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MassMutual introduces new financial services product targeted to black professionals
(June 27, 2013) While the number of African-Americans in the U.S. continues to show tremendous growth in spending power, they also continue to face a stark reality, as they work towards their versions of the American Dream: the possibility of becoming disabled and unable to support their families or operate their businesses.
Massachusetts Mutual Life Insurance Company recently launched a series of new options to its disability income insurance product portfolio to broaden the company's robust suite of financial protection offerings to help provide African-American families with more choices and flexibility in protecting their loved ones.
The possibility of an African-American professional becoming disabled is more than 22 percent, higher than any other group including the general population, which is 18 percent.* Add to this the fact that a recent claims review reveals that more than 1 in 4 new long-term disability claims in the U.S. were from people under the age of 40.** Based on this and the U.S. Census data, young African-American professionals may be underestimating their risk of becoming hurt or ill and being unable to work.
MassMutual's new product options are designed to help young African-American professionals and their families set a strong foundation for financial security. They include a new rate structure for certain disability income insurance policies to help those with entry-level salaries add this key protection to their foundation, as well as an option to purchase permanent life insurance over time without medical tests.
"MassMutual is committed to helping African-Americans financially prepare for life's possibilities and opportunities to be well-positioned for long-term success," said Mike Fanning, Executive Vice President, U.S. Insurance Group, MassMutual. "Providing the option to lock in insurability at a young age alongside disability income insurance protection is a natural pairing for a strong financial foundation."
For more information, visit www.massmutual.com or find MassMutual on Facebook, Twitter, LinkedIn, YouTube and Google+.
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