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MassMutual life insurance review 2022

Updated Nov 15, 2022
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MassMutual could be a great choice for shoppers looking for whole life insurance, due to the company’s high coverage capacity and numerous riders. Medical exams are required for most policies, however, which means it could be difficult for those with health issues to get coverage.  


  • Won a 2022 Bankrate Award for best whole life insurer
  • Above-average J.D. Power customer satisfaction score
  • Fewer than average complaints filed with the National Association of Insurance Commissioners (NAIC)


  • Medical exam required with most policies
  • Coverage may be difficult to obtain for seniors and those with serious health concerns

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, MassMutual also offers a number of retirement and investment products. As a mutual company owned by the policyholders, those who buy a policy with MassMutual may have the potential to earn profit dividends. If you’re interested in MassMutual, you may want to carefully consider the perks and drawbacks outlined in this MassMutual life insurance review.

MassMutual is the fifth-largest life insurance provider by market share, according to the Insurance Information Institute (Triple-I). It writes various types of life insurance policies in all 50 states, the District of Columbia and Puerto Rico. MassMutual is unique because it offers the best whole life insurance on the market, according to the 2022 Bankrate Awards. The company won the award thanks to its numerous whole life insurance riders, high coverage capacity (the highest dollar amount that death benefits can be), and a high AM Best financial strength rating.

Bankrate Awards
  • Best whole life insurer
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MassMutual life insurance coverage types

MassMutual Life Insurance Company offers term life insurance alongside a range of permanent policies, including whole life, universal life and variable universal life. It also offers annuities, IRAs and brokerage products along with a team of financial professionals.

Along with the following standard life insurance policy types, MassMutual offers a wide variety of riders for its different life insurance policies, including seven for its whole life policies. Among these riders is a guaranteed insurability rider, which can be used to purchase additional life insurance in the future without re-taking a medical exam. Parents sometimes buy these riders as a “starter” life insurance policy for children, so that they can increase their coverage limits if they start families of their own.

  • Term: Term policies remain active for a preset number of years — typically, between 10 and 30. 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 certain time in their life. For instance, when their children are young or while they’re paying down their mortgage.
  • Permanent: MassMutual offers whole life, universal life and variable universal life, which each come with a cash value account that acts as an investment or savings vehicle. Whole life cash value accounts increase in value at a guaranteed rate, universal life cash value accounts fluctuate based on the company’s portfolio, and variable universal life cash value accounts fluctuate based on how the stock market performs. The company does not offer guaranteed issue life insurance.

MassMutual life services

MassMutual offers a range of financial products alongside financial planning services. The company sells deferred fixed annuities, variable annuities, income annuities, fixed index annuities, individual retirement accounts, mutual funds, exchange traded funds, exchange traded funds, unit investment trusts and 529 plans.

MassMutual’s website also hosts tools to find a financial professional, and calculators for figuring out college savings, budgeting, disability income, retirement income and more.

Other MassMutual perks worth considering

In addition to high third-party ratings, 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 in every U.S. state 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 do I need?” Additionally, there are other specialized calculators for figuring out college savings, budgeting, disability income, retirement income and more.
  • Online tools: MassMutual allows customers to generate life insurance quotes Policyholders can also 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.

MassMutual life insurance customer and claims satisfaction

MassMutual is highly rated across the board. The company received a rating of A++ (Superior) from AM Best for financial strength and a rating of 782 out of 1,000 (above industry average) in the 2021 J.D. Power U.S. Individual Life Insurance Study. The company offers a multitude of insurance riders, more than many of its competitors. To top off its high ratings, MassMutual has an NAIC complaint index score of .07, reflecting much fewer complaints than average.

MassMutual corporate sustainability

MassMutual’s charitable organization, MassMutual Foundation, has invested more than $20 million in local communities to advance economic development. MassMutual’s Catalyst Fund is a $50 million fund that supports entrepreneurs in building business throughout the state of Massachusetts. The company’s HealthBridge program supports healthcare workers and other essential workers on the front lines of the pandemic. In terms of environmental consideration, MassMutual’s headquarters utilizes 1,750 solar panels, hosts an onsite herb garden, uses local produce and has its HQ cafeteria participate in a recycling program.

Not sure if MassMutual is right for you? Consider these alternatives

If MassMutual isn’t the right company for you, another one of the best life insurance companies on the market may be a good fit. You may want to look into:

  • State Farm: Another Bankrate Award winner, State Farm offers the best term life insurance according to the 2022 Bankrate Awards, based on its exceptional customer satisfaction score, excellent AM Best financial strength rating and near-nationwide availability.
  • Nationwide: If you’re looking into universal life insurance, our insurance editorial team deemed Nationwide the best life insurance company for universal life insurance in the 2022 Bankrate Awards. Nationwide earned the award based on its high J.D. Power score for customer satisfaction, wide range of riders, easy-to-use digital tools and local agents.
  • 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.