Last Updated: July 2020
MassMutual is one of the largest and most reputable mutual life insurance companies in the United States. Below is our review of the company to help you understand if MassMutual life insurance coverage might be right for you.
In this article, we will review the life insurance products offered by MassMutual, the company’s financial ratings, pros & cons, and offer other companies for comparison.
- About MassMutual Life Insurance Company
- MassMutual Life Insurance & Financial Strength Ratings
- Life Insurance Products Offered by MassMutual
- What Makes MassMutual Unique?
- Pros of Choosing MassMutual
- Cons of Choosing MassMutual
- Compare MassMutual to Other Top Rated Companies
Life Insurance is Boring. Let’s Get To The Root Of It! Here are the key takeaways…
MassMutual is a mutual life insurance company and is competitive for term life insurance & permanent life insurance. MassMutual is a life insurance company that’s worth running a quote with before selecting your company. Always compare multiple carriers before making a decision.
About MassMutual Life Insurance Company
MassMutual 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.
MassMutual 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.
MassMutual 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.
MassMutual History and Background
MassMutual 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.
MassMutual began by offering only life insurance. The company continued this path until 1946, which is when MassMutual expanded into offering group benefits.
In 1981 MassMutual expanded its product lineup further by introducing universal life insurance, among other financial products and services they could offer to clients. MassMutual has continued to grow and survive some of the toughest economic times this country has seen in 100 years.
MassMutual Life Insurance & Financial Strength Ratings
MassMutual is among the top when it comes to financial strength ratings.
They fall into an elite class that includes other powerhouse mutual life insurance companies such as New York Life and Northwestern Mutual.
Financial strength is an important indicator that can go a long way towards showing the company’s ability to meet promises to loyal policyholders.
The ratings for MassMutual Life Insurance Company include:
- A.M. Best: “A++” (superior) rating
- Affordability Index: 6.1
- Ease of Applying: 9.2
- Customer Service: 9.9
- COMDEX Ranking: 97
A.M. Best is the industry benchmark for financial strength in the life insurance industry. The other three metrics are based on a number of factors including our industry knowledge of MassMutual compared with other companies. The COMDEX ranking is a composite score that considers A.M. Best and other top ratings agencies.
Learn more about our process for reviewing life insurance companies here.
MassMutual is clearly financially stable, and a solid company you can trust with your coverage.
In addition to these top rankings, MassMutual 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 MassMutual, according to the BBB MassMutual 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 by MassMutual
MassMutual 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 MassMutual 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 MassMutual. MassMutual offers flexible payment terms, customizable whole life policies with top-earning dividends.
Overall, individuals needing permanent life insurance, MassMutual 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.
Consider comparing MassMutual’s rates with Northwestern Mutual life insurance if you are looking for competitive term, universal, and whole life policies.
What Makes MassMutual Unique?
MassMutual is unique for a few reasons. First, they are one of the few that offers 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 MassMutual for Life Insurance?
Healthy individuals or individuals looking for top-performing whole life insurance should take a second glance at MassMutual before drawing any conclusions. In addition, individuals who prefer a face to face relationship with their life insurance agent should consider MassMutual for coverage.
Outside of these two situations, it is likely 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 MassMutual, 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 MassMutual
MassMutual 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 MassMutual
On the other hand, we believe negatives present themselves with all life insurance companies.
With MassMutual, 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
Compare MassMutual to Other Top Rated Companies
Regardless of how excellent MassMutual 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. Be sure to compare MassMutual to our 10 best life insurance companies or find reviews on over 50 companies and agencies here, before making your decision.
At the end of the day, it’s on you to do your homework just as we have done throughout our MassMutual review.
Here are some of the other best life insurance companies to consider along with MassMutual.
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