Massmutual Life Insurance Review (2024)
MassMutual life insurance offers an assortment of policy options. Choose between MassMutual Direct Term, whole life insurance, or universal life insurance. MassMutual ratings are strong and suggest a stable financial outlook. MassMutual Insurance Company is also a market share leader for both life insurance and annuities.
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Leslie Kasperowicz
Farmers CSR for 4 Years
Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...
Farmers CSR for 4 Years
UPDATED: Mar 24, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Mar 24, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
| Key Info | Company Specifics |
|---|---|
| Year Founded | 1851 |
| Current Executives | CEO - Roger Crandall CFO - Elizabeth Ward |
| Number of Employees | 7,000 |
| Total Sales/Total Assets | $28,600,000,000/$298,558,000,000 |
| Phone Number | 1-800-272-2216 |
| Company Website | www.massmutual.com |
| Premiums Written | $10,418,821 |
| Best For | Overall, whole life, baby boomers |
Shopping for MassMutual life insurance might be a little confusing. You’ll want to review the variety of competitive MassMutual life insurance options so you get the best permanent or term life insurance quotes. We’ve put together this MassMutual life insurance review to make matters easier.
Not sure if you want MassMutual term life insurance, whole life insurance, or universal life insurance? We’ll guide you through the best MassMutual life insurance policies, how to get the cheapest MassMutual life insurance quotes, and we’ll simplify the MassMutual life insurance ratings.
Ready to start comparing the best MassMutual life insurance rates? Don’t wait to start getting competitive rates from top life insurance providers using our FREE quote tool above.
Is MassMutual a good life insurance company?
What is MassMutual? MassMutual Life Insurance Company, or Massachusetts Mutual Life Insurance Company, is typically referred to as a strong life insurance provider. It’s good to know what to expect with a life insurance company. They have developed into a large company that offers insurance, annuities, retirement solutions, and more.
MassMutual life insurance ratings compare to some of the top life insurance companies. What is the highest-rated life insurance company? Well, that depends on who you ask.
MassMutual life insurance ratings appear strong and indicate good financial stability for the future. Below we highlight the MassMutual insurance ratings from some of the top organizations in the life insurance industry.
- A.M. Best: A++ (Superior)
- S&P: AA+ (Very Strong)
- Moody’s: Aa2 (High Grade)
- JD Power: 769 (Above Average)
The above MassMutual life insurance ratings suggest great financial strength. The MassMutual JD Power score does show some room for improvement when compared to companies like State Farm. Even so, MassMutual finishes as a top-10 life insurance company according to JD Power.
When reviewing the MassMutual complaints and reviews through the Better Business Bureau you’ll find a reasonable overview. The MassMutual BBB rating lands at a B-. There have been just 48 complaints over the past three years and are primarily due to problems with a product or service.
The MassMutual ConsumerAffairs reports suggest that the company could be more empathetic when handling life insurance claims. They average a 2.5 out of 5 for consumer satisfaction, based on 51 reviews.
The National Associations of Insurance Commissioners (NAIC) complaint index for MassMutual shows more complaints about whole life insurance and long term care than term life insurance. There aren’t an excessive number of complaints.
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What kinds of life insurance policies are available from MassMutual?
MassMutual life insurance is available in all 50 states and Puerto Rico. They offer term life insurance, whole life insurance, universal life insurance, annuities, and more. Is MassMutual life insurance right for me?
MassMutual offers a greater variety of life insurance options than many other life insurance companies. So, what’s the best MassMutual life insurance policy for you? This depends on things like your health, financial situation, and what you’re looking for in your life insurance policy.
You’ll want to learn more about MassMutual life insurance policies before you make that decision. If you’re new to life insurance, it might help to review our life insurance buyer’s guide. This should help you learn how to buy MassMutual life insurance without making any major mistakes.
Read more:
- MassMutual vs. North American: Top Life Insurance
- MassMutual vs. Principal: Top Life Insurance
- MassMutual vs. Securian Financial: Top Life Insurance
Does MassMutual offer term life insurance?
MassMutual does offer term life insurance policies. Like most life insurance companies, term life insurance options from MassMutual come in 10, 20, and 30-year terms. Term life insurance should have the cheapest monthly rates, guaranteed rates for the length of your term, and often has riders that can help in case your life insurance needs change over time.
MassMutual Direct Term is the common term life insurance option that they offer. This insurance is available for policyholders between the ages of 18 and 64 that are looking for immediate life insurance coverage.
