MassMutual Updates Worksite Disability to Meet the Needs of an Aging Workforce

MaxElect13 features increased maximum issue age,
decreased rates for older workers

ENFIELD, Conn. – With a record number of older Americans remaining in the workforce, MassMutual is enhancing its individual disability income insurance product sold at the worksite by making it more available and more attractive to workers age 65 and older. MassMutual’s MaxElect13 disability income policy includes an increased maximum issue age to 80 and decreased rates for workers ages 65-75.

The policy is conditionally renewable for life, as long as the insured is actively at work and non-disabled, and a simplified, no-application process allows insureds to increase coverage as their incomes rise. In addition, the new policy offers a larger discount for employer-paid coverage and is available on a guaranteed standard issue basis.

A Worksite solution

The policy is sold primarily at the worksite to executives whose compensation is variable and who therefore need more flexible coverage than typically offered by group disability policies. The policy is portable, meaning that insureds can continue their coverage if they leave their employer.

“The new MaxElect13 policy represents the changing nature of the workforce and creates more opportunities for executives to protect their incomes throughout their working careers,” said Bill Silvanic, Senior Vice President, Worksite and Voluntary Insurance. “Many people are working longer and they want to be able to easily and quickly adjust their coverage to meet their changing protection needs.”

MassMutual’s new disability policy reflects the needs of America’s aging workforce as the Department of Labor reported in January 2015 that a record number of Americans older than 65 continue to work. A 2014 Gallup survey* found the average working American expects to retire at age 66 — up from age 60 in the mid-1990s. One in two (49 percent) Baby Boomers now say they’ll retire after 66 or never retire, Gallup reported.**

MaxElect13 allows an employer to make coverage available to key employees who may have income-protection gaps in their disability coverage or uncovered compensation, such as bonuses or commissions. This coverage is offered at discounted rates with guaranteed standard issue and portability that enables employees to take the policy with them wherever their careers might lead.

The policy is conditionally renewable for life, as long as the insured is actively at work and non-disabled

“As America’s workforce changes, MassMutual is responding with new insurance and financial solutions to help workers protect themselves and their families,” Silvanic said. “MassMutual is a leader in executive benefits and our MaxElect13 disability income policy will help us stay there.”


About MassMutual
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. 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 policyowners 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.

MassMutual’s Retirement Services Division has been serving retirement plans for more than 65 years. It offers a full range of products and services for corporate, union, nonprofit and governmental employers' defined benefit, defined contribution and nonqualified deferred compensation plans. It serves approximately 2.8 million participants. For more information, visit or find MassMutual on Facebook, Twitter, LinkedIn, YouTube and Google+. For information regarding MassMutual’s Retirement Services Division, you may also visit or find us on and