Eligibility applies to any faculty and full-time staff in a benefit-eligible position or part-time employees with .50 FTE in a benefit-eligible position.
1 Any amount of Guaranteed Issue Group Whole Life insurance previously issued to you by MassMutual is deducted from the amount for which you are eligible under this program.
2 Annual coverage amount of $250,000 for employees includes Group Whole Life coverage already in force with MassMutual.
3 Children must be a dependent based on Federal tax rules.
4 The insured must be diagnosed by a qualified medical practitioner as having a chronic illness. Being chronically ill is generally defined as being unable to perform, without substantial assistance from another individual, at least two daily living activities (eating, toileting, transferring, bathing, dressing, and continence) due to a loss of functional capacity or requiring substantial supervision to protect the individual from threats to health or safety due to severe cognitive impairment. **The Chronic Care Benefit is a one-time advance, or acceleration, of a portion of the death benefit and can be 75% of the sum of the policy face amount plus any paid up additions, minus the present value based fee, any due but unpaid premiums, and 75% of any policy debt. The amount is capped based on the per diem benefit per-mitted under IRC 7702 B(d)(4). State variations will apply.
The acceleration of the death benefit is intended to be tax advantaged under §101(g) of the Internal Revenue Code. The insured must be chronically ill, as defined in 26 USC 7702B. Certificate owners should seek tax advice from their tax advisor regarding an acceleration of their death benefit. Receipt of accelerated death benefits may be taxable.
Accelerating the payment of the certificate death benefit may affect eligibility for public assistance programs, including MEDICAID and SUPPLEMENTAL SECURITY INCOME (“SSI”). Contact the Medicaid Unit of the local Department of Public Welfare and the Social Security Administration Office for more information.
The payment of the Chronic Care Benefit will reduce the certificate’s death benefit, any cash value and any loan values. The certificate’s premium payments will then be based on the reduced amount of insurance and the rates in effect for the policy. There is no premium required for this benefit, however, there is a fee if the provision is exercised. Please carefully read the accelerated death benefit disclosure provided at application. Restrictions and limitations will apply.
Note: The coverage mentioned herein is in general terms and is superseded in all respects, by the terms and conditions of the certificate, its endorsements, or exclusions.
Life insurance is offered through The Gabor Agency, Inc. DBA Gabor Financial Solutions, a licensed insurance agency. Group Whole Life Insurance (GPWL), (policy/certificate forms MM-GPWL-2014 and MM-GCWL-2014, and MM-GPWL-2014 (NC) and MM-GCWL-2014 (NC) in North Carolina), is level-premium, participating permanent life insurance. The GPWL policy and GCWL certificates are issued by Massachusetts Mutual Life Insurance Company, Springfield, MA 01111-0001. CRN # 202008-207988
