MassMutual Introduces RetireEase Choice Flexible Premium Deferred Income Annuity

SPRINGFIELD, Mass., Sept. 20, 2012 /PRNewswire/ -- Massachusetts Mutual Life Insurance Company (MassMutual) today announced the launch of MassMutual RetireEase Choice^SM, a flexible premium deferred income annuity. 

MassMutual RetireEase Choice differs from traditional deferred annuities in that it guarantees a specific amount of future income at the time a purchase payment is made. This guarantee is possible because assets within the contract are dedicated to meeting long-term retirement income needs. For that reason, MassMutual RetireEase Choice provides no contract value or withdrawal provisions. The only distributions made from the contract are in the form of annuity payments or a death benefit.

Without the impact of withdrawals, MassMutual RetireEase Choice can guarantee a higher income amount at the time purchase payment(s) are made than traditional deferred annuities can guarantee. Although payouts can start as soon as 13 full months after the contract issue date, MassMutual RetireEase Choice is specifically designed to address future predictable income needs.

From asset accumulation to income distribution

"Retirement poses the challenge of transitioning from asset accumulation to income distribution, while also preparing for the unexpected curveballs life can throw," says Dana Tatro, Vice President, U.S. Insurance Group, Annuity Products, MassMutual.  "As you plan for retirement, it's important to consider multiple possibilities:  outliving your assets, withdrawing too much (or not enough), investment losses, inflation, and health care costs."

"MassMutual RetireEase Choice is the newest component in our Sound Retirement Solutions^SM retirement planning philosophy," explained Tatro.  "A sound retirement income plan requires a diversified portfolio that addresses the need for predictable income, sufficient growth, and access to cash.  By securing a specific amount of guaranteed income that begins at a future time you choose, it may be possible to worry less about having enough money to cover necessary expenses throughout retirement. Having that certainty also may afford customers the flexibility – and peace of mind – to use remaining assets for liquidity and potential growth." 

Key features of RetireEase Choice include:                                      

• Flexible purchase payments – Customers can make a single initial purchase payment with a minimum of $10,000.  They also can make subsequent purchase payment(s) of at least $500. Each purchase payment purchases a specific amount of guaranteed lifetime income, based on annuity rates that are in effect at the time each purchase payment is made. Multiple purchase payments are combined into a single guaranteed income stream that begins on the selected annuity date. 
• A variety of payout options – Annuity options can provide guaranteed income for one life or two – and many of these options provide beneficiary protection. 
• Annuity date adjustment feature – Because a loss of a job, serious health issues and other factors can derail even the most carefully planned retirement strategy, the contract permits a one-time change to the annuity date for many annuity options, although this feature may be limited or unavailable due to Required Minimum Distribution (RMD) rules. 
• Return of purchase payment(s) – In most cases, if death occurs prior to the annuity date, any purchase payment(s) made will be paid to the beneficiary (except for the Single Life—No Death Benefit annuity option). 
• Annuity payment acceleration – Owner(s) of non-qualified contracts with a monthly annuity payment frequency can opt to receive three or six monthly annuity payments in a lump sum through a temporary change in annuity payment frequency. This option may be exercised up to five times over the life of the contract.
• Protection against inflation – This optional benefit can help offset the effects of inflation on annuity payment purchasing power.

For more information about MassMutual RetireEase Choice or related MassMutual products, please visit www.massmutual.com or view a brief informational video on annuities.

About MassMutual

Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyholders. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyholders consistently since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company's strong and growing network of financial professionals helps clients make good financial decisions for the long-term.

MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.

For more information, visit www.massmutual.com or find MassMutual on Facebook, Twitter, LinkedIn, YouTube and Google+.

CONTACT:
Paula Tremblay
[email protected]
413.744.0885

Katharine Carver
[email protected]
212.445.8210

SOURCE MassMutual