MassMutual is adding benefits to its disability insurance for business executives.

Because more people are working later in life, MassMutual is extending the age limit for when a disability policy can be purchased from 70 years of age to 80. Policies are renewable for life as long as the individual continues to work.

Rates, which are based on age and occupation, are being reduced by 10 percent for individuals between 65 years of age and 75 for employer-paid policies. A simplified process for increasing coverage as a person’s income increases is being instituted, the firm says.

The policies are aimed at business executives, with two-thirds being bought by individuals and the remainder bought by firms as part of a benefits package for the individual.

The policies, MaxElect13 disability income, are designed for executives whose compensation is variable and who therefore need more flexible coverage than typically offered by group disability policies, says MassMutual. Coverage is portable, meaning it can be taken with the executive to a new employer.

MaxElect13 allows an employer to make coverage available to key employees who may have income-protection gaps in their disability coverage or uncovered compensation, such as bonuses or commissions, MassMutual says.

“The new MaxElect13 policy represents the changing nature of the workforce and creates more opportunities for executives to protect their incomes throughout their working careers,” says Bill Silvanic, senior vice president, Worksite and Voluntary Insurance. “Many people are working longer and they want to be able to easily and quickly adjust their coverage to meet their changing protection needs.”