MassMutual Insurance Reviews 2023

Last Updated: February 26, 2023

TLTR: This article reviews the pros and cons of MassMutual. We also provide information on the policies they offer and those of competing firms so you can make an informed decision about which company best suits your insurance needs.

Is MassMutual Insurance a Good Choice? Our Thoughts

MassMutual’s life insurance products are a good choice for most people seeking permanent plans. But if you are currently a smoker or are over the age of 65, you may be eligible for lower rates from alternative life insurance carriers.

MassMutual insurance offers a wide variety of policies, but its premiums are more expensive than those of most other companies.

 

About Company

MassMutual is a Springfield, Massachusetts-based life insurance company that offers various financial products. They have been in business since 1887 and currently serve over 11 million people across the country with their product offerings including disability income plans as well as retirement plan services among others.

In addition to the ability to manage your business’s insurance and benefits packages, MassMutual also provides you with a wide range of other services that are tailored specifically for small businesses.

 

MassMutual Insurance – Pros and Cons

• No medical exam is required, and policies of assured acceptance are in place.
• Dividend yielding potential.
• Financially stable.
• Free life insurance (MassMutual’s LifeBridge Program).
• The National Association of Insurance Commissioners (NAIC) received fewer than average complaints about this company.

• Premiums are exceptionally high.
• To apply, you’ll need to speak with a representative.
• There isn’t much detailed information.

Insurance Products

MassMutual Life Insurance offers a wide range of life insurance products, from term to universal and variable policies. They also provide annuities in addition to their traditional whole-life or mixed plans as well as brokerage services along with financial experts on staff who can help you come up with the right plan for your needs. As with other major insurers, MassMutual’s life insurance plans come with basic rider add-ons, such as premium waivers and expedited death benefits, at no extra cost. By completing a form and demonstrating insurable interest, policyholders can alter their beneficiaries at any time.

Term

MassMutual offers two different types of policies to choose from: an annually renewable package for those 18- 75 years old, a 10- or 20-year term with guarantees up until age 65. The minimum value is $100,000, but these can be issued at values as high as $5 million! MassMutual’s premiums for term insurance policies are guaranteed level, which means they won’t go up during the term.

You can renew the insurance annually after the first term period has ended, but you will likely pay a higher premium. All Vantage Term plans, as well as MassMutual’s Whole Life Legacy products, can be converted to permanent life insurance.

Permanent

Whole life, universal life, and variable universal life are all offered through MassMutual, and each includes a cash value account that can be used as an investment or savings vehicle. Universal life cash value accounts change based on the company’s portfolio, while variable universal life cash value accounts fluctuate depending on how the stock market performs. Guaranteed issue life insurance is not available from the company.

Mass Mutual Diversified Product Portfolio

Insurance from a Single Source

MML Insurance Agency (MMLIA) LLC (subsidiary) covers product gaps by giving one-stop brokerage shopping for life insurance, disability income insurance, annuities, and long-term care insurance products when the needs of clients and prospects aren’t satisfied by the current offerings.

Annuities

To assist individuals with their retirement planning, MassMutual offers a variety of annuity products. Annuities provide a steady stream of income payments for the rest of your life or for a set length of time.

Investments

MML Investors Services (MMLISI), LLC, a MassMutual subsidiary, is a registered broker-dealer and registered investment Financial Professional (FP), with registered representatives and investment adviser representatives offering a broad range of securities products, brokerage services, asset management programs, and financial planning services.

Holistic Financial Planning

MassMutual has redefined and realigned its focus on continuing financial planning to adapt to the changing financial landscape and fulfill its clients’ needs. Its goal is to build a service that creates long-term, collaborative, and ongoing financial planning partnerships while giving financial professionals the freedom and power they need to meet their clients’ evolving needs.

MassMutual Insurance Reviews

“Great customer service and prompt response to the emails, would recommend!“

“After hearing all of these great reviews about how easy the process is, I knew it would be something worth trying. The agent on the phone had a really smooth conversation with me and we were able to go through everything quickly together!”

“Perfectly satisfied with the products and service they provide, there were no medical tests required, which made the process a whole lot easier. ”

“Since 2012, I’ve been a customer. Great products and organization, but sales are run on an antiquated MLM approach with a 95%+ turnover rate. As a result, most of the individuals who work for them have bad customer experiences and live in poverty. Because the advice given can be found almost anywhere, it is quickly becoming obsolete.“

Source: Yelp, Trustpilot, Hagerty google reviews

Third-Party Reviews

MassMutual’s financial strength ratings are generally favorable, with an A++ (Superior) from A.M. Best and an AA+ from Standard & Poor’s (Very Strong). These scores show that MassMutual is financially sound and well-positioned to pay claims.

Unlike many of its competitors, the firm offers a wide range of insurance riders. To top it off, MassMutual has an NAIC complaint index score of 0.14, which means it receives far fewer complaints than the industry average. Similarly, Moody’s offers MassMutual an Aa3, the fourth-highest rating available, indicating that the company is high-quality and has minimal credit risk.

The Bottom Line

MassMutual is a reputable life insurance company with a strong financial standing. It may be a good option for you if you’re looking for an insurer that allows you to speak with a financial advisor before choosing an insurance plan. To ensure you’re making the best decisions for your family, speak with a MassMutual financial advisor about your life insurance needs, retirement plans, college funding status, and general estate planning.