Massachusetts Mutual Life Insurance Company, better known as MassMutual, is one of the biggest life insurance companies in the country. It was founded in 1851 and serves millions of customers. In addition to life insurance, Mass Mutual also offers a number of retirement and investment products.
Because MassMutual is a mutually owned company, certain policyholders can receive dividends based on the company’s performance. That’s a major draw because it means the value of your policy could increase without costing you anything.
As you get older, you might start thinking about purchasing life insurance. In reality, you’re never too young to get coverage. MassMutual offers a few different life insurance policies that can help financially support your loved ones after you pass away.
Purchasing life insurance can be a big investment, so it’s important to choose a company that meets your needs. Keep reading to see our review of MassMutual life insurance, including the kinds of policies available and who should consider it.
MassMutual life insurance
Life insurance has a few main benefits, and they vary based on the type of policy you choose. Life insurance allows you to leave money to your family after your death, it can provide extra income during retirement and it can cover your end-of-life expenses. MassMutual offers a few life insurance policies depending on your financial goals.
Types of life insurance policies offered
If you’re looking for comprehensive life insurance options, Mass Mutual has you covered. The company offers five different life insurance policies.
Term life insurance is ideal for people who want coverage for a specific period of time. MassMutual’s term life insurance policies are available for 10 or 20 years. The premium never changes for the duration of your term and the cost is more affordable than other policies. If you pass away during the term, your beneficiaries will receive your death benefit. You also have the option to convert your policy into permanent coverage at any point without a medical exam.
MassMutual® Direct Term
If you need life insurance coverage fast, considering applying for MassMutual® Direct Term. You can apply online and get coverage almost immediately without a long waiting period. It’s available for individuals between the ages of 18-64, and includes coverage from $100,000-$3,000,000.
Mass Mutual’s whole life insurance option provides permanent coverage for your entire lifetime. It includes a death benefit and builds cash value, which you can use to cover certain expenses or use as income during retirement. Whole life insurance policyholders are also eligible to earn dividends, which means the death benefit and cash value could increase during a strong financial year.
With universal life insurance, you get to choose your monthly premium and adjust it on a monthly basis, within certain limits. If you choose a high enough premium, your policy will build value overtime and you can spend the money however you want to. Additionally, all of MassMutual’s universal life insurance policies have a death benefit, with the option to choose a guaranteed death benefit.
Variable universal life insurance, or VUL, is similar to universal life insurance. It allows you to choose your premium and vary the amount you pay. It also has a death benefit. The main difference is that a VUL policy has several investing options. You can choose to put money towards a specific fund or into a Guaranteed Principal Account (GPA). That means your money has more potential to grow with this type of policy.
MassMutual ratings, reviews, customer satisfaction and complaints
|J.D. Power||3 out 5 stars|
|NAIC Complaint Index||.05|
When you look at the ratings, it makes sense why MassMutual is such a popular insurance company. It has impressive financial strength, with an A++ rating from AM Best, which is the highest possible score. MassMutual also has below average customer complaints based on NAIC ratings. The company’s complaint score is .05, which is well below the industry average of 1.0.
However, not every organization gives MassMutual insurance high marks. The company has a B- rating from the BBB, which is pretty low. That being said, the company isn’t accredited, so customer reviews are not factored into the BBB rating. Mass Mutual earned a score of 3 out of 5 stars in J.D. Power’s 2019 U.S. Life Insurance Study, which is considered ‘about average’.
Reasons why MassMutual is a great option
MassMutual is a good life insurance provider overall, but it has some pros and cons. This company is ideal for anyone who needs to get life insurance coverage fast. With MassMutual Direct Term, you can apply for term life insurance online and get approved quickly. The company also has good customer service based on industry ratings.
However, MassMutual life insurance is lacking in some areas. For instance, the company doesn’t offer many options for riders or endorsements. Other companies offer coverage that is more customizable.
Additionally, we found that MassMutual’s website didn’t have detailed information about each policy. We had a lot of questions about coverage limits, investment options and riders, and couldn’t easily find that information online.
Additional policies offered by MassMutual
In addition to life insurance, MassMutual also offers a few other insurance policies, including:
- Long term care insurance
- Disability income insurance
Frequently asked questions
What is the best life insurance company?
The best life insurance company is different for everyone. Every provider has their strengths and weaknesses, including MassMutual. Before you purchase life insurance, it’s important to consider what you’re looking for. Some people want the lowest prices, while others want customizable coverage. As you shop, look for companies that meet your needs and can offer coverage within your budget.
How can I apply for MassMutual life insurance?
If you’re interested in MassMutual® Direct Term, you can apply online 24/7. But if you’re applying for any other policy, you’ll have to contact an agent.
Is MassMutual life insurance expensive?
The cost of MassMutual life insurance is different for everyone. It varies based on the type of policy you’re looking at, your state, your age, your gender, your health conditions and your family’s medical history. The only way to determine how much you’ll pay is to get a personalized quote through an agent.