Here is a quick summary of how the temporary coverage works:
- It is available based on our algorithmic underwriting process guidelines
- If approved, you are covered for up to $1,000,000 until either your full coverage is in effect or the application is cancelled/declined
- It gives you 90 days to complete a medical exam
- It requires one month of payment* based on the health class and rate estimated by the algorithm for the full amount of coverage you applied for**
- The payment is applied to your first month of full coverage if you accept, or refunded if you don't accept
*Excluding any Waiver of Premium, if selected.
**The minimum payment required in order to provide you with temporary life insurance coverage of $1,000,000 must be equal to a one-month premium under the full amount of the policy applied for. In the event that a death benefit is due during the temporary coverage period, MassMutual will return to the owner any excess amount of premium paid above the $1,000,000 of death benefit due.