National life insurance carrier will offer competitive packages for select regional businesses
CANTON, MA – June 15, 2021 – Boston Mutual Life Insurance Company, a national provider of insurance solutions for individuals and at the workplace, announced today the launch of its Small Business Solutions program to support small businesses. This first-of-its-kind program for the national life insurance carrier will be coordinated through select local producer partners in Massachusetts and Rhode Island, targeting small businesses in the communities it has been serving for 130 years. The program is the first project from the company’s new Market Strategies area introduced last year and the company’s first program designed specifically for small businesses.
“The past year has had a tremendous impact on small businesses and their communities, and we understand that attracting employees is a key part of their re-emergence out of the pandemic,” said Joshua Police, Vice President of Market Strategies at Boston Mutual Life Insurance Company. “Offering benefits that appeal to employees is critical, especially life insurance, which can provide peace of mind to both small businesses and their employees. With this program, we can begin offering more insurance solutions for the working Americans of today and tomorrow.”
The purpose of the program is to offer small businesses in select markets a turnkey portfolio of options to help meet their and their employees’ needs. The Small Business Solutions program will feature streamlined, standard insurance portfolio options through key strategic enrollment partner firms as part of the launch, including whole life insurance, critical illness/specified disease insurance, and group accident coverage.* The program’s launch aligns with general increase in life insurance as a result of the pandemic. According to LIMRA, nearly one third of consumers (31%) say the pandemic has made it more likely they will purchase life insurance within the next 12 months.**
*Policy series: ICC18 END-95 (ESO)(6/18), WS-CI 4/12 and WPS-ACC 07/15. Offerings as described in this Small Business Solutions program currently only available in MA and RI (critical illness coverage offered as specified disease coverage in MA).
**Source: 2021 Insurance Barometer Study, LIMRA and Life Happens
“We are very excited about this new initiative, which is giving us the opportunity to help small businesses and their employees, especially those affected by the pandemic and in need of support as the economy begins to open back up,” said Paul A. Quaranto, Jr., Chairman, Chief Executive Officer and President at Boston Mutual Life Insurance Company. “The program aligns with Boston Mutual’s core values, our long-term plans, and our strategic future focus as our company continues to evolve, and we’re proud to support the small businesses in our communities.”