Discover their Reimagined Business Overhead Expense Insurance
Starting October 20th, MassMutual launched their new disability Business Overhead Expense insurance that replaces their existing product.
Some of the highlights:
- High Issue & Participation Limits
- Competitive product and business loan protection rider pricing
- Only carrier with 4 options to increase future coverage
- policy participating and eligible to receive dividends.
What is new with their BOE?
- Premium: New BOE premiums are lower by 15% on average
- Partial Disability Rider: Enhanced to align to ICC insurance interstate compact standards, providing more liberal benefit amounts
- Business Loan Protection Rider (BLPR): A new rider which provides a monthly reimbursable benefit during periods of total disability for business loan repayment; one rider per loan, up to 3 BLPRs per policy
- Future Insurability Option Rider (FIO): Increased coverage limits
- Benefit Increase Rider (BIR): Coverage Increase option life Radius Choice BIR; no-premium alternative to optional FIO
- Right to Apply (RTA) base policy provision: Built-in coverage increase option life Radius Choice RTA for fully underwritten coverage increases
- Compact-approved policy: Uniformity in 44 member jurisdictions
Key Underwriting Changes:
- Updated age and amount requirements for ages 18-45 by only requiring a CMI for amounts up to $20,000. (Previously needed Tele-CMI, labs, and physical measurements for amounts of $7,501-$20,000)
- Will consider up to 10 owners with at least 10% ownership each. (Previously only up to five owners considered)
- Will consider businesses with 25 or fewer employees. (Previously only up to 15 or fewer employees considered)
If you are curious to learn more, or if you have any questions, reach out to us. We are here to help!