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finder.com's rating: 3.5 / 5
★★★★★
18 to 80
Issue Age
$2,000 to $10,000,000
Coverage
Depends on policy
Medical Exam Required
Policies | Term, Whole life, Universal, Guaranteed acceptance |
---|---|
Coverage maximum | $10,000,000 |
Term lengths | 10, 15, 20, 25, 30 years |
Medical exam required | Depends on policy |
Available states | All states but Alaska |
Issue age | 18 - 80 years old |
Riders |
No info available |
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Review by
Andrew Flueckiger is a licensed insurance agent and Certified Insurance Counselor with experience in insurance and finance. A graduate of Indiana University, Andrew contributes a wealth of knowledge and experience to Finder. 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 committing to coverage, compare life insurance companies.
According to MassMutual’s website, a $250,000, 20-year term policy for a healthy 30 year old male costs $160 per year. But the actual rate you’re offered will come down to many factors, including:
The best rates are reserved for those with the best health. To qualify for better rates, you’ll need to have:
You can apply for a policy online. Go to MassMutual’s website and follow these steps:
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.
MassMutual offers term and permanent life insurance policies.
Can healthcare workers get free life insurance during the coronavirus?
Yes. Beginning July 30th, MassMutual is offering free life insurance to healthcare workers through its HealthBridge program. The coverage includes a three-year term policy worth $25,000 for applicants 18 to 50 years old, and $10,000 for those 51 to 60 years old.
The policy is open to doctors, nurses, nurse practitioners and physician assistants with an annual income of $250,0000 or less. Along with being a US citizen, healthcare workers must work or volunteer for at least 10 hours a month at a hospital or clinic that tests or treats patients with COVID-19 to be eligible. Eligible healthcare workers can apply via Massmutual’s website.
MassMutual offers a number of riders to enhance your policy for an additional premium. The availability of each rider varies by the type of policy. Some popular options include:
MassMutual’s Better Business Bureau (BBB) rating is usually strong, but it was recently downgraded to a B- due to a failure to respond to complaints. The BBB has recorded 53 complaints in the past three years, many of which honed in on poor customer support and specific benefit payouts —problems shared by other life insurance companies.
AM Best financial rating |
A++ |
BBB accredited | No |
BBB rating | B- 1.5/5 out of 12 customer reviews |
JD Power score | 769 |
Customer reviews verified as of | 28 October 2021 |
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.
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