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MassMutual Life Insurance Review

This mutual company is large and super reliable but doesn’t blow us away when it comes to customer service.
Pro Bullet Term life
Pro Bullet Whole life
Con Bullet Universal life
Con Bullet Variable life
4.6 out of 5 stars4.6
Licensed Life Insurance Agent/Staff Writer
Published on February 11, 2020

MassMutual Life Insurance Company, also known as Massachusetts Mutual Life Insurance Co., is a Fortune 500 company. With more than $179 billion in assets,1 it’s also one of the largest insurance companies in the US.

MassMutual has a solid financial reputation and offers the most common types of life insurance. Even better, it’s a mutual company, so each policyholder owns a small portion of the company.

Who might choose MassMutual for life insurance?
  • Young people looking for low-to-medium coverage: These shoppers will find MassMutual’s rates most competitive.
  • People looking for dividends: MassMutual has a long, steady history of paying out annual dividends.
  • Those looking for overall financial health: In addition to life insurance, MassMutual offers numerous financial services.

MassMutual life insurance policies

MassMutual offers products for nearly every customer through a variety of policies, including term, whole, and a few kinds of universal life.

Term life insurance options

  • 10–30-year terms
  • $100K–$50M in coverage
  • Level premiums
  • Option to convert to permanent

Whole life insurance options

  • Possible dividends
  • Long-term care hybrid

Universal life

  • Guaranteed universal 
  • Variable universal

Information available at Data effective 1/10/2020.

MassMutual term life insurance

MassMutual term life policies are available in 10-, 15-, 20-, 25-, and 30-year terms. You can choose the company’s regular term life if you don’t mind taking a medical exam and want the option to convert to permanent coverage later. Or you can choose MassMutual Direct Term if you prefer no exam life insurance and an instant decision on your application.

MassMutual whole life insurance

MassMutual’s whole life policies are considered participating. That means, if you own a policy, you are eligible (but not guaranteed) to receive dividends from the company.

MassMutual also sells a whole life long-term care hybrid policy that allows you to receive funds early to help pay for long-term care expenses if you need them. With the rising cost of long-term care insurance, hybrid policies can be an excellent way to roll two types of coverage into a single premium.

MassMutual universal life insurance

MassMutual’s universal life insurance is flexible and allows you to change your death benefit, premiums, and length of coverage as needed.

This insurer’s guaranteed universal option ensures you’ll keep your policy as long as you pay a minimum premium amount. At the other end of the spectrum, MassMutual’s variable life insurance doesn’t guarantee your coverage. But you’ll have the opportunity to invest your cash value for potentially higher returns than you’d see with a guaranteed policy.

MassMutual life insurance rates

MassMutual’s pricing for life insurance is competitive, especially for younger people looking for less than $1 million in coverage. If you’re 50 years or older and looking for a large amount of coverage, however, you may see better rates with ProtectiveTransamerica, or AIG.

MassMutual sample rates

20-year term life policy for a healthy 25-year-old
Death benefit payout
Male monthly premium
Female monthly premium

Sample rates based on Direct Term from and are for illustration purposes only. Actual rates may vary. Data effective 1/10/2020.

20-year term life policy for a healthy 50-year-old
Death benefit payout
Male monthly premium
Female monthly premium

Sample rates based on Direct Term from and are for illustration purposes only. Actual rates may vary. Data effective 1/10/2020.

Things to consider about MassMutual

MassMutual is a large, financially stable insurer that’s been in business for over 150 years. It’s a solid choice for many consumers, but people looking for life insurance dividends or multiple financial services may find this insurer even more appealing.

Life insurance dividends

Because MassMutual is a mutual company, policyholders may be able to earn dividends. You’ll have to choose a whole life insurance policy for the chance. And while dividends are never guaranteed, MassMutual has paid them to eligible customers every year since 1869.2

Policyholders can opt to receive dividends in the form of a check or use them to buy paid-up coverage or help pay their premiums. These dividends are always tax-free (unlike dividends earned from stocks) because Uncle Sam considers them a return of overpaid premium for the year.

