New Group Insurance Coverages From MassMutual Protect American Workers’ Finances, Savings

By a News Reporter-Staff News Editor at Health & Medicine Week -- With three out of five Americans having little or no emergency savings(1), Massachusetts Mutual Life Insurance Co. (MassMutual) is introducing new insurance coverages to help working Americans protect their finances and savings against critical illnesses and accidents (see also MassMutual Financial Group).

The critical illness and accident group insurance policies are available through employers, either directly or through MassMutual's BeneClick!(SM) integrated benefits exchange. The coverage is voluntary, meaning employees pay the full cost of the coverage offered through their workplace, or can be made available on an employer-paid basis. The policies cover employees and, where available, spouses and children as well.

"Many Americans live paycheck to paycheck and therefore struggle when faced with a large expense such as a serious medical issue or accident," said James Ocampo, Assistant Vice President, BeneClick! "MassMutual's research shows that many people struggle financially and 40 percent say personal finances distract them at work."(2)

Often, workers who find themselves in a financial pinch resort to taking loans from their 401(k)s or other retirement savings accounts. Many of those loans are never repaid, resulting in $6 billion in lost retirement savings a year, according to the Pension Research Council (PRC) at the Wharton School, University of Pennsylvania.(3)

Keywords for this news article include: Critical Illness, Finance and Investment, Investment and Finance, MassMutual Financial Group.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2016, NewsRx LLC