Worksite Smarter.
Five Group Whole Life Insurance Conversation Starters
We’ve paired five popular Group Whole Life (GWL) insurance selling scenarios with five quick conversation starters. Use them and start steering your client discussions in the right direction, faster.
Conversation Starter 1
Your client is new to voluntary benefits and/or GWL Insurance.
"Group Whole Life is a benefits option that can help contribute to an employees' financial security."
"Tell me more..."
Here's how:
- GWL may provide a level of security beyond other forms of life insurance.
- GWL has a death benefit, but it’s also a resource employees can tap into throughout their lifetime.1
- GWL can improve or expand your current benefits offering — let’s set up time for a benefits review.
Conversation Starter 2
Your client understands the value of offering life insurance but is less informed about the benefits of GWL over other forms of insurance.
“You could recruit and retain more employees if they knew you offered them an employee benefit that came with guarantees.”
"Tell me more..."
Here are some of the lifelong guarantees associated with GWL:
- A death benefit which will never change as long as regularly scheduled payments are made.
- Level premiums that are set when the certificate owner is approved for coverage and never go up.
- Cash value guaranteed to increase over time and is not subject to market fluctuations.
Conversation Starter 3
Your client may be interested in a hearing about a differentiating aspect of GWL, such as the living benefits.
“Six in ten adults in the U.S. have a chronic disease.2 MassMutual GWL automatically includes a Chronic Care Benefit.”
"Tell me more..."
This benefit helps pay for costs associated with chronic illness — features include:
- Lump sum payment
- No waiting period
- Access to a portion of the death benefit3
- Generally, income tax free
Conversation Starter 4
Your client is concerned whether this voluntary benefit makes sense for their company’s varied workforce.
“GWL has value for many employees for different reasons.”
"Tell me more..."
MassMutual research shows that GWL has widespread appeal:
- Across generations the primary reason for purchasing GWL was to protect the lifestyle of loved ones or family.
- Secondary reasons also include being responsible, because it is offered at work, feeling more prepared for retirement, and leaving a legacy for loved ones.
- Regardless of age, a common trigger to purchase is a life event such as marriage, purchasing a home, or having a child.
Conversation Starter 5
You sense integration with enrollment platforms
is a concern for your client.
“MassMutual recognizes one size does not fit all — and built their GWL with flexibility in mind.”
"Tell me more..."
MassMutual will work with you to determine the best enrollment option for your group:
- Residentially hosted platforms
- Single sign-on connections
- Simplified GWL offer — not limited to any one platform
Be prepared for your next opportunity – take these conversations with you.
FOR FINANCIAL PROFESSIONALS. NOT FOR USE WITH THE PUBLIC.
1 Access to cash values through borrowing or partial surrenders will reduce the certificate’s cash value and death benefit, increase the chan the certificate will lapse, and may result in a tax liability if the certificate terminates before the death of the insured.
2 The CDC defines chronic diseases broadly as conditions that last 1 year or more and require ongoing medical attention or limit activities of daily living. — CDC National Center for Chronic Disease Prevention and Health Promotion (NCCDPH): About Chronic Disease Feb 2023, https://www.cdc.gov/chronicdisease/about/index.htm
3 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 certificate. There is no premium required for this benefit, however, there is a fee if the provision is exercised.
Important Information about Group Whole Life with the Chronic Care Benefit. Refer to a Chronic Care Benefit Overview brochure approved in your client’s state for complete details.
The Chronic Care Benefit is not intended to be a qualified long-term care insurance contract under section 7702B of the Internal Revenue Code. The Chronic Care Benefit is neither long term care, nursing- home, or home care insurance and is not conditioned upon the receipt of long-term care or medical services. Having a chronic illness means the insured: is permanently unable to perform, without substantial assistance, at least two Activities of Daily Living (eating, toileting, transferring, bathing, dressing, and continence) (in NY, for a period of 90 consecutive days) due to loss of functional capacity; or requires Substantial Supervision to protect the insured from threats to health or safety due to permanent Severe Cognitive Impairment. Additionally, in North Carolina, and Washington, generally, Chronic Illness is any medical condition that requires continuous confinement in an Eligible Institution, where the Insured is expected to remain there for the rest of their life. In New York, generally, the Insured requires continuous care for the remainder of the Insured’s life in an Eligible Facility or at home.
There is a fee to exercise the Chronic Care Benefit. The fee is a percentage of the Eligible Amount for the Chronic Care Benefit and is determined based on the Insured’s age at the time the benefit is approved to be exercised: 18% for ages 45 and above; 27% for ages 44-35; 36% for under age 35. In certain situs states the term “Fee” is replaced with “Actuarial Discount” or “Reduction.” The certificate’s premium payments will be based on the reduced amount of insurance at the current rate. Fees are taken from the Chronic Care Benefit payment.
Except in Washington and North Carolina, the acceleration of the death benefit is intended to receive favorable tax treatment under §101(g) of the Internal Revenue Code. Accessing other similar benefits may cause the per diem limit to be exceeded. The insured must be chronically ill as defined in 26 USC 7702B. Receipt of accelerated death benefits may be taxable. For certificates issued in Washington or North Carolina, the Chronic Care Benefit defines a chronic illness in accordance with state insurance requirements, and may be taxable, as the state prescribed definition differs from the federal tax law definition. Certificate owners should seek advice from a tax advisor prior to requesting a benefit payment.
Accelerating the payment of the death benefit may affect eligibility for public assistance programs, including MEDICAID and SUPPLEMENTAL SECURITY INCOME (“SSI”). Insureds should contact the Medicaid Unit of the local Department of Public Welfare and the Social Security Administration Office for more information. In NY, the Chronic Care Benefit is not a health insurance certificate providing long-term care insurance subject to the minimum requirements of New York Law, does not qualify for the New York State Long Term Care Partnership Program and is not a Medicare supplement certificate.
Please carefully read the accelerated death benefit disclosure provided to employees at application. Restrictions and limitations will apply.
The information provided is not written or intended as specific tax or legal advice. MassMutual, its subsidiaries, employees, and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.
The product and/or certain features are not available in all states. State variations will apply. This material is not for use in California. The Chronic Care Benefit is not available in Massachusetts.
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.