Buy/Sell Disability Income (MassMutual)

This is a summary only of key featured, not a policy. If a policy is issued, the terms of the policy will control. In the event of a discrepancy, policy language will prevail.

Conditionally Renewable
· to age 65
Guaranteed Premiums
· Premiums cannot change after date of issue as long as the premiums are paid on time
Total Disability
· Helps protect in "Your Own Occupation". The insured is totally disabled when he/she cannot perform the main duties of his/her occupation due to an injury or sickness, and is not working in any other occupation. The insured must be under a doctor's care.
Future Increase Option (FIO)**
· Right to purchase additional insurance in the future as the value of the business increases
Elimination Periods
· 12, 18, or 24 months

Buy-Sell Benefit

• The insured must become totally disabled while this policy is in force
• When such disability begins, the buy-sell agreement must be in effect.
• The insured must remain totally disabled for as long as the elimination period or, if later, until the date of the buy-sell.
• We must be given written proof after the end of the elimination period that a buy-sell has occurred because the insured has been totally disabled.

Other Benefits

• Waiver of Premiums
• Premium payments are waived after the insured has been disabled for 90 days.
• Premium payments will be refunded if paid during 90-day waiting period.

• Monthly Funding
• benefits paid in monthly installments
• Down Payment Funding
• Lump sum combined with monthly funding
• Lump Sum Funding
• Receive a lump sum equal to the purchase price
• Also available in guaranteed installment for up to 10 years
• Eligibility in Purchase
• Must be active in the business
• Business has to be in operation at least one year
• Age differential between oldest and next oldest principal may not be greater than 20 years