MassMutual Life Insurance has provided life insurance solutions to individuals and families for over 170 years. Now the fifth-largest life insurance company in the U.S., it offers a variety of different policies, including whole life, universal life, term life and variable universal life insurance.
If you’re shopping for a life insurance policy, here’s what you need to know about MassMutual’s products, pricing and more.
MassMutual Life Insurance pros and cons
- Whole life insurance policy includes cash value accumulation and dividends
- Offers a wide selection of policy types and optional riders
- Exceptionally strong financial stability ratings
- May require a medical exam
- No weekend customer support
- Quotes for most policies are only offered over the phone
Whole life insurance policy includes cash value accumulation and dividends
MassMutual's whole life insurance policies offer the benefit of cash value accumulation and dividends. The access to cash value provides life insurance policyholders with an additional source of funds that can be used to supplement retirement income, medical emergencies or other needs.. MassMutual pays dividends to policyholders annually, which increases their cash value total, as well as their overall coverage.
Offers a wide selection of policy types and optional riders
MassMutual offers a range of life insurance plans to fit a variety of needs, like term life, universal life, whole life, variable universal life and group life insurance. Policyholders can also customize their coverage with optional insurance riders, including accelerated death benefits and waiver of premium benefits.
Exceptionally strong financial stability ratings
MassMutual has consistently achieved the highest possible marks from independent rating agencies like AM Best, Fitch Ratings and Moody's Investors Service.
May require medical exam for most policies
MassMutual requires some applicants to undergo a medical exam before they get approved for a life insurance policy.
No weekend customer support
MassMutual's customer service team is available Monday-Friday from 8 a.m. to 8 p.m. EST. For those seeking support outside of these hours, MassMutual offers an online chatbot and an extensive FAQs section on its website.
Quotes for most policies are only offered over the phone
Applicants have to call the company directly to get an accurate quote for most life insurance plans.
MassMutual Life Insurance plans
MassMutual offers a variety of life insurance plans for customers to choose from. These policies vary in terms of coverage lengths, premium rates, cash values and more. When combined with a variety of optional riders, MassMutual's life insurance plans can be tailored to meet the unique needs of just about any customer.
Whole life insurance
Whole life insurance is a type of permanent life insurance, meaning that as long as the premiums are paid, it remains in effect for the entirety of the policyholder’s life.
At MassMutual, whole life insurance comes with a guaranteed death benefit. It also comes with cash value accumulation, in which a portion of every monthly premium goes towards building up a policyholder’s “cash value.” Like many providers on our list of best life insurance companies, MassMutual pays annual dividends to these policies based on the company’s financial performance.
The accumulated cash value grows tax-deferred, and can be used in retirement and estate planning, as collateral for a loan or to help pay for premiums. You don’t have to pay taxes on the proceeds, either, but a withdrawal will lower the amount of money paid out to your beneficiaries (unless you pay additional premiums.)
Term life insurance
Term life insurance is a type of temporary coverage, meaning it remains in effect for a set period of years (typically 10, 20 or 30). It pays out a lump-sum benefit to the beneficiary if the insured dies during that coverage period. People usually opt for term life insurance if they need coverage until a certain point in their lives, i.e., until their children reach adulthood or their mortgage is paid off.
While MassMutual's term life insurance does not offer cash value accumulation or dividend payments like its whole life offerings, it's typically a more affordable option. In many cases, policyholders can convert to a permanent life insurance plan without having to undergo a medical exam. Universal life insurance
Universal life insurance is a type of permanent life insurance that lets policyholders adjust their coverage and premiums throughout the life of their policy. With this type of insurance, you have more control in determining how large of a death benefit your policy will provide your loved ones, and how much money goes towards cash value accumulation.
You can also choose to include a guaranteed death benefit with the policy, which will provide a lump sum payment to your beneficiaries in the event of your death.
Variable universal life insurance
Variable universal life insurance (VUL) is a form of permanent life insurance that lets you put the money you pay in premiums towards investments of your choice, instead of letting the company make those decisions for you. Similar to universal life insurance, VUL also gives you the option to adjust your premiums and coverage over time as your needs and financial goals change.
MassMutual's VUL policy provides policyholders with a permanent death benefit and a variety of investment options for different risk profiles.
MassMutual Life Insurance pricing
Life insurance is a highly customized product, with pricing that varies by:
- Age: Younger applicants generally get lower rates than older ones.
- Health status: Better health means lower premiums.
- Amount of coverage: Higher coverage usually means higher premiums.
- Lifestyle: Certain habits like smoking or participating in extreme sports can increase premiums
- Length of term: The longer the term, the more expensive the policy will be.
MassMutual’s policies are competitively priced, reliable and customizable. Here’s a breakdown of its average monthly term life insurance rates for a person in excellent health with a 20-year term and $100,000 coverage.
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MassMutual Life Insurance financial stability
All four of the major credit rating agencies, AM Best, Moody's, Fitch and Standard & Poor's (S&P) have consistently rated MassMutual as one of the most financially secure life insurance companies in the industry, and one that has a stable outlook forecast. MassMutual currently holds an A++ (Superior) rating from AM Best, an AA+ (Very Strong) from Fitch Ratings, an Aa3 (High Quality) rating from Moody's and an AA+ (Very Strong) from S&P.
MassMutual Life Insurance accessibility
MassMutual offers life insurance products in all 50 states, Washington, D.C. and Puerto Rico. Although the company is based in Massachusetts, it doesn't have any physical branches. Instead, it has a network of licensed agents that provide life insurance advice and services to customers nationwide.
MassMutual has a modern, easy-to-navigate website with a robust list of educational tools and resources. The company also has a network of financial professionals that work one-on-one with customers.
MassMutual Life Insurance FAQs
Does MassMutual drug test for life insurance?
How do I cancel my MassMutual life insurance policy?
Is MassMutual a reputable company?
How we evaluated MassMutual Life Insurance
Like our other reviews of insurance providers, we looked at key criteria like customer service ratings, pricing and the types of insurance MassMutual offers.
Summary of Money's MassMutual Life Insurance review
MassMutual Life Insurance is a solid choice for anyone looking for quality coverage. The company has been in business for over 170 years and provides a range of different products. MassMutual’s whole life insurance policy, which includes cash value accumulation and dividend distribution, is an especially good option. life insurance products to customers that should meet most needs. The company's whole life term is especially attractive due to its cash value accumulation and dividend distribution.