Disclaimer: We are not Mass Mutual Life Insurance Company. This is nothing more than an unbiased and factual review of the company to help consumers understand if they should consider Mass Mutual for life insurance coverage.
This review from start to finish is approximately a 5-minute read.
We intend to cover topics such as life insurance products offered, how competitive Mass Mutual is, and if Mass Mutual is one of the best life insurance companies you can work with.
We have also made easy to navigate links directly below to allow you to jump to any specific section of this post that you desire to read or learn more about.
Here’s what we intend on covering in today’s post:
- Our Mass Mutual Life Insurance Review
- Mass Mutual History and Background
- Financial Strength Ratings
- BBB Ratings and Consumer Reviews & Complaints
- Life Insurance Products Offered
- What Makes Mass Mutual Unique?
- Who Should Consider Mass Mutual?
- Application Process and Underwriting
- What to Do If You Have Been Declined
- Pros of Choosing Mass Mutual
- Cons of Choosing Mass Mutual
- Final Thoughts
Lastly, we know you may need the information quickly, so I wanted to provide a quick 30-second overview of Mass Mutual.
Here’s that snapshot for you:
Mass Mutual is one of the largest and most reputable mutual life insurance companies in the United States.
Mass Mutual is a mutual life insurance company, which simply means they provide dividends to active policyholders yearly based on company performance.
Mass Mutual is a competitive company for term life insurance and backs one of the most popular new faces in the life insurance industry (Haven Life)
Mass Mutual offers a wide range of life insurance solutions for consumers in addition to a large selection of financial products, including annuities and retirement planning services.
Mass Mutual is 100% a life insurance company that’s worth running a quote with before selecting your company.
Mass Mutual can be a competitive company for term life insurance and permanent life insurance.
Especially for healthy individuals.
If, however, you have a list of health conditions, Mass Mutual likely isn’t the best company to work with due to stringent underwriting guidelines.
In these situations, you would be much better served to compare rates with an independent life insurance agent who has access to dozens of life insurance companies capable of insuring high-risk individuals.
That’s the fastest way to summarize what you need to know about Mass Mutual Life Insurance Company.
If, however, you have a few additional minutes to spare and need further information about the company, we recommend reading our full review directly below.
Here is what you need to know.
Our Mass Mutual Life Insurance Review
Mass Mutual is one of the few life insurance companies operating back more than 100 years while maintaining its mutual approach and serving consumers at top-notch levels.
Mass Mutual currently offers various forms of life insurance, disability insurance, long term care, as well as other financial planning services such as 401k’s and annuities.
Mass Mutual remains one of the largest mutual insurance companies worldwide and employs more than 7,000 individuals in the United States and more than 10,000 individuals worldwide.
Mass Mutual History and Background
Mass Mutual was initially founded in 1851, making it one of the oldest life insurance companies still in operation and currently serves more than 5,000,000 loyal policyholders.
Mass Mutual began by offering only life insurance.
The company continued this path until 1946, which is when Mass Mutual expanded into offering group benefits.
In 1981 Mass Mutual expanded its product lineup further by introducing universal life insurance, among other financial products and services they could offer to clients.
Mass Mutual has continued to grow and survive some of the toughest economic times this country has seen in 100 years.
Financial Strength Ratings
Mass Mutual is among the top when it comes to financial strength ratings.
Financial strength is an important indicator that can go a long way towards showing the company’s ability to meet promises to loyal policyholders.
Currently, according to A.M. Best, Mass Mutual is considered an A++ company, which is the highest rating you can be provided.
Additionally, Mass Mutual is being offered the following ratings from the other major credit rating agencies.
Fitch- AA+ (Highest Ratings)
Moody’s – Aa3- (Highest Rating)
Standard and Poor’s- AA+ (Highest Rating)
Comdex Score- 97/100
J.D. Power and Associates- 787
Mass Mutual is clearly financially stable, and a solid company you can trust with your coverage.
