MassMutual Life Insurance Review
MassMutual is one of the largest and most reputable life insurance companies in the U.S. But despite the well-recognized name, how much do you actually know about MassMutual?
In this MassMutual life insurance review, we detail the company’s life insurance policies, pricing, customer satisfaction reviews and financial ratings. As you compare life insurance companies, you can call to chat with a licensed insurance agent who can help you compare policies and find the the right choice for your life insurance needs.
About MassMutual Life Insurance
MassMutual was founded in 1851 and is headquartered in Springfield, MA. The company is licensed to do business in all 50 states, and its product lineup includes:
- Retirement accounts
- Annuities
- Mutual funds
- Estate planning
- Life insurance
- Numerous other financial services
What Kind of Life Insurance Does MassMutual Sell?
MassMutual sells five different types of life insurance policies that include both term and whole life.
Massmutual Term Life Insurance
MassMutual allows people between the ages of 18 and 75 to apply for term life insurance in durations of 10, 20 or 30 years, with death benefits that begin at $100,000. The premiums remain locked in at a fixed rate, and the policy may be converted to permanent coverage at a later time.
MassMutual offers a guaranteed issue term life policy called DirectTerm. This plan allows for up to $3 million worth of coverage to go into effect on the same day you apply, with no medical exam required.
Massmutual Whole Life Insurance
MassMutual whole life insurance provides permanent coverage from age 0 to 90, with death benefits starting at $25,000 in most cases and the ability to accumulate a cash value.
MassMutual universal life insurance is a type of permanent whole life insurance policy with death benefits that start at $50,000 and flexible premiums that can be adjusted as needed over time.
MassMutual also sells a variable universal life insurance policy that includes an investment feature allowing you to be more hands-on with your policy’s cash value.
Free Life Insurance From MassMutual
MassMutual offers free life insurance for income-eligible parents and guardians through the LifeBridge program. Qualified applicants could get up to $50,000 on a 10-year term policy.
Does MassMutual Life Insurance Have Any Riders?
Riders are optional services you can add to life insurance policies that allow you to customize your coverage according to your needs. MassMutual offers a number of life insurance policy riders.
Accelerated Death Benefits
Gain access to a portion of your death benefits if you are diagnosed with a terminal illness and expected to live no more than 12 months.
Additional Coverage
Increase your premiums to boost your death benefits and accelerate the cash value of your policy.
Guaranteed Insurability
Purchase additional insurance at specified future dates without having to take a medical exam or answer any health questions.
Waiver Of Premium
Keeps your death benefits in place and waives your premiums if you become disabled and unable to work.
How Much Does MassMutual Life Insurance Cost?
Below is a sampling of MassMutual life insurance quotes for an adult of very good (but not excellent) health. The example rates are listed for a variety of ages, coverage amounts and term lengths to help you get an idea of MassMutual life insurance pricing.
Please note these are sample rates, and you may be able to find life insurance policies where you live that offer different rates and term lengths than what you see here. Call to chat with a licensed insurance agent today to compare life insurance policies where you live.
| Age | Gender | Term length | Coverage amount | Monthly premium |
|---|---|---|---|---|
|
30 |
Male |
30 |
$1,000,000 |
$86.57 |
|
40 |
Female |
25 |
$500,000 |
$49.16 |
|
50 |
Male |
20 |
$300,000 |
$65.78 |
|
60 |
Female |
10 |
$100,000 |
$34.20 |
Does MassMutual Insurance Have Good Customer Service?
According to the National Association of Insurance Commissioners’ Complaint Index Report, MassMutual fields a rate of customer complaints that is lower than the industry average, suggesting customers are generally happy with the company.
The J.D. Power 2021 U.S. Individual Life Insurance Study measuring overall customer satisfaction found MassMutual ranked 7th out of 21 life insurance companies, comfortably above the industry average.
MassMutual Life Insurance Phone Number
Current MassMutual life insurance customers can call the MassMutual customer service phone number at 1-800-272-2216, Monday through Friday 8 a.m. – 8 p.m. ET. Current policyholders can also log into their online MassMutual account for help paying bills, filing a claim, checking on claim payout status and more.
How Is MassMutual Rated?
MassMutual has earned strong financial ratings and reviews from leading credit rating agencies.1
- Fitch Ratings: AA+ (Very Strong)
- S&P Global: AA+ (Very Strong)
- AM Best: A++ (Superior)
- Moody’s: Aa3 (High Quality)
In 2021, MassMutual paid out $7 billion in life insurance and annuities to go with another $1.8 billion in policyholder dividends. MassMutual holds $33 billion in total adjusted capital and $235 billion in total invested assets.1
Those are impressive numbers and a big reason why the company ranks No. 123 on the Fortune 500 list.1
Is MassMutual a Good Company?
MassMutual’s lineup of life insurance policies and available riders may not be quite as robust as some other companies, but with secure financial ratings and a strong customer reputation, MassMutual has clearly been the right choice for many consumers.
Call to chat with a licensed insurance agent to learn more about the life insurance companies offering policies where you live. An agent can help you compare policies, costs, coverage and more as you find the right policy for the needs of you and your family.
1 MassMutual. Financial Performance and Insurance Ratings. Retrieved March 30, 2022, from https://www.massmutual.com/about-us/massmutual-financial-summary.
