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  • Great American Life to become MassMutual Ascend Life Insurance Company

    September 7, 2022 by Great American Life Insurance Company

    In May 2021, Great American Life Insurance Company was sold to MassMutual. As part of this transition, we will establish a new company name. On Monday, October 3, Great American Life Insurance Company will begin doing business as MassMutual Ascend Life Insurance Company.

    We’re working hard to ensure that our transition to MassMutual Ascend is as simple as possible for you. You can expect to hear more from us beginning the week of September 12. Be sure to keep an eye on your inbox for all the important details you’ll need to know about the transition. In addition, beginning the week of October 3, we will mail a letter and name change endorsement to all current clients to make them aware of this change. View a sample letter here.

    This page is intended to serve as a resource for all the things you need to know. Be sure to visit this page often to stay up-to-date on our progress as we transition to MassMutual Ascend.

    What You Can Expect

    Rest assured that our commitment to keeping things simple remains the same. From providing transparent, industry-leading products, to creating a simpler experience for you and your clients, it’s part of who we are and what you and your clients have come to expect.

    Same industry-leading products
    We will continue to offer the same industry-leading fixed, fixed-indexed, fee-based and registered-indexed linked annuities. 

    Same financially-strong company
    Even with our name change, we will operate as a stand-alone subsidiary of MassMutual. This allows us to maintain a level of independence while having the financial backing of MassMutual. We’re proud to be rated “A+” by AM Best and Standard & Poor’s.

    Same superior service 
    Customer service has been – and always will be – a top priority for us. You and your clients can count on the same superior service and streamlined experience you deserve. 

    Frequently Asked Questions

    Business operations

    Why are you changing your name?
    Great American Life was acquired by MassMutual on May 28, 2021. As part of this transition, we are required to establish a new company name, MassMutual Ascend Life Insurance Company. To ‘Ascend’ is to move, go upward, rise and succeed, which is what we intend to do with your partnership!

    Will the name change affect the company’s operating model?
    No. We will operate as a stand-alone subsidiary of MassMutual. This allows us to maintain a level of independence while having the financial backing of MassMutual, one of the largest life insurance companies in the U.S. 

    How will the name change affect my customers’ annuity policies?
    Our name change will not have any impact on existing policies and features, and the benefits of the policies will not change. Once our name change is official, your clients will receive a letter notifying them of the change.

    Sales and marketing

    Are there any changes to the company’s distribution strategy?
    No. We are incredibly grateful to our distribution partners that have helped make our company what it is today. We will continue to work with Independent Marketing Organizations and Third-Party Wholesalers to develop and grow our business. 

    Does this mean I can sell MassMutual products through my existing contract?
    No. Your current contract only covers the companies with which you are appointed. 

    Do I still call the same number for sales support?
    Yes. Please continue to contact the same member of our Sales team with whom you currently interact.

    – Retail Channel: 800-438-3398
    – Financial Institutions: 888-504-7109
    – Carrier Partnerships: 877-848-9757

    Are products or product names changing?
    No. We will continue to offer the same industry-leading products that are available today, and they will have the same names.

    Will forms, marketing materials and other documents be updated to reflect the name change? Yes, everything that currently references Great American Life will be updated to MassMutual Ascend Life Insurance Company. We will keep you informed of progress and key dates to ensure a seamless transition for you and your clients. If you currently submit business electronically, forms will be updated on the day we begin operating as MassMutual Ascend. For those who submit paper business, we will allow a 30-day grace period for Great American Life forms. After 30 days, you will need to use the new MassMutual Ascend forms, or business will be considered not in good order and could result in processing delays. 

    Will there be any impact to order entry or data settlement? 
    The acquisition and upcoming name change will not affect product CUSIPs or DTCC ID number. The only impact to order entry and data settlement will be our name change.

    Licensing

    Why does my agent appointment already reference MassMutual Ascend if your name hasn’t changed yet?
    Our new name must be filed and approved in all states before we can begin operating as MassMutual Ascend. If your state has already approved our name change, you may see the MassMutual Ascend name referenced on your agent appointment.

    Will there be any changes to producer appointments or selling agreements?
    No. If you have a current appointment or selling agreement with Great American Life, it will be with MassMutual Ascend once our name officially changes. There is nothing you need to do. All obligations, contracts and commitments entered into by Great American Life Insurance Company continue to be binding upon and inure to the benefit of MassMutual Ascend Life Insurance Company. 

     

    Do you have a question about our transition to MassMutual Ascend?

    Please submit it here!

    Originally Posted at Great American Life Insurance Company on September 2022 by Great American Life Insurance Company.

    Categories: Industry Articles
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