In addition to these top rankings, Mass Mutual is ranked #93 on the Fortune 500 List and has more than 500 billion in total assets under management.
BBB Ratings and Consumer Reviews & Complaints
Complaints about life insurance companies can be for various reasons.
With Mass Mutual, according to the BBB Mass Mutual is an A+ rated company with only 49 complaints closed in the last 3 years.
For a company of Mass’s size, this is a low number and a positive from the consumer standpoint when you are ultimately deciding who to choose for your coverage needs.
Life Insurance Products Offered
Mass Mutual offers a wide range of life insurance solutions for consumers.
They have one of the most robust lineups and offerings for consumers compared to other top-rated life insurance companies that include the following:
- Whole Life/ Permanent Life Products
- Variable Universal Life
- Universal Life
- Term Life Insurance
- Guaranteed Acceptance Life Insurance
- *Haven Life Insurance Products
The term life insurance products offered by Mass Mutual are somewhat competitive for healthy individuals, but overall, we recommend comparing rates with multiple life insurance companies before deciding.
Whole life and permanent life insurance products are much more of the focus for sizeable mutual life insurance companies like Mass Mutual.
Mass Mutual offers flexible payment terms, customizable whole life policies with top-earning dividends.
Overall, individuals needing permanent life insurance, Mass Mutual makes sense to compare rates with.
For term and other products, you are likely going to be better suited to working with an independent agent who can present options with dozens of life insurance companies that can specifically tailor policies to fit your needs.
What Makes Mass Mutual Unique?
Mass Mutual is unique for a few reasons.
First, they are one of the few that offer every form of life insurance.
This includes guaranteed issue life insurance that requires no medical questions and no medical exam.
They also offer streamlined life insurance using Haven Life and some fairly competitive permanent life insurance and term life insurance products.
Who Should Consider Mass Mutual?
Healthy individuals or individuals looking for top-performing whole life insurance should take a second glance at Mass Mutual before drawing any conclusions.
In addition, individuals who prefer a face to face relationship with their life insurance agent should consider Mass Mutual for coverage.
Outside of these two situations, the likely case is that you can find more competitive pricing or more robust coverage shopping the market for a day or so before ultimately pulling the trigger.
Application Process and Underwriting
Unfortunately, unless you choose the guaranteed issue policy with Mass Mutual, which is only advised if necessary, the application and underwriting process is going to be very old school.
In most circumstances, unless working with Haven Life, you would need to meet with an agent to uncover your needs for coverage.
Following your coverage selection, you would set up a medical exam to be completed at a location of your choosing.
The results of the medical exam would ultimately determine your eligibility for coverage.
What to Do If You Have Been Declined
Being declined for life insurance coverage is sadly very common with captive life insurance companies.
If this does happen to you, it’s important not to lose sight of the goal.
You need to turn to an independent agent who can effectively place you with a company that can underwrite your risk and accept you for coverage.
If this fails, an independent agent can still assist you with finding guaranteed issue life insurance or accidental death life insurance coverage.
Some coverage is always going to be better than no coverage at all.
Pros of Choosing Mass Mutual
Mass Mutual is a company that offers many significant benefits to consumers.
After our careful review of the company, here is what we believe to be the most significant pros.
- Top Rated Life Insurance Company
- Wide Range of Product Options
- Competitive Pricing
Cons of Choosing Mass Mutual
On the other hand, we believe negatives present themselves with all life insurance companies.
With Mass Mutual, here is what we believe to be the most significant drawbacks you may encounter.
- More competitive pricing is available
- Stringent Underwriting on Term Life Insurance
- No Ability to Shop Other Life Insurance Companies
Regardless of how excellent Mass Mutual looks on paper, there are always other options you can choose from.
Other life insurance companies may certainly present more competitive pricing or give you a better chance of being approved for coverage.
At the end of the day, it’s on you to do your homework just as we have done throughout our Mass Mutual review.
Compare rates with a half dozen or so life insurance companies to ultimately give yourself the best chance at the lowest rates.
Best of luck.