Life Insurance A life insurance policy from MassMutual can help your loved ones pay college tuition, mortgage payments, and even help cover retirement income gaps in the event of your passing. And some of our permanent policies offer the opportunity to build cash value, which you’re able to use however you’d like.1 How does life insurance work? With term and permanent life insurance, you make premium payments so that in the event of your passing, your loved ones and beneficiaries will receive the death benefit proceeds from the policy. Term insurance is for a specific period of time whereas permanent is for life as long as the premiums are paid. Do I need life insurance? If you have anyone that depends on you financially or if you don’t want to leave your loved ones with burial costs or debt, then the answer is yes. And if you’re just starting out and want to lock in an affordable rate for when you have a family, different types of life insurance can help with that, too. There are multiple kinds of life insurance, but let's start with the two basics: Term Life InsuranceIf you’re sure you want life insurance, but aren’t sure you can afford it, a term life insurance policy may be a great option. Term life is affordable and your premium payments remain the same for the amount of time that works best for you, such as 10 or 20 years. This way, you decide how long your loved ones need financial protection. And if those needs change, many term policies have the option to convert to a permanent life insurance policy. Death Benefit In the event of your passing, your beneficiaries will receive a lump-sum payment to help cover things like college tuition, income gaps, or paying off the mortgage. Affordable Coverage With term life, you can get the coverage you want at the price you can afford. Most term policies have level premiums that are guaranteed for a specific period of time (usually 10 or 20 years). After this, premiums generally increase significantly. Convertible You can convert many term life insurance policies to permanent life insurance without any medical questions or exams.3 Converting also allows you access to different types of life insurance that offer financial benefits such as protection for life and cash value. Whole Life InsuranceWhole life insurance is a permanent policy, which gives you guaranteed protection for your loved ones that lasts a lifetime. With whole life insurance, unlike term, you earn guaranteed cash value, which you can use however you want. Participating whole life insurance is eligible to earn dividends,1 which can increase the death benefit and the cash value. Or there are other options you could choose, such as using dividends to help pay premiums. Death Benefit Whole life ensures a guaranteed death benefit, which means that your loved ones will receive a lump sum of money regardless of how long you live. Build Cash Value With whole life, the policy builds cash value over time that can be used to help you pay for college, supplement your retirement income, or for emergencies.2 Opportunity to Earn Dividends Policyowners are also able to receive valuable dividends. While not guaranteed, MassMutual has paid dividends to eligible participating policyowners every year since 1869. How much life insurance makes sense?Our life insurance needs calculator will help you determine how much coverage is right for you.With Coverpath, you can apply online for up to $1,000,000 of insurance.If you need more, we will help you apply for that additional amount. Check out a sample below and request your personalized assessment today! Request a Personalized Life Insurance Needs Assessment Name Email Address Phone Additional Info Thank you! Oops!