1. Single premium whole life insurance, (SPWL-2013, ICC13SPWL and ICC13SPWL in North Carolina), is a participating, permanent single premium life insurance policy issued by Massachusetts Mutual Life Insurance Company, Springfield, MA 01111-0001. For costs and further details of LTCI Rider coverage, including exclusions and reductions or limitations, contact Fidelity at 866-448-7709.
2. Dividends are not guaranteed.
3. Guarantees are subject to the claims-paying ability of the issuing insurance company.
4. The initial LTC Benefit Pool is comprised of the policy death benefit plus an Extended LTC Benefit amount.
5. Monthly long term care benefits are first paid as an acceleration of the death benefit. This will reduce both the death benefit payable and the Policy Surrender Value.
6. The Maximum Monthly Benefit (MMB) in New York cannot be less than $3,100. As a result, the minimum face amount for each case may vary. The minimum face amount for a policy with inflation protection is the greater of: (a) the face amount purchased by the minimum single premium of $25,000; and (b) the lowest face amount that results in an initial MMB of $3,100.
7. Ratings are current as of May 2018. Financial strength ratings are opinions from independent rating agencies of an insurer's financial strength and ability to pay its insurance policies and contract obligations. They are not recommendations to purchase, hold, or terminate any insurance policy or contract issued by an insurer, nor do they address the suitability of any particular policy or contract for a specific purpose or purchaser. Ratings range from A++ to F for A.M. Best ratings, and AAA to CC for Standard & Poor's ratings, and are subject to change. For the latest ratings and definition of ratings, access and .
The LTC Riders are intended to be federally tax-qualified long term care insurance contracts under Section 7702B(b) of the Internal Revenue Code, as amended. Therefore, any long term care benefits paid under the LTCI Rider are generally received income tax-free and a portion of the premium paid for the riders may be deductible from gross income for federal income tax purposes.
Benefit payments received under the LTCI Riders for Covered Services may be taxable if you receive benefit payments under other long term care insurance coverage for the same services. You should carefully consider other long term care coverage you may have before accessing benefits under the LTCI Riders. Consult your tax advisor.
Most CareChoice One policies will be Modified Endowment Contracts (MECs). If the policy is a MEC, policy loans and/or distributions from the policy (including dividends paid in cash and full/partial surrenders) are taxable to the extent of gain and are subject to a 10% tax penalty if the policy owner is under age 59½. In general, the only non-MEC CareChoice One policies are those primarily funded with a tax-free exchange of another non-MEC life insurance policy under Internal Revenue Code Section 1035. Taking loans or distributions from your policy will reduce the death benefit payable and LTCI Rider coverage available. In addition, LTCI Rider benefit payments will reduce the policy death benefit payable and Policy Surrender Value.
The information provided is not written or intended as specific tax or legal advice. MassMutual, its employees and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.
CareChoice One is available only to residents of approved states.
The purpose of this material is the solicitation of insurance and an agent/producer may contact you.