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Massachusetts insurance provider tries to simplify the language of insurance

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MassMutual, a life insurance and financial company based in Springfield, Massachusetts, recently announced the a streamlined process for the installation of third party administrator retirement policies. The system is designed to simplify the process of switching coverage from a business' current TPA to a MassMutual program, according to a press release.

Programs like term life insurance or annuities plans are notoriously complex, and MassMutual's product is an attempt to make the somewhat daunting, obfuscating language of policies easier to understand for the layperson.

"MassMutual Retirement Services is committed to providing TPAs, advisors and sponsors with the best plan installation service in the marketplace today," said Gary Stamborski, vice president of TPA and new business operations. "The new kit is just one way we are striving to exceed the expectations of everyone involved throughout the plan installation experience."

As the average lifespan for an American continues to increase, many retirement planners and insurance agents suggest that policy holders looking for financial security in their later years pursue nontraditional forms of coverage. If a person outlives his or her retirement benefits, for instance, an annuity plan designed to pay out only after a certain age can provide stability.

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