Read more: Life Insurance 101: Direct Term Life Insurance
What are the MassMutual term life insurance rates?
MassMutual term life insurance prices are competitive with industry standards. As always, you can expect to pay different rates based on age, gender, and factors that affect your health, like smoking. How much does MassMutual cost?
MassMutual Term Life Insurance for 20-year Term| AGE | $250,000 (Male) | $250,000 (Female) | $500,00 (Male) | $500,000 (Female) |
| 25 | $11.10 | $10.23 | $15.68 | $13.93 |
| 35 | $11.30 | $10.45 | $16.08 | $14.38 |
| 45 | $19.80 | $17.83 | $33.08 | $29.13 |
| 55 | $44.38 | $33.93 | $80.93 | $59.18 |
| 65 | $122.03 | $77.88 | $229.23 | $144.43 |
You’ll notice above that the cheapest MassMutual term life insurance rates are for females that are under 45 years old. As age increases, term life insurance rates tend to increase, especially for males.
MassMutual term life insurance prices for smokers tend to be significantly higher. It’s not unreasonable to expect to pay four times as much for life insurance if you’re a smoker.
MassMutual Term Life Insurance Rates for Smokers| Age | Male - Nonsmoker | Male - Smoker | Female - Nonsmoker | Female - Smoker |
|---|---|---|---|---|
| 25 | $15.00 | $42.20 | $13.48 | $35.23 |
| 35 | $15.88 | $55.48 | $13.93 | $46.55 |
| 45 | $32.40 | $126.15 | $26.33 | $95.70 |
| 55 | $73.73 | $281.45 | $57.43 | $206.63 |
| 65 | $243.18 | $588.13 | $156.60 | $505.70 |
As you can see above, life insurance rates for smokers are significantly higher regardless of gender. You won’t get the best life insurance rates if you are a smoker.
Read more: Life Insurance for Smokers: Key to Getting Affordable Rates
Does MassMutual offer permanent life insurance?
MassMutual offers a variety of permanent life insurance plans. Is permanent life insurance a good investment? Well, that depends on the person and the type of permanent life insurance. MassMutual offers three different permanent life insurance options including whole life insurance, universal life insurance, and variable life insurance.
Whole life insurance from MassMutual is designed to provide policyholders with their usual death benefit but also helps to serve as an investment resource. MassMutual advertises their whole life insurance as a secondary retirement source. We have included MassMutual into our top 20 whole life insurance companies.
Whole life insurance options from MassMutual will be dependent on the amount of coverage you want and how much cash value you want to build.
The idea is that you will continue adding cash value as a sort of savings. Over time, the market should increase and ultimately provide a significant increase in value to your money, similar to stocks. MassMutual also pays dividends to their whole life insurance policyholders, when applicable.
MassMutual universal life insurance is another permanent life insurance policy that builds cash value. What’s the difference between whole life insurance and universal life insurance? Universal life insurance offers flexible premiums. This means that you can pay more or less if you need short-term relief. Universal life insurance options for MassMutual will revolve around guaranteed rates of return.
Variable universal life insurance is also available with MassMutual. The difference between a traditional universal life insurance policy and a variable universal life insurance policy is that a variable universal policy fluctuates with the market. This brings a greater inherent risk but with the potential for a greater return. With risk comes reward, sometimes.
Read More: Top Life Insurance Company That Builds Cash Value
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Does MassMutual life insurance offer riders?
Life insurance riders are important to review to be sure you have the best life insurance policy for your needs. Over time, your life insurance needs might change, so you’ll want to be sure that you think about potential changes in your future.
Guaranteed Insurability: Expecting some changes in your life insurance needs in the future? Guaranteed insurability allows policyholders to increase their death benefit if needed.
Waiver of Premium: MassMutual offers a Waiver of Premium rider to protect policyholders in the event that they were to become disabled and unable to pay their premiums.
Transfer of Insured: Business owners might like the transfer of insured rider offered by MassMutual. This rider allows policyholders to transfer a policy to a new policyholder. This is often when a company pays for an employee’s life insurance and the employee is terminated.
Additional Life Insurance: The MassMutual additional life insurance rider is available to allow policyholders to increase their payments to increase their death benefit or accelerate their cash value.
Accelerated Death Benefit: Life insurance with living benefits is becoming more popular. The MassMutual accelerated death benefit offers comfort for policyholders. In short, an accelerated death benefit means that the policyholder can withdraw death benefit funds before the death benefit is due. This is for financial emergencies. (For more information, read our “Term Life Insurance With Accelerated Living Benefits“).
