MassMutual Announces New Fixed Deferred Annuity: MassMutual Premier Voyage
October 24, 2023 by Massachusetts Mutual Life Insurance Company
SPRINGFIELD, Mass.–(BUSINESS WIRE)–Massachusetts Mutual Life Insurance Company (MassMutual) today announced the introduction of a new fixed deferred annuity to its retirement savings and income offerings, MassMutual Premier VoyageSM, joining MassMutual Stable Voyage on its fixed annuity shelf.
Fixed deferred annuities provide a fixed rate of interest, tax deferral, a death benefit, and the potential to turn those assets into guaranteed lifetime income. An important benefit is the ability to grow principal with a guaranteed fixed rate of interest and then have that interest compound on a tax-deferred basis1.
MassMutual Premier Voyage provides the choice of multiple guarantee periods, from 2 to 7 years, in which to invest an initial purchase payment as well as the ability to easily renew the contract value into the same or a different multi-year guarantee period at the end of the initial guarantee period. Additionally, a free withdrawal amount is available each year of the contract.
MassMutual Premier Voyage also offers a higher issue age, higher annuitization age, and more rate bands than previous multi-year guarantee annuities (MYGAs) issued by MassMutual as well as the ability to add purchase payments on the renewal date. MassMutual Premier Voyage, which has a market value adjustment, is available in all states except California and New York. (MassMutual Stable Voyage will remain available in California and New York as a non-market value adjustment MYGA.)
“Retirement years can be filled with uncertainty, and an annuity can help grow retirement savings, secure retirement income predictability and can help retirees when it comes to holding off filing for Social Security to receive the largest possible benefit for life,” said Phil Michalowski, head of annuity product with MassMutual. “This new offering can help retirees protect what they have without worrying about what the stock market is doing or if they might outlive their income.”
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their future and protect the ones they love. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management and retirement products and services. For more information, visit www.massmutual.com.
1Tax deferral is automatically provided by tax-qualified retirement plans, including IRAs. There is no additional tax-deferral benefit provided when an annuity contract is used to fund a tax-qualified retirement plan or an IRA. Investors should only consider buying this contract in conjunction with a tax-qualified retirement plan or an IRA for the annuity’s insurance features such as lifetime income payments.
The products and/or features are not available in all states.
MassMutual Stable VoyageSM [Contract Form #SPFA11.1; SPFA11.1-Rev; and ICC13-SPFA11.1 in some states including NC] is a single premium, fixed deferred annuity contract issued by Massachusetts Mutual Life Insurance Company, Springfield, MA 01111.
MassMutual Premier VoyageSM [Contract Form #FPFA22-PV, and ICC22-FPFA-PV in some states including NC] is a fixed deferred annuity contract issued by Massachusetts Mutual Life Insurance Company, Springfield, MA 01111.
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