Massachusetts Mutual Life Insurance Company has announced several enhancements to its variable annuity product portfolio, including expanded investment choices from well-known firms and a shorter contingent deferred sales charge.
Massachusetts Mutual Life Insurance Company (MassMutual) has said that two of its variable annuity products (MassMutual Transitions Select and MassMutual Evolution) now have more investment choices with three new investments in American funds and two in which Baring Asset Management, a MassMutual subsidiary, will serve as sub-adviser.
The three new investments in American funds are: MML American Funds Growth, a domestic growth fund; MML American Funds International; and MML American Funds Core Allocation – a fund-of-funds seeking moderate growth with 65% equity and 35% fixed income fund mix.
The two new funds where Baring Asset Management will serve as sub-adviser are: MML China and MML Strategic Emerging Markets that invests chiefly in developing countries’ equity securities.
In addition, enhancements have been made to the contracts’ Guaranteed Minimum Income Benefit (GMIB) options allowing flexibility, and MassMutual Evolution now also has a shorter contingent deferred sales charge (CDSC) schedule.
MassMutual Evolution’s CDSC schedule has been reduced from five years to four. Total separate account expenses are now at 1.75% and a 0.20% credit will be applied annually to contract values beginning at the end of contract year 10, rewarding long-term investors.
Richard LaVoice, national sales manager of retirement income at MassMutual, said: Our quality solutions for retirement income are supported by MassMutual’s 157-year tradition of providing sound financial strength and a broad portfolio of products and services, which helps financial professionals better serve their clients in an increasingly challenging environment.