All pages of a signed and dated illustration must be submitted with the application
DocuSign for Illustrations now available!
For applications in NY State that require a signed illustration you can now have the client DocuSign prior to attaching to EZ-app. Click here for directions. As a reminder, if the client is applying for multiple policies each illustration must be signed and attached to the EZ-app. There will be no exceptions.
MassMutual will allow term insurance conversions to the Additional Life Insurance Rider (ALIR) in New York, with the additional requirement that advisors submit the full Life Products Suitability Questionnaire (FR2282-LI). Conversions to ALIR in New York had been prohibited since Dec. 31, 2019, because of financial suitability requirements included in Regulation 187 that had not yet been developed.
Because there is no contractual right to convert to ALIR, cases in New York must be approved by the Life Suitability team to convert to ALIR. If a client is declined for ALIR, the case may still be converted without the ALIR.
Conversion requirements that apply in all states MassMutual will permit conversions of term policies to scheduled, unscheduled, or planned ALIR as follows:
MassMutual will only initiate external 1035 exchanges for New York (N.Y.) contract-state applications after policy issue due to potential impacts of NY Regulation 187. Initiating 1035 exchange transfers after issuing new MassMutual policies curbs the potential for case declines and uninsured clients.
Brokers are required to do more leg work before application submission when replacing a policy. Please note that this does not replace the current MassMutual Regulation 60 process, this is in addition to. *There is no exception to the submission of the below requirements with an application.