MassMutual is one of the largest, most highly-rated life insurance companies in America.
Founded in 1851, this Springfield, Massachusetts company is an established life insurance provider that has a wide range of financial services available for policyholders.
About MassMutual Life Insurance Company
Mass Mutual is a highly rated life insurance provider with an A++ rating from A.M. Best which is considered the second-best rating offered.
J.D. Power gives it an overall rating of 3 out of 5 based on their 2019 life insurance study, making it one of the best life insurance companies on the market.
According to the National Association of Insurance Commissioners (NAIC), overall customer satisfaction rating is around .08, with the national average around 1.
This means that within the United States, Mass Mutual Life Insurance Company doesn’t have enough complaints lodged against the company to count.
So, Is MassMutual a Good Company?
From a financial point of view, Massachusetts Mutual is a very strong insurer that people can trust.
When you are trying to decide which insurance company to purchase a life insurance plan through, it’s vital that you find one that has a long history and is financially sound.
The last thing that you want is for your family to have trouble getting the payout (death benefit) from the life insurance policy if that time ever comes.
MassMutual is an excellent choice for people who are looking for a mutual company with a great financial rating that offers several life insurance products.
Life Insurance Products offered by MassMutual
Mass Mutual offers several life insurance options including term, whole life, and variable universal life insurance.
Whole Life Insurance
If you’re looking to get a whole life insurance policy or permanent life insurance, depending on your situation, it’s possible that MassMutual will have the best policy options.
Mass Mutual offers policyholders the option to convert a Mass Mutual term policy to a whole life during the first ten years of life insurance coverage.
At the same time, it offers return of premium, joint coverage options, varying premium payment options, and a buildable cash value for people who are searching for financial planning options.
Combining all of these unique coverage options with the company’s excellent selection of policy riders like a waiver of premium or a long-term care insurance rider that helps create one of the most updated and complete offerings of any company within the insurance industry.
If flexibility is high on your insurance shopping list, Mass Mutual is a policy provider that is definitely worth a much closer look.
During COVID, Mass Mutual is offering free term policies to healthcare workers for up to three years.
As a company, MassMutual offers 20, 15, and 10-year term life policies, but they do not have a 30 or 25-year term life option.
The MassMutual Direct Term Policy offers a life insurance quote and immediate decision after your medical exam.
As a general disclaimer, the direct term policy is available in every state except for New York.
If an individual is under 50 years of age, we recommend considering a 30 or 25-year term. These are not available with MassMutual.
Prices will vary based on the coverage amount you’re seeking and the term you choose.
Affordable 30-year term policies are available for the same price as a 20-year term life that MassMutual is offering.
Variable Universal Life Insurance
As we age, our life insurance needs will most likely change.
MassMutual Variable Universal life insurance policies lock in a permanent life insurance death benefit with flexible premiums.
Essentially as long as you pay something, within limits, you can keep your premiums.
If at any point you need to lessen the premium or choose to increase the amount, you have that flexibility.
Once a certain cash value has been acquired, you can borrow against that amount.
Once the policy is claimed, the borrowed amount will be subtracted from the overall death benefit, leaving your loved ones the remaining balance.
Underwriting & Policy Requirements
Underwriting is the process of reviewing an individual’s application, medical exam results, and doctor’s records to determine what health rating people will get on a life insurance policy.
Heath ratings range from:
- Ultra Preferred
- Standard Plus
- Preferred Plus
- Below Standard
Is MassMutual Good for Pre Existing Conditions?
Mass Mutual tends to be cautious in how they review a potential life insurance applicant.
People who are suffering from diabetes, elevated blood pressure, and high cholesterol will most likely obtain higher ratings from companies such as:
If you’re a high-risk applicant or are in less than perfect health, you could have problems getting competitive rates for a life insurance policy.
MassMutual Rates are Best for Healthy Individuals
If you’re in good health, Mass Mutual is a great option. This means getting in the best physical shape possible is a great way to save money on your policy.
If you are really striving to get the very lowest premiums, lose those extra pounds, start a healthy diet, and start getting regular exercise.
This can lower your blood pressure, cholesterol, and help other common issues found in your blood work.
Agents will offer policies from their company and not from other possibly lower-priced insurance providers.
Although some of them do have access to a number of competitive insurance companies, they often get paid more for promoting and selling MassMutual.
Because of this, they have a tendency to actively promote MassMutual only.
People will be better off negotiating with an independent insurance agent that is completely unbiased and provides them with a wide selection of high-quality life insurance companies.
Independent Agents Save Time & Money
There are plenty of advantages to using an independent agent, aside from not being sold expensive coverage.
Using an independent agent, like myself, is a great way to save both time and money.
Independent agents have no reason to sell you more expensive coverage because of commissions, instead, we work to get you the most affordable insurance policy to fit your needs.
It’s important that you find a company that is going to view your application favorably to give you the best monthly rates.
You could spend days and days calling companies, or you can let our agents do all of the work for you.
We understand that your time is valuable, we value your time as much as you; for this reason, we shop for you and save you the hassle.
No-fuss, no calling, just affordable, and quality insurance.
Is MassMutual Life Insurance Best for You?
As a company, they offer more financial products than just life insurance.
In fact, you can speak to a financial advisor or go to massmutual.com and check out their retirement plans including annuities, mutual funds, and estate planning options.
Although it is one of the most financially secure life insurance companies found on the market today, Mass Mutual is often not worth it.
Sure, you’ll get a company that you don’t have to worry about going out of business, but there are several other options that will give you the same peace of mind at a lower rate.
Their term life insurance rates are 30 percent higher than others found on the market today.
Don’t leave your family uncovered. It could leave them with thousands of dollars of debt from mortgage payments, hospital bills, and funeral expenses
A life insurance policy will give them the resources they need to pay off all of the bills and not add any financial strain to their budget.
If you have questions about MassMutual or any of the other top companies, ask us in the comments below or give us a call.