MassMutual Adds Lender Notification Feature

NU Online News Service, March 28, 11:39 a.m. – Massachusetts Mutual Life Insurance Company, Springfield, Mass., has added a new lender communications feature for customers who are using life insurance policies used to secure business loans.

MassMutual will now send duplicate bills, reminders and grace notices to the lenders, so that lenders will know whether borrowers are keeping up with payments, or whether borrowers are in danger of letting policies lapse.

The feature, which is available in all 50 states, could be especially helpful for borrowers trying to meet the insurance requirements for Small Business Administration loans, MassMutual says.