Your earnings are just one part of a total compensation package. Massachusetts Mutual Life Insurance Company (MassMutual) also offers an outstanding array of benefits, to ensure the financial welfare of you and your family. As an eligible Financial Services Professional,* you may be offered:
Total Retirement Savings Program
MassMutual’s total retirement program is designed to recognize your contributions to the company and to provide the tools necessary for you to actively participate and plan for your future. Upon your contract endorsement, the company provides the MassMutual Pension Plan, a cash balance plan, at no cost to you. In addition, the MassMutual Thrift Plan offers you an opportunity to save before-tax and after-tax dollars.
Top Producer Incentive
MassMutual rewards top producers with the opportunity to defer more of your eligible compensation on a tax-deferred basis through the MassMutual Agent Nonqualified Thrift Plan.
Medical, Dental and Vision Coverage
MassMutual’s health program offers medical, dental and vision coverage for you, your spouse and your eligible dependent children. Coverage for your domestic partner and his/her eligible dependent children is also available within limits. The company provides a significant subsidy toward the cost of your medical coverage. Your portion of the cost is deducted before taxes, providing you with a tax advantage. Eligibility is based on your contract status, which your General Agent can discuss with you. Coverage is available the day your contract is endorsed.
Group Life and Accidental Death and Dismemberment Insurance
MassMutual provides group term life insurance protection in case you die while under contract with a MassMutual General Agent. No contribution is required for life insurance coverage up to $50,000. Supplemental life insurance coverage of up to $450,000 is also available at group rates. Accidental death and dismemberment insurance is included with the total group term life insurance elected. Additionally, you may purchase $10,000 in dependent life insurance for your eligible spouse and $5,000 for each eligible child. As an added incentive to top producers, MassMutual provides $150,000 in company-paid group variable universal life insurance for those individuals that meet the qualification requirements. In addition, you also have the opportunity to contribute to an investment portion of this policy.
Disability Insurance
If you suffer a significant accident or illness resulting in disability, MassMutual provides a disability program with two benefit components:
Short-term disability
Coverage is provided at no cost to you when you meet contract requirements. Short-term disability coverage replaces up to 50 percent of your "benefits pay" after 30 consecutive calendar days of total disability, to a maximum of $2,308 per week. You may be eligible to receive up to 26 weeks of short-term disability benefits.
Long-term Disability
If you are disabled by a serious injury or sickness for more than 180 days and if you are approved, this program provides income protection. There are two long-term disability benefit options with differing levels of coverage: LTD-50 provides a benefit of up to 50 percent of "benefits pay" and is provided at no cost to you if you meet contract requirements. LTD-70 provides a benefit of up to 70 percent of "benefits pay." You pay for coverage over LTD-50. Certain limits apply.
Additional Benefits
Flexible Spending Accounts
Putting money into a flexible spending account (FSA) may save you 15 percent to 30 percent or more in taxes on eligible health care or dependent care expenses. You determine how much you wish to contribute to an FSA with before-tax dollars. These dollars are used to reimburse you for eligible expenses.
Adoption Assistance
MassMutual reimburses 100 percent of certain expenses incurred when adopting a child age 18 years old or younger, up to $4,000. Certain limits apply.
* Eligibility applies only to those Financial Services Professionals who hold a full-time career contract (X4X) with MassMutual. Eligibility for subsidized benefits and before-tax coverage is based on meeting certain contract requirements. Benefit plan provisions are subject to modification or termination.
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