MassMutual Life Insurance Review
Massachusetts Mutual Life Insurance offers term, whole, and universal life insurance policies, plus annuities and 401(k)s for individuals and businesses who want to provide group life insurance benefits for their employees. It also offers a no-charge LifeBridge insurance plan to eligible parents that provides a 10-year, $50,000 policy for your child’s education should you pass away, plus a term life option that does not require a medical exam.
MassMutual is ideal for individuals who would prefer to manage their life insurance and retirement planning all in one place, with a company that earns high financial strength ratings. MassMutual’s policies are a little less flexible than those of some other companies, with term insurance starting at a fairly high $100,000 and fewer coverage add-ons. It’s still worth including in your quote-gathering, but it may not be the best option if you need more specialized insurance.
No-medical-exam term life option
Average customer service
The Life Insurance Factors We Analyzed
MassMutual received a rating of three out of five stars in J.D. Power’s life insurance customer satisfaction survey. It’s not a terrible score by any stretch, though the company does sit below industry average — likely because it only scored two out of five in the “price” category. With that said, the insurer received fewer than average customer complaints in 2018, according to the National Association of Insurance Commissioners, so you may have a fine experience with the company as a whole.
As with many insurance companies, you’ll have to call the company to get a quote for most products, although you can apply for MassMutual’s no-exam Direct Term option online. Once you have a policy, the online portal makes the experience even easier, allowing you to manage your life insurance policies and retirement investment products all from the same place — just note that while MassMutual’s Apple app adds even more convenience, the Android app is poorly reviewed.
Coverage and rider information
While MassMutual stands out for some of its unique coverages, like long-term care coverage that is bundled with a life insurance policy, it has fewer policy add-ons than other top companies like New York Life, State Farm, and Northwestern Mutual. These optional coverages, or “riders,” allow you to customize your life insurance and add extra financial protection in case of injury, disability, or long-term illness. MassMutual doesn’t advertise many riders on its website; it’s missing options like spouse and child insurance riders, an accidental death rider, and a critical illness rider.
However, just because MassMutual isn’t the most customizable doesn’t mean it can’t offer you a good policy. It stands out in particular for its Direct Term policy, which can be purchased without the need for a medical exam — a great option for people with preexisting conditions — with death benefits ranging from $100,000 to $3 million. Its regular term life policies can also be converted into permanent policies without an additional medical exam, so you have the security of staying with the same company if you decide you need more coverage down the line.
Life insurance coverage features
|Insurance types offered||Term, whole, and universal|
|Term lengths offered||10, 15, 20, 25, and 30|
|Standout coverage features|| Combined life insurance and long-term care insurance|
Convertible term life insurance
No-exam term insurance option
High financial strength ratings
MassMutual Life Insurance Overview: Financial Strength, Availability, and History
MassMutual has been insuring individuals since 1851. It’s an innovator among insurers — it added retirement services and financial planning in the 1950s and was one of the first firms to add universal life insurance in the 1980s. It backs up its history with excellent financial strength, earning high marks from each of the three major independent ratings agencies.
As a mutual company, policyholders are eligible to receive company dividends, and MassMutual has paid out every year since 1869. Policyholders seem generally happy with the company; it received fewer than the average number of complaints in the industry in 2018, and it continues to write a significant number of premiums in the U.S. life insurance market.
- In business since: 1851
- S&P Global financial strength rating: AA+
- Moody’s financial strength rating: Aa3
- A.M. Best financial strength rating: A++
- States served: 50 plus Washington, D.C.
All information accurate as of January 2, 2020.
The Bottom Line
MassMutual offers customers a wide range of financial services and products, including annuities, retirement planning, asset management, and life insurance products. It consistently performs well in financial strength and customer service ratings, and its no-exam term life policy is worth looking into for customers with preexisting conditions. MassMutual doesn’t offer the most customizable policies, with fewer add-on coverage options than many of its competitors, but it could be worth calling for a quote to see what it can offer you.
MassMutual Life Insurance FAQ
MassMutual Life has been in business for almost 170 years and is financially sound. It offers a variety of life insurance products, with average customer satisfaction ratings from J.D. Power and fewer complaints than average registered with the National Association of Insurance Commissioners.
MassMutual offers customers term, whole, and universal life insurance. Its term life products also have a conversion option, so you can convert your term policy to whole without an additional medical exam when your policy expires.
Your life insurance premiums depend on your individual profile — companies use factors like age, location, and health to determine the cost of your policy. It’s important to pull quotes from multiple companies to see which offers you the best price on the policy you need.
Yes. Dividends are not guaranteed, but MassMutual has paid policyholders dividends annually since 1869. The company plans on paying out $1.7 billion in 2020. According to MassMutual, “the 2020 estimated dividend payout reflects a dividend interest rate of 6.20 percent for eligible participating policies.”
Depending on which MassMutual life insurance product you choose, it’s possible that you will have to undergo a medical exam or health questionnaire. If you’re concerned about a medical exam, MassMutual’s Direct Term policy could be a good option; you can apply online without the need for an exam.
To cancel your MassMutual life insurance, you will have to contact customer service — just know that you may have to surrender your whole life cash value. For more details about the terms of your policy, call an agent or check your policy documents.