CareChoice One and CareChoice Select are whole life insurance policies with long term care riders. They provide three important guaranteed benefits:
• A pool of long term care benefits (LTC Benefit Pool) • A death benefit • A Policy Surrender Value (surrender value) that increases over time
Note that receiving LTC benefits reduces the death benefit and Policy Surrender Value.
CareChoice policies provide a benefit whether you need long term care, never need care, or if you decide to cancel the coverage and receive the surrender value.
A policy may help you protect your retirement assets from being depleted by long term care expenses.
Policyowners are also eligible to receive dividends. While not guaranteed, MassMutual has paid policy dividends to eligible participating policyowners every year since 1869.
Underwriting is necessary for both the life insurance policy and the LTCI Rider. A medical exam is generally not required, but may be necessary in certain situations.