Renewable Term: MassMutual offers a renewable term as a whole life insurance rider. This basically allows policyholders to increase their death benefit at a rate comparable to their original one.
As you can see, MassMutual riders are extensive and can be a great addition to their life insurance policies.
What annuities does MassMutual offer?
MassMutual is a diverse company. They offer life insurance, annuities, and other retirement solutions. Not only does MassMutual offer various life insurance policies, but they also have a varied selection of annuities.
Annuities are somewhat like loans. Except, in this case, the policyholder is paying the insurance company so that they can eventually get their money back. It’s a savings tool. If you got excited about MassMutual life insurance policies with cash value, you might be interested in the annuities that MassMutual has to offer.
MassMutual offers five different annuities, which is well beyond the norm.
Deferred Fixed Annuity: This annuity has a guaranteed interest rate, is tax-deferred, and is designed to protect policyholders.
Variable Annuity: A variable annuity works similarly to a fixed annuity. There are more investment options and no minimum guarantee. This means you could expect some good times and some bad times unless you are well-versed with investing.
Fixed Index Annuity: A fixed index annuity is a safe policy option that promotes healthy growth over time. Each year, the annuity will build off of its’ highest value. Once the year closes, you can never go below that value, even if there are fluctuations in the market.
Immediate Income Annuity: Immediate income annuities are less common. These are almost like short-term loans. After 13 months, you start receiving payments from your annuity.
Deferred Income Annuity: Deferred income annuities are similar to immediate income annuities, however, they have a greater focus on future income rather than immediate income. They are also more flexible.
As we mentioned with choosing the best MassMutual life insurance policy, the best MassMutual annuity for you will depend on your needs. MassMutual has a nice selection of annuities.
How do I cancel a MassMutual life insurance policy?
Canceling a life insurance policy can be difficult at times. Most policies are expected to be withheld over a specific term or your entire lifespan. There are some exceptions that allow policies to be canceled.
Some policies will be harder to cancel than others. Your best bet would be to start by contacting MassMutual customer service. The MassMutual customer service phone number is provided at the top of the page.
Remember that certain policies, like variable universal life insurance, will have flexible payment options. Most people want to cancel life insurance policies because of unforeseen financial issues. A universal life insurance policy is flexible so you don’t have to stress during those unprecedented times.
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How do I make a MassMutual life insurance claim?
MassMutual life insurance claims are easy to complete. If you have a life insurance policy, you’ll want to provide some essential information to your beneficiaries. This includes your policy number, social security number, and marital status. These identifiers will help to ease the process when it’s time to make a claim.
MassMutual death claims should take no more than 10 minutes. The more information you have ahead of time, the faster and easier the claims process will be.
What is the MassMutual life insurance market share?
MassMutual is a large and competitive life insurance company. Their market share was at 4.59% as of 2019, ranking as the sixth-largest company in the business. They rank below companies like MetLife and Northwestern Mutual Group but ahead of companies like State Farm and John Hancock Group.
MassMutual is also a leader in market share for annuities. They ranked within the top-15 companies for market share in 2019. This was behind the likes of AIG and Nationwide but still ahead of Transamerica and Fidelity. The MassMutual market share for life insurance and annuities continues to reinforce their strong financial standing.
What are the pros and cons of MassMutual life insurance?
With larger companies like MassMutual, there’s a lot to process. Below we simplify the good and the bad of MassMutual.
Pros
- Strong market share and financial outlook
- Ample policy options
- Competitive rates
Cons
- Need improvement with customer satisfaction
MassMutual is a top-rated life insurance company for good reason. There aren’t a lot of negative things to say about the company. They have plenty of options, competitive rates, and even add convenience with a MassMutual mobile app for policyholders.
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MassMutual Life Insurance: The Bottom Line
It’s not hard to find affordable MassMutual life insurance. Whether you want the cheapest MassMutual life insurance policy or are looking to use your life insurance as an investment, MassMutual has a policy for your needs.
Even with the best life insurance companies, you want to be sure you’re comparing rates. Ready to start comparing MassMutual life insurance rates? Get personalized rates in just a few clicks using our FREE quote tool below.
Your one-stop online guide for life insurance quotes. Get free quotes now!
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Leslie Kasperowicz
Farmers CSR for 4 Years
Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...
Farmers CSR for 4 Years
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.