Company continually updates underwriting guidelines;
More women now qualify for life insurance
SPRINGFIELD, Mass., Oct. 25 /PRNewswire/ -- Massachusetts Mutual Life
Insurance Company (MassMutual) continues to be a leader in providing life
insurance coverage for breast cancer survivors, updating its underwriting
guidelines continually to reflect the positive long-term survival benefits of
early detection and new treatments such as the use of trastuzumab (Herceptin).
MassMutual's underwriting guidelines -- revised in 2001, 2002 and 2004 --
take into consideration the vigilant screening programs that now detect many
breast cancers earlier. These advanced screening programs, combined with new
treatment protocols, have helped lead to as much as a 50 percent reduction in
long-term mortality for those diagnosed with Stage 1 cancers, according to the
British medical journal, The Lancet. Even women with later-stage breast
cancer are living longer and may still be eligible for life insurance
coverage.
"Our updated guidelines reflect the positive diagnostic and treatment
strides that have been made," said Valerie Kaufman, M.D., vice president and
chief medical director of Individual Insurance at MassMutual. "We have updated
our ratings three times in the last five years. Consequently, we have 14 risk
categories today, compared to only four in 2000. That means it's easier for
women to qualify for coverage, and many will pay less."
"Women needn't make the leap of faith that just because they have breast
cancer, that means they automatically don't qualify for life insurance or
disability insurance coverage," said Susan Sweetser, head of Women's Markets
for MassMutual. "That's simply untrue. We encourage women to apply for
insurance, because of the protection it provides."
Although underwriting risk depends on factors including tumor size,
microscopic characteristics and lymph node invasiveness, MassMutual's
guidelines suggest that:
* Women with noninvasive cancer (stage 0) may indeed be eligible for
preferred rates;
* Women with small Stage I tumors (1 cm. or less in size) are eligible
for insurance immediately after surgery, with only a small, extra
premium charged for six years, and then standard rates afterwards;
* Those with larger Stage I tumors (1 cm. or more in size) are eligible
for insurance one year after treatment for the same extra premium
charged for six years, and standard rates afterwards;
* For those with more advanced tumors, many are still eligible for life
insurance if no evidence of cancer exists after three to five years
post-treatment.
"We want to help ensure that the more than 200,000 women annually
diagnosed with breast cancer have life insurance options that can protect
their families over the long term," said Dr. Kaufman. "Medical research and
the work of such organizations as the Susan G. Komen Breast Cancer Foundation
and the Breast Cancer Research Foundation have helped reduce the overall
breast-cancer mortality rate by 2.3 percent since 1990," she added, "but we
still have a long way to go."
MassMutual's disability insurance organization also reviews medical data
to ensure its underwriting guidelines reflect survival trends. "Our
disability insurance guidelines recognize that not only are women living
longer after diagnosis, but they are leading normal, productive lives," said
Melissa Millan, corporate vice president, Disability Income and Long Term Care
insurance at MassMutual.
In addition, MassMutual's disability insurance unit is donating $1,000 to
local breast cancer organizations for each "Never kissed a frog. Never had to.
(SM)" or "Pearls of Wisdom (SM)" financial seminar held during Breast Cancer
Awareness Month in October. "These seminars are among many initiatives that
MassMutual has undertaken to educate consumers about disabilities and the need
for disability income insurance if they are injured or ill and cannot work,"
said Millan. "I'm thrilled that we were able to reach out to and help so many
local communities across the country, in the process."
MassMutual's commitment also includes its sponsorship this past summer in
eight U.S. cities of the Danskin Women's Triathlon, which donates 10 percent
of all entry fees to the Breast Cancer Research Foundation. In conjunction
with that sponsorship, MassMutual donated more than $5,700 to the Foundation
on behalf of the more than 570 triathlon participants who attended
MassMutual's financial seminar, "Never kissed a frog. Never had to.(SM)"
MassMutual Financial Group -- comprised of member companies with more than
$370 billion in assets under management as of June 30, 2005 -- is a global,
diversified financial services organization providing life insurance,
annuities, disability income insurance, long-term care insurance, retirement
planning products, structured settlement annuities, trust services, money
management, and other financial products and services.
Contact: Mark Di Giorgio
413-744-7722
SOURCE MassMutual Financial Group
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Related links:
http://www.massmutual.com
CONTACT:
Mark Di Giorgio of MassMutual Financial
Group, +1-413-744-7722
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