¹ The MassMutual Chronic Care Research Survey, conducted by PSB Research, polled 1,250 adults aged 30 -60. The Survey was completed in November 2019 and will be published in 2020.
² Chronic Diseases in America, Centers for Disease Control and Prevention. 2019. https://cdc.gov/chronicdisease/resources/infographic/chronic-diseases.htm
³ LongTermCare.gov., U.S. Department of Health and Human Services 2017. https://longtermcare.acl.gov/the-basics/how-much-care-will-you-need.html3 LongTermCare.gov., U.S. Department of Health and Human Services 2017. https://longtermcare.acl.gov/the-basics/how-much-care-will-you-need.html
⁴ The Cost of Chronic Disease in the U.S., Milken Institute, 2018, (The total direct cost of Alzheimers’ Disease was $185.9 billion in 2016. Figure 1, p. 1) http://milkeninstitute.org/reports/costs-chronic-diseases-us
⁵ A qualifying chronic illness is characterized by the loss of at least two Activities of Daily Living (ADLs) due to functional capacity; or severe cognitive impairment that requires substantial supervision.
⁶ The payout is calculated as 75% of the face amount plus any Paid Up Additions minus the sum of: a present value based fee, which is a percentage of the eligible amount based on age (Under 35: 36%, 35-44: 27%, Over 44: 18%), plus any due and unpaid premiums. Certificate owners will also have to pay 75% of any outstanding certificate debt before receiving the benefit.
⁷ The payment of the Chronic Care Benefit will reduce the certificate’s death benefit and any cash value. The certificate’s premium payments will then be based on the reduced amount of insurance and the rates in effect for the policy.
Receipt of the Chronic Care Benefits under the certificate MAY AFFECT MEDICAID and SUPPLEMENTAL SECURITY INCOME (“SSI”) eligibility. Contact the Medicaid Unit of the local Department of Public Welfare and the Social Security Administration Office for more information. “Reduction.”
⁸ The Chronic Care Benefit is intended to qualify for favorable tax treatment under Section 101(g) of the Internal Revenue Code. Based upon the current tax code, benefits provided by this Endorsement may be taxable if the Insured is not the certificate owner, the spouse of the certificate owner, or the dependent child of the certificate owner. Certificate owners should seek tax advice from their tax advisor prior to requesting a Chronic Care Benefit payment.
The product and/or certain features may not be available in all states. State variations will apply.
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.
FOR FINANCIAL PROFESSIONAL USE ONLY. Not for use with the public.