Use new, limited-time Platinum Pass Term program
Boost term life insurance coverage from now to year-end
This article, originally published May 4, 2020, has been updated for criteria to include any new Vantage Term life insurance policy except Vantage Term Annual Renewable Term (ART). The Platinum Pass Term Underwriting Program Eligibility Checklist (LI7455) and LifeLines Platinum Pass Term flyer (LI7456) have been updated.
MassMutual introduces the Platinum Pass Term program to boost term life insurance coverage from now to year-end. Platinum Pass Term uses the Platinum Pass whole life insurance program express underwriting (no exam) process.
The new term life insurance program is for clients age 18-50, fully underwritten by MassMutual in the past three years at standard or better class. Eligible clients may apply for an additional term life insurance policy with a face amount no more than their existing policy, from $100,000 minimum to $3 million maximum.
"We are pleased to expand our popular Platinum Pass express underwriting program by offering term life insurance for a limited time," said Pam Beals, head life underwriter, Life and Long Term Care Risk Management and Governance.
Key criteria for Platinum Pass Term:
· Age 18-50, approved with MassMutual for at least $100,000 base policy.
· Traditionally underwritten by MassMutual in the past three years using a full blood profile and urinalysis.
· Standard or better class without using exceptions, Mass Advantage, or reinsurance.
· Any new Vantage Term life insurance policy except Vantage Term Annual Renewable Term (ART) with a maximum face amount matching or less than the client’s existing policy (minimum of $100,000) up to $3 million.
· Previously-submitted (pipeline) files do not qualify for this new program.
· No significant changes in medical or non-medical histories.
· No MassMutual policy replacement; no permanent policy replacements. Cannot replace New York contracts.
· Foreign nationals (those residing outside the United States) and professional athletes are not eligible.
· Applications submitted through Thursday, Dec. 31, 2020, are eligible.
Consult checklist, flyer, and other resources
Not a guaranteed issue program, Platinum Pass Term requires some underwriting; use the Platinum Pass Term Underwriting Program Eligibility Checklist (LI7455) and LifeLines Platinum Pass Term flyer (LI7456) for details, and see Further Info for other resources.
Submit Platinum Pass cover page with application
Due to system requirements, use the existing Platinum Pass Application Submission cover page (LI7208); however, complete only the top portion. This cover page ensures that these applications will be assigned to Platinum Pass underwriters.
Ask your general agent or new business coordinator for a list of Platinum Pass leads they may have received from New Business and Underwriting.
Whole life insurance program information
Refer to the Platinum Pass Program producer guide (LI7210) and eligibility checklist (LI7193) for whole life insurance program information.
· Platinum Pass cover page (LI7208) supports an application under the Platinum Pass or Platinum Pass Term programs.
· FieldNet/New Sales/Life Insurance/Underwriting.
· New Business and Underwriting Support (life products), 800-767-1000 (options 3, 1).
© 2020 Massachusetts Mutual Life Insurance Company (MassMutual®), 1295 State Street, Springfield, MA 01111-0001. All rights reserved. www.MassMutual.com.
For producer use only. Not for use with the public.