MassMutual life insurance review 2023

Based on Bankrate’s MassMutual insurance review, Massachusetts Mutual Life Insurance Company may be among the best life insurance for those seeking whole life insurance. The company boasts high customer satisfaction, several rider options, good financial strength and ample coverage capacity. Additionally, the company offers a top-rated mobile app for those who prefer to take a hands-on approach to their life insurance.

Founded in 1851, MassMutual is the fourth-largest life insurance provider by market share, according to the Insurance Information Institute (Triple-I), and it has financial professionals located across the country and Puerto Rico, with the exception of Alaska. As a mutual company owned by the policyholders, you may potentially earn profit dividends on eligible policies. While MassMutual was a 2023 Bankrate Awards winner for best whole life insurance company, other policy types are available, including term, universal and variable policies.

• Term: Term policies remain active for a preset number of years — typically, between 10 and 30. MassMutual does not list out the term lengths it has available, but it does state that terms are often 10, 20 or 30 years.
  
  After the policy term, your policy will expire, and your loved ones will no longer receive death benefits if you pass away (unless you convert it to permanent life insurance before the end of the term). Term life insurance typically works well for those who only want coverage for a specific time in their life. For instance, when their children are young or while they’re paying down their mortgage.
• Permanent: Permanent life insurance refers to a few different types of policies, including whole life, universal life and variable life. Generally speaking, permanent life insurance is more expensive than term, but it comes with a few perks that term policies lack. For instance, permanent life insurance comes with a cash value account that has the potential to grow over time. Unlike term policies, permanent life insurance covers you for your entire life rather than a predetermined amount of time. As such, permanent life insurance may be best for people who want coverage with no concerns of policy expiration (as long as premiums are paid).
  • Whole: Whole life cash value has the potential to increase in value at a guaranteed rate, and with MassMutual, you may earn dividends. Although dividends aren’t guaranteed, MassMutual attests that they’ve issued a dividend payout to whole life policyholders every year since 1869. Additionally, whole life premiums typically stay the same for the duration of the policy and the death benefit is fixed.
  • Universal: Universal life also can grow in cash value (based on the current interest rate), but unlike MassMutual whole life, there is no potential to earn dividends. Universal life also has flexible premiums and you may increase or decrease your death benefit after policy inception.
  • Variable universal: Variable universal life insurance has flexible premiums, and like a regular universal life policy, you can increase or decrease your death benefits after you purchase the policy. The cash value portion of variable universal life policies are invested stocks, so cash value can increase (or decrease) depending on the market.

Pros and cons of MassMutual life insurance

MassMutual life insurance endorsements

While adding an endorsement, or rider, to your MassMutual life insurance policy may increase the cost of your life insurance policy, riders can help you tailor your coverage to meet your specific needs. MassMutual offers the longest list of endorsements for its whole life insurance policies out of all the companies we analyzed. Some of these endorsements include:

• Waiver of premium rider: This endorsement can allow you to pause your premium payments without canceling your policy if you become disabled.
• Guaranteed insurability rider: You may want to add this rider to your whole life policy if you want to increase your death benefit coverage (or purchase a new whole life policy) without a health exam. This rider could be a good choice for those purchasing a life insurance policy for children or for young adults, since health circumstances are likely to change as one ages.
• Additional life insurance rider: The additional life insurance rider allows policyholders to apply extra payments to their policy to increase their death benefits and accelerate cash growth.
• Accelerated death benefit rider: If you are diagnosed with a terminal illness, this rider may help you access a portion of your death benefit to use as you wish before you pass.

Although this MassMutual Life Insurance review is extensive, you may still wonder if this company can offer coverage to help you meet your financial goals. While you’re shopping, you may want to compare life insurance quotes from the companies below:

MassMutual vs. State Farm

Another 2023 Bankrate Awards winner, State Farm offers the best term life insurance based on its exceptional customer satisfaction score, excellent AM Best financial strength rating and near-nationwide availability.

Learn more: State Farm Insurance review

MassMutual vs. Nationwide

If you’re looking into universal life insurance, Nationwide could be a solid choice. Like MassMutual, Nationwide boasts an above-industry-average J.D. Power score and has a plethora of digital tools for those who prefer hands-on policy management.

Learn more: Nationwide Insurance review

MassMutual vs. Mutual of Omaha

If you’re looking for life insurance for people over 50, Mutual of Omaha may be a good fit. The company has high third-party ratings and offers a blog geared toward seniors called Mutual Cares.

Learn more: Mutual of Omaha Insurance review

Bankrate knows the value of doing research before choosing a life insurance company. That’s why we’ve spent so much time and effort compiling honest and comprehensive insurance carrier reviews.

MassMutual could be a good company, but it depends on your needs. If you’re looking for guaranteed life insurance, you may want to broaden your search, as MassMutual only offers guaranteed acceptance life insurance to people between the ages of 45 and 85. However, if you value high customer satisfaction, financial strength, a top-rated mobile app and need whole life insurance with lots of rider options, then MassMutual could be the company for you.

Other MassMutual perks worth considering

In addition to high third-party ratings and various types of life insurance, MassMutual offers the following perks:

• Mobile app: MassMutual’s mobile app is rated highly at the App Store and Google Play. It allows policyholders to manage their policies, handle payments and more.
• Financial advisors: MassMutual operates through financial professionals who help advise policyholders and potential clients.
• Various calculators: MassMutual’s website features a life insurance calculator, which may be helpful for those who are wondering how much life insurance they need. Additionally, there are other specialized calculators for figuring out college savings, budgeting, disability income, retirement income and more.
• Online tools: Policyholders can use MassMutual’s website to manage their policy online and read MassMutual’s blog, which publishes useful materials such as guides to life insurance, financial literacy articles and how-to pieces.
• Financial products and services: Among the many investment and retirement products the company offers, you will find annuities, individual retirement accounts, mutual funds and 529 plans.

Frequently asked questions about MassMutual