MassMutual adding jobs in Rhode Island

PROVIDENCE – While many companies are cutting jobs as revenue evaporates in the economic downturn, the Massachusetts Mutual Life Insurance Co. in Rhode Island says it is adding jobs as it experiences record growth.
Legacy Financial Group, a Providence-based subsidiary of MassMutual, says it has seen a surge in the sales of whole life insurance and hired 25 financial services employees. In addition, the agency has opened an office in nearby Westport.
“Because of the difficult economy, many people are taking fewer risks and are seeking products like whole life insurance to help give them peace-of-mind and a feeling of certainty in this uncertain, unpredictable economy,” said William McQuaid, Legacy’s president and general agent.
It’s a trend MassMutual agencies across the country have reported as the effects of the recession sink in. MassMutual is reporting a 16 percent increase in sales of whole life insurance, the company’s core product.
“People are turning to whole life insurance because it gives worried consumers many guarantees, including increasing cash value each year. It’s becoming more and more evident that whole life is at the foundation of a solid financial strategy,” said John Vaccaro, MassMutual corporate vice president.
MassMutual says it has increased its work force of financial advisers by 1,000 in the last three years, and the company is stepping up its campaign to recruit more.
Established in 1881, Providence-based Legacy Financial has nearly 14,000 clients, provides $1.8 billion in life insurance coverage, and services more than $400 million in assets for its clients. Additional information is available at www.legacyfinancialgroupllc.com.
Massachusetts Mutual Life Insurance Co., founded in 1851, is a mutually owned financial protection, accumulation and income management company headquartered in Springfield, Mass. MassMutual and its subsidiaries had more than $360 billion in assets under management at year-end 2008. Additional information is available at www.massmutual.com.