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MassMutual life insurance review 2023
At a glance
About Bankrate Score
Policyholders looking for whole life insurance with plenty of rider options from a company with high customer satisfaction and the financial strength to back it up might find MassMutual to be a good choice for life insurance.
MassMutual may be a good fit for people interested in purchasing whole life insurance from a company with high levels of customer satisfaction and financial strength ratings.
In an October 2022 acquisition, the Great American Life Insurance Company became MassMutual Ascend. With this change, customers may be able to bolster their retirement savings by purchasing a variety of annuities.
MassMutual life insurance
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.
Why MassMutual won
Whole life insurance is designed to stay in place until you pass away, so the ability to personalize a policy and a company’s financial strength — which shows the insurer’s historical ability to pay claims — are essential. MassMutual has 13 rider options for its whole life insurance product (the longest list of all the carriers we analyzed) and has a financial strength rating of A++ (Superior) from AM Best. The company also boasts above-average customer satisfaction, according to J.D. Power, and fewer-than-average customer complaints lodged with the National Association of Insurance Commissioners (NAIC). These factors helped push MassMutual to the top of our list of best whole life insurance companies.
Pros and cons of MassMutual life insurance
Winner of the 2023 Bankrate Awards for best whole life insurance
Offers a variety of life insurance products
Applicants cannot apply for all products online
Medical exams are required for most policies
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.
Compare MassMutual with other insurers
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
Learn more: Mutual of Omaha Insurance review
Is MassMutual a good insurance company?
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.
MassMutual customer satisfaction
Insuring yourself with the best life insurance company is more than just finding the cheapest premiums. In fact, for some people, customer service may be just as important as affordability. It’s for this reason that Bankrate’s insurance editorial team reviewed a variety of third-party scores to evaluate MassMutual’s customer satisfaction.
In the J.D. Power 2022 U.S. Individual Life Insurance Study, MassMutual scored above the industry average with a customer satisfaction score of 780 out of 1,000. Since the industry average score was 774, this could mean that MassMutual’s policyholders are generally happy with the service the company provides.
Lastly, although financial strength may not be directly tied to customer satisfaction, adequate financial strength does mean that, historically, a company has had the means to pay out claims when required. If a company is not able to pay out claims in a fast and fair manner, its customers will likely be unhappy. When it comes to financial strength, MassMutual shines with an AM Best financial strength rating of A++ (Superior), the highest score available.
MassMutual life complaints
We also analyzed where MassMutual landed on the National Association of Insurance Commissioners (NAIC) Complaint Index Report. Here, the company has an overall NAIC complaint index score of 0.03, far below the baseline (or average) of 1.0. This shows that MassMutual receives fewer complaints than average compared to other companies of similar size. However, it’s important to note that its life insurance-specific complaint index doesn’t fare as well.
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.