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April 15, 2020

MassMutual pledges $3B in life insurance policies for healthcare workers

Photo | Contributed
By Matt Pilon

Doctors, nurses and certain other hospital and healthcare employees at risk of exposure to the COVID-19 coronavirus will be able to apply for free life insurance later this month, MassMutual pledged on Wednesday.

The three-year term life policies, branded as MassMutual HealthBridge, will be available to eligible healthcare workers in Connecticut and Massachusetts only, and the insurer said it could accomodate 140,000 policies. 

The plans will pay a $25,000 death benefit to policyholders ages 18 to 50, and $10,000 to those ages 51 to 60. There is no physical exam or lab testing required, the insurer said.

More information is available here.

“We can never repay healthcare workers for their selfless efforts during this crisis, but by helping them protect their loved ones, we hope we can contribute to their peace of mind as they work to protect us all,” CEO Roger Crandall said in a statement.

MassMutual didn't disclose how much it expects to pay out in total from the donated policies, but Connecticut Insurance Commissioner Andrew N. Mais, who praised MassMutual for its pledge, called it a “multi-million dollar commitment.”

In an email, MassMutual spokesperson Paula Tremblay said it's hard to estimate future claims, calling COVID-19 "unprecedented territory."

"All we know is that we are committed to providing $3 billion in coverage (total face value) as a safety net for loved ones who suffer the loss of a healthcare worker in their family," Tremblay said.

Lab technicians, custodial and maintenance staff, cafeteria workers and security guards who work in healthcare settings may also be eligible, MassMutual said. Those with salaries in excess of $250,000 are not eligible.

COVID-19 has killed a combined 1,628 people in the two states, as of the most recent official updates on Tuesday, but that number is expected to increase sharply in the coming months. A model built by a team of MIT researchers collaborating with Hartford HealthCare predicts that Connecticut deaths will total 2,792 by June 14 (the furthest date currently projected by the model), while Massachusetts is expected to have 3,719 by that date. That combined total would be a four-fold increase from the current death count.

This story has been updated to include additional comment from MassMutual

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