Massachusetts Mutual Life Insurance Company launched MassMutual RetireEase Choice, a premium deferred income annuity.
MassMutual RetireEase Choice guarantees a specific amount of future income at the time a purchase payment is made. MassMutual can make the guarantee because assets within the contract are dedicated to meeting long-term retirement income needs. For that reason, it provides no contract value or withdrawal provisions. Any distributions made from the contract are in the form of annuity payments or a death benefit.
Without the impact of withdrawals, the annuity can guarantee a higher income amount at the time purchase payment(s) are made than traditional deferred annuities can guarantee. Payouts can start as soon as 13 full months after the contract issue date.
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