Whole Life Product Availability
Coverpath supports the following Whole Life products: Whole Life 100, Whole Life 65, Limited Pay 10, Limited Pay 12, Limited Pay 20. They are substantially similar to the traditional MassMutual products you're used to, such as Whole Life Legacy 100 and Whole Life Legacy 65.
We're continuously expanding Coverpath's functionality and eligibility scope. It's important to refer to the most up-to-date eligibility requirements as listed below. Click here for PDF version.
For Term Life product details, click here.
Whole Life Product Availability
Note: Ages listed are based on actual age, rather than insurance age
Product Availability by Age
|Actual Age at Application Submission*||Max Face Amount||Products Available
|0.0 - 50.0 **||$3M||10, 12, 20, 65, 100|
|50.0 - 59.5||$3M||10, 12, 20, 100|
|59.5 - 65.0||$1M||10, 12, 20, 100|
* Maximum ages are non-inclusive
** For juveniles, face amount generally may not exceed $1M unless an exception is granted
Minimum face amount is $25k for juveniles and standard non-tobacco/standard tobacco rate classes.
Minimum face amount is $50k for preferred rate classes.
Whole Life Rider Availability
- Waiver of Premium
- Guaranteed Insurability Rider (GIR)
- Renewable Term Rider (RTR)
- Accelerated Death Benefit for Terminal Illness rider, there is only a fee to exercise, not to exceed $250, just like the term product
- Accelerated underwriting/Express Path option (no paramedical exam) for qualified applicants: up to age 59 (<45 if pregnant)
- Term and Whole life products; face amount up to $1M
- Qualification rate currently at ~10%
- Ratings (see Health Class Guide below for more information)
- Table ratings and Temporary flat extras are eligible
- Collateral assignments and Quick Close (click here for details)
- Split Commissions (FYC and RYC)
- Some Replacements available, but cannot process any 1035 exchanges (click here for details)
- Non-US Citizen (click here for details)
- Third party payor eligible: Payor can be a person who is neither the owner, nor the insured (e.g. a grandparent) click here for details
- Ownership types available:
- We allow face decrease in the first year
- Automatic Premium Loan available
- Dividend Options: Paid Up Additions, Cash, Premium Reduction / PUA, Premium Reduction / Cash, Dividend Accumulation
Product Restrictions (Coverpath does not support these yet)
- Limited Pay 15 or HECV (coming soon)
- Qualified Policies
- 1035 Exchanges (coming soon) or replacements of pre-existing policies into Coverpath Whole Life products when there is cash value (learn more about replacements here)
- Yearly Term Purchase Dividend Option
- The Honeymoon Provision
- Death Benefit Payment Options - BMA, monthly life income option, etc. are not allowed (lump sum payments only)
- Extended term insurance (ETI) nonforfeiture option
- No paper billing; payment options are Monthly or Annual automatic draft (EFT)
- Do not cover Foreign Nationals at this time
- Do not support joint life and DI applications
Can I illustrate disbursements (loans or surrenders)?
At the moment you cannot. Although the policy mirrors the Legacy Series and has the same contractual loan and surrender rights, the ability to illustrate through Coverpath is not yet available.
Coverpath supports business cases, but the transfer of insured rider is not currently available.
ALIR, LISR, and LTCR coming soon
We are starting with waiver of premium, GIR and RTR, but other riders are coming in 2020. We are excited to expand the riders we offer to better support you and your customers.
Coverpath is available in all states except:
- NY (coming soon)
- US territories (e.g. Puerto Rico)
Health Class Guide
|Coverpath UW Classifications||Rate File Categories||Coverpath Customer-Facing Descriptions|
|Ultra Preferred||UPNT - Ultra preferred non tobacco||Excellent + non-smoking|
|Select Preferred||SPNT - Select preferred non tobacco||Very Good + non-smoking|
|Standard Non Tobacco||NT - Non tobacco||Good / Average + non-smoking|
|Preferred Tobacco||SPT - Select preferred tobacco||Excellent / Very Good + smoking|
|Standard Tobacco||T - Tobacco||Good / Average + smoking|
|Table Rating||Varies by table / level||Varies by table / level|
For Producer Use Only. Not For Use with the Public.
MassMutual Whole Life 100, (ICC18WL), is a level-premium, participating permanent whole life insurance policy issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.