MassMutual life insurance ranks highly in the industry by setting the standard for flexible coverage options and policy riders. Although the company's online tools and learning resources are a bit lacking, customers can still appreciate all the excellent features MassMutual life insurance does offer.
MassMutual scores big when it comes to financial stability and credit outlook ratings, earning superb reviews from all the major financial ratings agencies in the country. MassMutual is one of the few major life insurers to receive a top financial strength rating of A++ from A.M. Best, which also gives the company a rating of Superior for its strong credit outlook. Other major ratings agencies offer a similar opinion of MassMutual's ability to meet its current and future financial obligations, with both Moody's and S&P granting ratings near the top of the scale. These outstanding ratings offer great peace of mind to prospective MassMutual clients, especially those considering a long-term whole life or universal life policy.
Excellent policy rider selection:
Policy riders are optional provisions that offer life insurance buyers the ability to tailor a standard policy to their personal needs. MassMutual life insurance ranks alongside the very best insurers in this category, offering a full selection of riders for their term, universal, and whole life insurance policies. The company's long-term care and disability riders provide solid protection in the event of a sudden illness or injury. An accidental death rider provides an additional payment to your policy beneficiaries in the event of a life-ending accident, ensuring your loved ones are taken care of in their time of need. A terminal illness rider allows early access to your policy's standard death benefit in order to help offset end-of-life healthcare costs. Many other policy riders are available, including those for funeral expenses, offsetting estate taxes arising from your policy, and extending policy coverage to your spouse.
Coverage options for any need:
Whether you're looking to buy a term, universal, or whole life policy, you can take advantage of a variety of great options from MassMutual life insurance. If you're looking for maximum flexibility in a policy, MassMutual life insurance offers cash surrender, return of premium, and joint coverage options. Selecting a mortgage life option provides extra coverage to make sure your family's outstanding mortgage debt is taken care of. You can even convert your term life policy to a permanent policy should your life insurance needs change over time. Combining these diverse coverage options with MassMutual's excellent selection of policy riders creates one of the most complete product offerings of any company in the industry. If flexibility is high on your insurance shopping list, MassMutual life insurance is definitely worth a close look.
Online quote tool not available:
Most top insurers in the industry offer online quotes, so it's a bit surprising MassMutual life insurance doesn't provide one. MassMutual also fails to provide effective online resources to help you work through your insurance coverage needs and identify the policy amounts required to satisfy your obligations and provide for your family. Alternatively, MassMutual encourages prospective policyholders to contact a company representative for personal help in all these areas.
No mobile capabilities:
Although a good mobile app is not critical to life insurance, the ability to easily access your policy details and pay your premium from your smartphone are very convenient options to have at your disposal. At a minimum, it would be nice to see MassMutual provide a mobile-specific website accessible to smartphones, but that isn't available either.
A.M. Best FSR Rating
A.M. Best ICR Rating
Term, Whole, Universal
Standard & Poor's Rating
A.M. Best "Excellent" or Better - The insurance company has an A.M. Best rating of "A-" or better.
ICR Rating "Stable" - The insurance company has an A.M. Best Credit Rating of "Stable" or better.
Moody's "Very Strong" - The insurance company has a Moody's rating of "Aa3" or better.
S&P Rated "Very Strong" - The insurance company has an S&P rating of "AA-" or better.
Cash Value Access - The policy owner can access or borrow against the value of policy accounts.
Dividends - The policy owner can receive periodic dividends based on account performance.
Dynamic Premium Amount - You decide the amount and date of premium payments, subject to basic minimums.
Graded Premium Option - The life insurance company offers a policy that starts with a low initial premium and gradually increases over time.
Guaranteed Level Premiums - Premiums do not increase over time but remain constant for the entire life of the policy.
Interest Rate Guarantee - You receive a guaranteed minimum level of interest in the contract.
Level Death Benefit - A policy where the death benefit remains level is available.
Limited Premium Payments - Whole life insurance premium payments can be limited to a fixed number of years.
No Exam Term Conversion - The insurance company guarantees conversion of a term policy to a cash value or permanent policy offered by the life insurance company without a physical exam.
Paid-Up Additions - You can purchase additional insurance with paid-out policy dividends.
Partial Surrenders - You can withdraw funds up to a certain percentage of the policy value.
Tax-Deferred Growth - The cash value of the policy grows tax-deferred.
Term Renewal Guarantee - You are guaranteed a renewal option annually after term expiration.
Variable Death Benefit - A policy where the death benefit increases or decreases with your policy account value is available.
Waiver of Monthly Deductions - Future monthly deductions are waived in the event of disability.
Expiration or Lapse Guarantee - The policy does not expire if premiums paid are insufficient.
Accelerated Benefit for Terminal Illness - A rider which grants early access to the death benefit to defray the cost of a terminal illness is available.
Accidental Death Benefit - A rider that pays an additional death benefit in the event of the accidental death of the insured is available.
Additional Insured Rider - A rider that extends coverage to an additional person/spouse is available.
Child Rider - An added rider that covers the death of your child is available.
Disability Income Rider - An added rider that provides income in the event of a bodily injury that prevents you from working is offered.
Estate Protection Rider - A rider that provides extra coverage to offset estate taxes if the policy is included in the insured's estate is offered.
Final Expenses Policy - A rider or a policy that covers funeral expenses is available.
Long-Term Care Rider - A rider is available that covers the cost of long-term care if needed during the policy term.
Whole Life Guaranteed Insurability Rider - An option to guarantee future insurability at standard rates without further proof of insurability is available.
All Policy Types - Term, whole, and universal coverage options are available.
Cash Surrender Option - Policyholders of lapsed or surrendered policies can request immediate cash disbursement or remaining balances.
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