We understand that there may be times when replacing a life insurance policy is the best option for your client.
A client can obtain a Coverpath convertible term life insurance policy issued by MassMutual as a replacement for an existing policy per the following requirements:Replacements permitted:
- Term to term
- Whole life, Universal life, or Variable Universal life to term or Whole life (excludes 1035 exchanges and ALIR) as long as the cash value is not being applied to the new term premium. The cash value must be surrendered from the policy and paid to the client.
- Group term and Group whole life to term
- Internal MassMutual policy replacements
- External policy replacements, including MetLife
- Northwestern Mutual policy replacements of any kind
- Coverpath supports new applications that are replacing a Northwestern Mutual policy. This will apply to applications that are subject OR not subject to Northwestern Mutual replacement protocol. Advisors not subject to the protocol can submit replacements and we will contact Northwestern Mutual as normal. For advisors subject to protocol, expect the same turnaround times and cooperation for the extra documentation that will be needed.
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- Accelerated (fluidless / no paramedical exam) underwriting is not available for replacement policies
- TLIC (temporary life insurance coverage) is also not available
- For both of the above, regulations dictate that an insurance provider cannot give someone coverage (even temporary) without notifying the other insurance company
- The Client (or financial professional if the Coverpath professional assisted application is used) needs to answer replacement questions within the application; for example:
- Once the client signs the application, the Coverpath Support team will send the replacement form to you via DocuSign for signature
- Sign the form within 3 business days
- Your timely signature is important as without it, the application will be canceled
- MassMutual has to send a replacement notification letter to the current policy's Issuer. We have to comply with this regulation or the application will be canceled.
- Coverpath Support will call/email you if we are approaching the signature deadline
Having the following current policy information will expedite answering the in-application replacement questions:
- Company Name
- Policy Number
- Coverage Amount
- Purpose of Policy (Business or Personal)
- Status of Policy (Applied, Inforce, or Declined)
For Producer Use Only. Not For Use with the Public.
MassMutual Convertible Term, a term life insurance policy (ICC18TFC), and MassMutual Whole Life 100, a participating whole life insurance policy (ICC18WL), are issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001.