MassMutual life insurance review
It offers multiple policy options, but may not be competitive for people with health issues.
Get a quote if…
- You want several policy options from a reputable company.
Choose a different provider if…
- You have health problems or are a senior citizen only looking for final expense coverage.
18 to 80
$2,000 for guaranteed acceptance policy, $100,000 for term to $10,000,000
Depends on policy
Medical Exam Required
|Insurance Products||Term, Whole life, Universal, Guaranteed acceptance|
|Issue Age||18 to 80|
|Coverage Amount||$2,000 for guaranteed acceptance policy, $100,000 for term to $10,000,000|
|Term Lengths||10, 15, 20, 25 and 30 years|
|Medical Exam Required||Depends on policy|
|Ways To File A Claim||Online, Phone|
|Ratings, Accreditation and Memberships||Better Business Bureau, A.M. Best’s|
|Customer Service Options||1-800-272-2216 or submit an online contact form|
|Policy Riders Offered||Yes|
Andrew Flueckiger is a writer in the insurance and finance fields. A licensed insurance agent with a degree from Indiana University and a certified insurance counselor designation, Andrew brings a wealth of knowledge and experience to his articles. When Andrew isn’t writing, reading or practicing insurance, he can be found spending time with his family and playing the guitar.
MassMutual has an edge over its competitors with its consistent positive reviews and strong financial stability. Its many policy options and riders mean you may have a good chance of finding the coverage you’re looking for.
However, MassMutual’s rates aren’t as competitive for seniors, smokers or people with health problems. Before making any decision on a life insurance company, compare your other options.
What types of life insurance coverage does MassMutual offer?
MassMutual offers term and permanent life insurance policies. Rates are competitive, but depend on your overall health and specific needs.
- Term life
Coverage that guarantees protection for a period between 10 and 30 years. After the policy’s term, your premiums will substantially increase or you can convert some or all of it into a permanent whole life policy without an additional medical exam.
- Whole life
This permanent policy allows you to build cash value to tap into for college tuition, retirement or unexpected emergencies if needed. You’re also eligible for dividends.
- Universal life
These flexible plans allow for permanent coverage with flexible payments based on your accrued account value. Options for guaranteed death benefits can provide a lump-sum payment to your loved ones after death.
- Guaranteed acceptance life
MassMutual is one of only a few insurers that will write you a life insurance policy regardless of your health condition. Though premiums are considerably higher, and you must be between the ages of 50 and 75.
What riders can I add to my life insurance policy?
MassMutual offers a number of extra coverages that enhance your policy for an additional premium. The availability of each rider varies by the type of policy. Some popular options include:
- Guaranteed insurability. Allows you to increase your death benefit at certain ages without having to prove your health status. It’s often used on whole life policies bought on children, allowing them to increase coverage when they’re adults.
- Renewable term coverage. This rider gives you the option of converting your term policy into a whole life policy before you turn 65 — or after 65 if you’ve had the policy less than 10 years.
- Accelerated Death Benefit. A rider that allows you to take out most of your death benefit if you’ve been diagnosed with a terminal illness with less than 12 months of life expectancy.
- Additional life insurance. Allows you to pay more than your premium in order to build up the cash value faster.
How much does MassMutual cost?
The cost of a MassMutual life insurance policy depends on many factors, including:
- Type of policy
- Height and weight
- Health issues
- Health history
- Tobacco use
Despite all of these variables, life insurance is always cheaper the younger you are. According to MassMutual’s website, a $250,000, 20-year term policy for a healthy 30 year old male costs $160 per year.
How can I get a low rate?
The best rates are reserved for those with the best health. To qualify for better rates, you’ll need to have:
- Minimal or no history of tobacco use
- No history of alcohol or substance abuse
- Personal and family health history free of specified diseases or impairments
- Clean driving record free of DWIs, DUIs, suspensions and other convictions
- Healthy blood pressure and BMI
- Low-risk occupation or hobbies
Speak with a MassMutual agent to learn more about how you can qualify for the lowest rates.
Pros and cons of MassMutual
- Immediate term life insurance. You can get instant coverage if your online application is approved, with the chance to cancel if your rates are higher after your medical exam.
- Online quote tool. MassMutual’s quote tool lets you see your potential rate, which will only change if you have underlying health concerns that come up in the medical exam.
- Potential dividends. If you have a whole life policy, you’ll be eligible to receive dividends from MassMutual that you can use as cash or to buy more life insurance. As with any dividend-paying company, they’re not guaranteed.
- Guaranteed acceptance. If you’re worried about qualifying, MassMutual offers a high-risk solution without a medical workup for people ages 50 to 75.
- Start a claim online. Begin filing a death claim online by filling out information about the policyholder and indicate how you’d like to receive your claim packet.
- Medical exam likely required. Most policies will require a medical exam, though you can get guaranteed coverage through the Direct Term program.
- Limited riders. While MassMutual has the most common riders, it doesn’t offer some options that larger life insurance companies do, such as disability and accidental death riders.
- Not competitive for everyone. If you’re a senior, have health problems or are a smoker, MassMutual will likely price itself out of contention.
Compare life insurance companies
MassMutual reviews and complaints
MassMutual earns an A from the Better Business Bureau based on transparency, how they handle customer complaints and advertising practices, among other guidelines. Complaints are low compared with other insurers of its size.
Still, you’ll find negative reviews about poor customer support and specific benefit payouts — problems shared by other life insurance companies.
MassMutal holds a strong financial rating and credit outlook, reflected in A.M. Best’s A++ rating. This can provide peace of mind knowing your benefits are covered.
How does MassMutual protect my data?
MassMutual uses personal data to provide specific services and products tailored to you. Life insurance companies need to verify your identity and your health in order to offer a life insurance policy.
MassMutual follows industry standards and guidelines for data security and continuously invests in keeping personnel and standards in line with the latest industry guidelines.
How do I sign up?
To find out how much life insurance you need and to apply online, go to MassMutual’s website and:
- Scroll down to the How much life insurance do I need? section.
- Input your date of birth, zip code and the appropriate box that asks what you need life insurance for.
- Click Get Started.
- Enter your family members ages, if appropriate, and other financial information such as how much you intend to pay for college and a mortgage.
- Click Calculate.
- Review the numbers and scroll down to hit Apply Now in the apply online section.
- Fill out the information card and select your policy and amount of coverage.
- Create an account.
- Complete the application and click Submit.
I’ve signed up. What happens next?
You may get an instant approval on your application. If you have any health concerns, it will likely be deferred to an underwriter who will look at your application.
Once approved, you’ll need to register to have an online account. You’ll also need to submit your first payment and can do so on your online account.
More about MassMutual
MassMutual’s full name is the Massachusetts Mutual Life Insurance Company and was founded in Springfield, Massachusetts in 1851. In 2018, it came in at 93 on the Fortune 500 list.
In addition to life insurance, MassMutual also offers disability insurance, long term care insurance, retirement services such as annuities and IRAs, and investment services.
In 2015, it created a separate company called Haven Life, which caters more toward younger people and solely sells term life insurance policies.