Massachusetts Mutual Life Insurance Co. launched a single-premium deferred variable annuity Thursday.
MassMutual Equity Edge is a simplified variable annuity designed to offer a degree of equity exposure with built-in principal protection in a product for investors preparing to retire.
Investors choose a benefit period of five, seven, or ten years and make a single purchase payment. The payment is allocated between a fixed account and a variable investment choice, which seeks to provide investment results corresponding to the price and yield performance of publicly traded common stocks.
MassMutual Equity Edge also lets annuity investors convert their contract value into a lifetime stream of retirement income through several payout options. Other built-in provisions include a death benefit, as well as home health care, nursing home, and terminal illness waivers.
Massachusetts Mutual Life, which is based in Springfield, Mass., managed $395 billion of assets at Dec. 31.
