in premiums for life |
Differentiating | Participating whole life with dividends allowing for cash value and death benefit to grow beyond the guaranteed values | Participating whole life with dividends allowing for cash value and death benefit to grow beyond the guaranteed values Permanent and Portable policy at some cost and benefit to the employees Waiver of premium rider included should employee become disabled Accessible tax-free cash value | Participating whole life with dividends allowing for cash value and death benefit to grow beyond the guaranteed values Permanent and Portable policy at some cost and benefit to the employees Waiver of premium rider included should employee become disabled Accessible tax-free cash value |
| Employee Contribution | 100% | 100% | 100% |
To request coverage:
1. Choose the amount of employee coverage that you want to buy.
2. Look up the premium costs for your age group for the coverage amount you are selecting on the chart below.
3. Choose the amount of coverage you want to buy for your spouse. Again, find the premium costs on the chart below. Note: Premiums are based on your age, not the age of your spouse.
4. Choose the amount of coverage you want to buy for your dependent children. The premium costs for each coverage option are shown below.
5. Fill in the enrollment form with the amount of coverage you are selecting. Remember, you must purchase coverage for yourself in order to purchase coverage for your spouse or children.
Employees must be approved in order for dependents to qualify for coverage. Maximum Dependent Coverage cannot exceed employee face amount. Employee coverage cannot be less than $25,000 when Dependent Coverage is elected.
Bi-Weekly Premium for: Employee Coverage
| Age | $10,000 | $25,000 | $50,000 | $100,000 |
|---|---|---|---|---|
| 25 | $4.98 | $9.40 | $16.76 | $31.48 |
| 30 | $5.79 | $11.43 | $20.82 | $39.60 |
| 35 | $6.66 | $13.59 | $25.14 | $48.24 |
| 40 | $8.48 | $18.15 | $34.27 | $66.51 |
| 45 | $10.01 | $21.96 | $41.89 | $81.74 |
| 50 | $13.41 | $30.47 | $58.90 | $115.76 |
| 55 | $16.25 | $37.57 | $73.11 | $144.19 |
| 60 | $22.04 | $52.04 | $102.05 | $202.07 |
| 65 | $24.37 | $58.16 | $114.47 | $227.08 |
| 70 | $33.28 | $80.43 | $159.01 | $316.16 |
Bi-Weekly Premium for: Spousal Coverage
| Age | $25,000 | $50,000 |
|---|---|---|
| 25 | $8.54 | $15.24 |
| 30 | $10.39 | $18.93 |
| 35 | $12.35 | $22.85 |
| 40 | $16.50 | $31.16 |
| 45 | $19.97 | $38.08 |
| 50 | $27.70 | $53.54 |
| 55 | $34.04 | $66.47 |
| 60 | $47.31 | $92.77 |
| 65 | $58.16 | $114.47 |
| 70 | $80.43 | $159.01 |
MassMutual@WORK Group Whole Life Insurance provides permanent participating life insurance. Our group whole life offers the following 3 guarantees-in-1 certificate
- Guaranteed level death benefit—Dependable, long-term insurance protection that is guaranteed for life as long as the premiums are paid and the policy is kept in force.
- Guaranteed level premium – Clients lock in premium payment amounts at the time of purchase, guaranteed not to change during the life of the certificate.
- Guaranteed increases in cash value—Tax-deferred cash value that is built within the certificate will never decline in value due to changes in market conditions.
Certificateowners are eligible to receive dividends beginning on the second certificate anniversary. Each certificateowner can choose how they receive their dividend payment. Dividend options include the ability to increase life insurance protection by purchasing paid-up additional insurance, cash payout, dividend accumulations, and after a policy has been ported, the certificateowner can choose to use the dividend payments to reduce premiums. Although they are not guaranteed, MassMutual has paid dividends to eligible participating policy/certificateowners consistently since the 1860s.
Accelerated Death Benefit Provisions:
The certificate owner can receive an advance, or acceleration, of a portion of the death benefit under the certificate, if the insured is diagnosed with a terminal illness.
- Terminal Illness: The Accelerated Death Benefit for Terminal Illness is payable when the insured meets the definition of Terminally Ill, generally diagnosed with an illness that will result in death within 12 months (24 months in some states.)