MassMutual can help you manage your wealth

In addition to life insurance, MassMutual provides other investment products and financial services. These products include annuities, Individual Retirement Accounts (IRAs), and a variety of investment brokerage products.

If you’re looking for more products, choosing MassMutual could be a convenient way to check multiple financial to-dos off your list at once. However, you may not earn any discounts for bundling life insurance with other products.

No more guaranteed acceptance whole life

While MassMutual offers multiple life insurance options, its popular guaranteed acceptance life insurance policies are no longer available. This insurer will continue to service and pay claims for those who already have this coverage, but no new contracts will be approved.

If you’re looking for a guaranteed issue policy, check out the best guaranteed issue life insurance companies.

Is MassMutual financially stable?

MassMutual is a well-known name in insurance across the US, and for good reason. It serves consumers in all 50 states and earns nearly $6 billion in annual life insurance premiums.3 This insurer was founded in the 1860s and earns strong financial ratings today.

What it means
AM Best (FSR)A++Very strong
S&PAA+Very strong
Moody'sAa3High quality
FitchAA+Very strong

Table created using information available at,,, and Data effective 1/10/2020.

MassMutual has some of the highest financial ratings in the industry. AM Best gives Mass Mutual Life Insurance Company its highest rating of A++. Moody’s places this insurer at the low end of its topmost rating class with an Aa3. Meanwhile, Standard & Poor’s and Fitch each give MassMutual their second-highest classification. In short, all four firms view MassMutual as financially stable and able to satisfy its obligations.

MassMutual claims and customer service

MassMutual received just 15 officially filed complaints regarding individual life insurance policies in 2018, according to the National Association of Insurance Commissioners (NAIC).4 That’s less than one percent of all complaints filed by life insurance companies and much lower than MassMutual’s 4.5% share of the life insurance market.

Unfortunately, MassMutual’s customer service is less pristine than its claims history. JD Power gives this insurer a score of 751 for overall customer service in its 2019 Life Insurance Study. To put that into context, the average among life insurance companies is 761 and the highest score (captured by Northwestern Mutual) was 810.5

When we dive into JD Power ratings, we see that MassMutual sits at about average in most categories, including product offerings, interaction, and communication. Customers seem least satisfied with the company’s pricing.6

Bottom line
MassMutual has a solid reputation, competitive pricing, and appealing products

It’s easy to trust MassMutual based on its financial reputation, claims history, and 160-years of experience in the financial services industry. The only factor that raises a flag is MassMutual’s slightly less than average customer service. But it’s just an orange flag, so unless excellent service is your top priority, MassMutual could still be the company for you.

MassMutual has competitive pricing for young people looking for less than $1 million in coverage and its robust menu of financial products. If that sounds good to you, this insurer could be a convenient, inexpensive choice for both protecting and growing your own financial stability.

Not sure if MassMutual is for you? Learn about your options: 

MassMutual FAQ
Who owns MassMutual Life Insurance Company?

Because it’s a mutual company, this insurer is owned by you, the policyholder. That means it doesn’t have shareholders to please and can focus on making its customers happy instead. MassMutual’s president and CEO is Roger W. Crandall, and this insurer calls Springfield, Massachusetts, its headquarters.


1. National Association of Insurance Commissioners, “Massachusetts Mut Life Ins Co

2. MassMutual, “Whole Life Insurance

3. National Association of Insurance Commissioners, “Massachusetts Mut Life Ins Co

4. National Association of Insurance Commissioners, “Massachusetts Mut Life Ins Co

5. JD Power, “Life Insurance and Annuity Providers Are More Customer-Centric but Gaps Remain, JD Power Finds

6. JD Power, “US Life Insurance Study – Individual Life Insurance (2019)

Written by
Kathryn Casna
Kathryn Casna is a licensed insurance agent and life insurance specialist who has appeared on The Simple Dollar and Best Company. On a weekly basis, she dives into complex life insurance topics to wring out genuinely useful information. When she’s not wrangling big ideas into easy-to-understand articles, Kathryn nerds out on budget-tracking spreadsheets and tries to coax her leash-trained cat to take outdoor adventures.