MassMutual is one of the leading disability insurance providers in today’s market, among other big names like Ameritas, Principal, Guardian and The Standard. With a range of riders available for individual coverage, they allow physicians to customize their coverage according to their unique needs. Learn more about MassMutual and whether this provider is right for you.
About MassMutual
MassMutual was founded as The Massachusetts Mutual Life Insurance Company in 1851 to help people secure their futures through financial services. Since then, the company has become a trusted provider of life insurance, retirement solutions, investment services and disability insurance.
As a mutual company, it operates for the benefit of its policyholders. MassMutual is known for its strong financial ratings and customer-focused approach, helping individuals, families and businesses secure their financial futures.
MassMutual Insurance Financial Ratings
MassMutual insurance financial ratings are consistently high from major rating agencies, reflecting its strong financial stability and ability to meet policyholder obligations. As of the most recent evaluations, updated as of October 1st, 2024, the company holds A.M. Best Company, Fitch Ratings, Moody’s Investor Services and S&P. All of these agencies deemed MassMutual’s outlook as stable, with ratings ranging from High Quality and Very Strong to Superior.
MassMutual Insurance Products
Disability insurance is one of two main insurance products MassMutual offers — life insurance being the second.
- Individual disability insurance: Individual disability income insurance is purchased by an individual for their personal income protection. Typically, individual disability insurance is essential for physicians due to occupational risks but high earning capacity. We will review MassMutual’s Radius Choice product for individual disability insurance (IDI).
- Life insurance: Life insurance is also crucial for physicians because it provides financial security for their families and dependents in case of untimely death. Given their high earning capacity, physicians often have significant financial responsibilities, such as mortgages, student loans, and supporting loved ones. Life insurance helps ensure that these obligations are met, protecting their family’s financial future.
MassMutual Radius Choice Disability Insurance Riders
MassMutual allows policyholders to customize their Radius Choice disability insurance according to their unique needs by selecting riders that work for their lifestyles and careers. The availability of riders depends on the state in which you obtain your policy.
Own Occupation Rider
With this rider, policyholders can add True Own Occupation to their definition of total disability. “True Own Occupation” disability insurance is critical for physicians because it provides the highest level of protection tailored for their specialty. Under this definition, if a physician becomes unable to perform the duties of their specific medical specialty due to injury or illness, they can still receive full benefits even if they decide to work in another occupation. This definition is comparable to what the Big 5 disability insurance carriers offer, but is a vital component of any physician’s disability insurance plan.
RetireGuard Rider
The RetireGuard rider is designed to help replace up to 100% of an amount equal to your retirement plan contributions, including both your and your employer’s contributions. These benefits will be paid into an irrevocable trust provided by The MassMutual Trust Company, FSB, which offers different investment options for you to select. As part of the RetireGuard Rider, you may include the RetireGuard Future Insurability Option Benefit and the RetireGuard Cost of Living Adjustment Benefit. With these additions, you will ensure the opportunity to obtain additional RetireGuard coverage and your RetireGuard contribution benefits adjust with inflation while disabled.
Student Loan Rider
While the policyholder is totally disabled, this rider will provide a monthly benefit to help pay for student loan obligations. This benefit is added to other monthly benefits applied to disability.
Future Increase Riders
MassMutual provides a choice between two future increase riders: Future Insurability Option Rider and the Benefit Increase Rider. These riders allow you to request an increase in your monthly benefit to protect future income without undergoing additional medical review or underwriting at the time of the increase. However, to qualify, you must not be disabled, remain actively employed, and any additional benefit will be subject to your income and any other long-term disability coverage in place.
- Future Insurability Option Rider: This rider lets policyholders request an increase in their monthly benefit on any policy anniversary date.
- Benefit Increase Rider: This rider must be renewed every three years by submitting an increase application and accepting at least 50% of the additional benefit qualified for. If not renewed, the rider is removed from the policy. You can also request an increase during the triennial period if you experience a qualifying event under the Additional Benefit Option.
Cost of Living Adjustment Rider
A cost of living adjustment (COLA) rider helps policyholders increase the value of their disability benefits to keep pace with inflation if a disability lasts longer than 12 months. Your full or partial benefit will be increased at an annually compounded rate of 3%.
Automatic Benefit Increase Rider
Automatically increases your benefit by 3%, annually for up to five years, without providing proof of financial or medical insurability.
Extended Partial Disability Benefits Rider
Extended partial disability, also known as residual or partial disability, provides benefits to policyholders who experience a reduced ability to perform their job due to sickness or injury. To qualify for partial benefits, the policyholder must have a loss of at least 15% of their income.
Catastrophic Disability Benefit Rider
Catastrophic disability benefits are paid on top of the base monthly benefit when a policyholder experiences a presumptive disability, severe cognitive impairment, or is unable to perform two of the six activities of daily living. This can be valuable for physicians seeking additional income replacement to help cover long-term care, medical treatments, and other unexpected expenses.
Built-in Benefits for MassMutual Physician Disability Insurance
While adding riders to your policy may increase your premium, policyholders also have a few built-in benefits with MassMutual’s Radius Choice policies, subject to state availability.
Waiver of Premium Benefit
When you qualify for total or partial disability income from MassMutual, the company automatically waives your premium during the period of your disability.
Non-Cancelable and Guaranteed Renewable
The Radius Choice disability income insurance policy is non-cancelable and guaranteed renewable until the policy anniversary on or after your 65th birthday. This means that as long as you continue paying the premiums, MassMutual cannot cancel the policy, the definitions and provisions remain unchanged, and your premiums cannot be increased (unless you adjust your coverage).
Presumptive Total Disability
Under this feature, you are considered to have a presumptive total disability if, due to sickness or injury, you have a complete loss of speech, hearing in both ears, sight in both eyes, or use of both hands, both feet, or one hand and one foot. You will be considered to be totally disabled under these conditions even if you are able to work.
Get a MassMutual Disability Insurance Quote Today
DrDisabilityQuotes.com is your trusted, unbiased source for disability insurance analyses. With our quote tool, you can review coverage options from leading insurers like MassMutual to find the best coverage for your goals. We understand the importance of true own occupation coverage for physicians, so we ensure every comparison includes this. We also offer a range of discounts to connect you with the best possible rates for your coverage.
After comparing your options, our team can walk you through the application process and ensure underwriting goes smoothly. Get started and request a free quote today.
