Whole Life 12-Pay, a new lower-premium alternative to Whole Life 10-Pay, will be available in August in most jurisdictions using EZ-app initially and Haven Technologies’ Coverpath digital platform in the future. The product provides death benefit protection and cash value accumulation with the potential for competitive income solutions. Survivorship Whole Life 12-Pay will debut concurrently, with more details to come.

Whole Life 12-Pay features, benefits, prospects, and sought-after options:

Whole Life 12-Pay will have a 3% guaranteed interest rate and the same features as MassMutual’s other limited pay products. Benefits include:

  • Guaranteed amount of paid-up life insurance.
  • Guaranteed cash value increases yearly.
  • Total death benefit and total cash value that never decline in value.

Prospective consumers for Whole Life 12-Pay will be affluent, high-net-worth clients, ages 45-55, who want life insurance to protect income, accumulate additional funds for retirement, and better manage market risk. The product can help them tackle financial concerns including tax-efficient accumulation, legacy/wealth transfer planning, and health care/long-term care planning.

LTCAccess Rider (LTCR) will be available with Whole Life 12-Pay at launch. Chronic Illness Rider (CIR) will not be available with Whole Life 12-Pay at launch; however, CIR is available with MassMutual Whole Life Insurance products on Haven Technologies’ Coverpath digital platform.

Key dates

Important dates in the Whole Life 12-Pay and Survivorship Whole Life 12-Pay rollout:

  • June 1: Whole Life 12-Pay illustrations available on MassMutual Designs (MMD) and WinFlex Web.
  • July 1: Survivorship Whole Life 12-Pay illustrations available on MMD and WinFlex Web.
  • Aug. 20: First day to submit applications for both products on EZ-app.

Transition Rules

New Products and Availability

  • Whole Life 12 Pay and Survivorship Whole Life 12 Pay
  • Available on EZ App only.
  • Availability on Coverpath/Haven Tech to be announced at a future date.

Key Dates

  • Illustrations for single life Whole Life 12 Pay will become available on June 1, 2022.
  • Illustrations for Survivorship Whole Life 12 Pay will become available on July 1, 2022.
  • The first day applications for both products can be submitted is August 20, 2022.

Plan Changes on EZ-App

For policies pending issue: Plan changes to one of the new products will be allowed if the request is received by the case manager via email on or after August 20, 2022 and before the policy is issued.

  • A single life whole life policy that is pending issue can be changed to a new Whole Life 12 Pay.
  • A Survivorship Whole Life 100 policy that is pending issue can be changed to a new Survivorship Whole Life 12 Pay policy.

For issued policies: 90-day reissue requests to change to one of the new policies will be allowed if a reissue request (F6126) is received on or after August 20, 2022.

  • A single life whole life policy can be reissued to a new Whole Life 12 Pay.
  • A Survivorship Whole Life 100 policy can be reissued to a new Survivorship Whole Life 12 Pay policy. Note that requests to reissue a single life policy to survivorship policy require a new application to be entered and additional forms.

Plan Changes from Haven Tech Platform to Core/EZ-App

  • For policies pending approval/issue that were submitted through Coverpath/Haven Tech: Plan changes to the new Whole Life 12 Pay product will not be allowed. Applications in progress on the digital platform should be cancelled and a new application must be submitted through EZ-App. A new signed Part 1, Part 2, and any supplemental forms will be required.
  • For issued policies submitted through Coverpath/Haven Tech: Reissue requests to change to Whole Life 12 Pay will not be allowed.
    • The new product is not being made available on the digital platform until a later date and filed application forms are different between platforms and cannot be used interchangeably.
    • A new application must be submitted through EZ-App. A new signed Part 1, Part 2, and any supplemental forms will be required. Coverpath/Haven Tech policies already issued will be cancelled during the 90-day period if a new 12 Pay application is received.
  • IMPORTANT RECOMMENDATIONS:
    • To help facilitate cancelation of the Haven Tech policy after the new EZ-App submission is completed, please submit cover letter that includes the following language: “Cancel Haven Tech Policy [insert policy number] and Issue Whole Life 12 Pay from EZ-App.”
    • If the intended product is Whole Life 12 Pay, submitting the original policy through EZ-App will reduce delays in transitioning from the Haven Tech platform to EZ-App after the Whole Life 12 Pay becomes
      available for submission.

Other Transition and 90-Day Reissue Rules

  • Policies beyond the 90-day reissue period will require a new signed Part 1 and a new ADE, and normal replacement rules will apply when the original policy has passed the Free Look provision period.
  • Redating a reported policy or changing the owner/beneficiary is not allowed.
  •  All reissue requests are subject to review and approval by Underwriting.
  • Products are subject to state availability.
  • Normal backdating rules to “save age” apply

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