40% of employees enrolled when a high-end restaurant group in the Southeast added MassMutual Group Whole Life to complement its existing 401(k) – resulting in nearly $200K of premium. The employer, with over 500 eligible employees, already offered a strong retirement plan but wanted to better support employees’ overall financial well-being, not just long-term savings.
The Challenge
- family protection today,
- access to available cash value for unexpected needs, and
- support for unexpected life events, such as a chronic illness.
The solution
To round out the 401(k), the benefits producer introduced MassMutual Group Whole Life Insurance through face-to-face enrollment, meeting employees where they work and clearly showing how it fits alongside retirement benefits.
Employees responded to:
- a guaranteed death benefit to help protect loved ones,
- guaranteed cash value that grows tax deferred, is not market sensitive, and can be accessed*, when available, without tapping retirement accounts, and
- the included Chronic Care Benefit**, which allows eligible employees to access a portion of their death benefit if they experience a qualifying chronic illness.
Coverage is also permanent and portable as long as premiums are paid and the policy is kept inforce, giving employees long-term stability beyond the workplace.
The results
- 40% participation of the eligible population
- Nearly $200K of added premium
The pitch
A 401(k) prepares employees for retirement. MassMutual Group Whole Life helps protect them, build cash value that can be accessed*, and help support unexpected life events along the way – creating a more complete benefits offering.
Why this matters to you
This case shows how adding MassMutual Group Whole Life alongside an existing 401(k) can deepen client relationships, address real employee needs, and enable you to provide holistic benefits guidance – without disrupting retirement plans.
As the benefits producer exclaimed to their MassMutual Sales Representative, “You made me a believer!”.
FOR FINANCIAL PROFESSIONALS ONLY. NOT FOR USE WITH THE PUBLIC.
*Access to cash values through borrowing or partial surrenders will reduce the certificate's cash value and death benefit, increase the chance the certificate will lapse, and may result in a tax liability if the certificate terminates before the death of the insured.
**Riders and other features, such as the Accelerated Death Benefit for Chronic Illness (Chronic Care Benefit) provision under the certificate, may be available for an additional premium or have a fee when exercised. Availability of these features may be limited based on issue age or state of issue. The Chronic Care Benefit is not approved in MA. For further details contact a MassMutual representative.
State variations will apply. Certain product features may not be available in all states.
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.