Massachusetts Mutual Life Insurance Co. has created a new unit called the savings products division to serve the aging Baby Boomer population. Products from the unit will be designed to generate reliable income during retirement while managing risk.
The division will sell a variety of insurance and investment products, said Terri Forde, president and CEO of the unit.
"The establishment of our savings products division places MassMutual among the first to offer an integrated approach to protection and investments that combines a number of insurance and investment products to help convert assets to income for retirement," Forde said.
"We are an industry leader in developing high-quality products, services and innovative analysis and reporting tools that will enable us to offer the most complete retirement-income management strategy for retirees."
Another mission of the division is to create products and planning tools that encourage and promote saving.