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MassMutual Life Insurance Review

MassMutual Life Insurance Review

MassMutual is one of the biggest life insurance companies in the U.S. The company has a long history and is certainly one of the top companies available. Although not for everyone, MassMutual provides its clients with products and services second to none.

Review of Mass Mutual Life Insurance

If you are looking for a life insurance provider, then perhaps Mass Mutual Life is on your list of possibilities. We have put together a review of Mass Mutual Life Insurance to help you make an informed decision before you apply for your life insurance policy. This review will help you know everything you need know about purchasing an insurance policy with MassMutual. Our primary goal at TermLife2Go is to help life insurance seekers get the best policy for their needs and budget.

About MassMutual

Massachusetts Mutual Life Insurance Company is more than a century and a half old. One product Mass Mutual Financial Group offers is life insurance.

MassMutual offers a variety of policies with a lot of flexibility to meet a policy seeker’s specific needs and wants. MassMutual Life Insurance also has a nationwide presence, making them a competitive option no matter where you live.

A.M. Best Company Rating

The most reputable rating agency has given Mass Mutual an A++ rating. This is the top category out of fifteen possible categories. As one of the most trusted authorities on the financial strength of an institution, this rating by A.M. Best speaks volumes about Mass Mutual.

MassMutual has similarly strong ratings by other rating agencies:

  • Moody’s Investors Service- Aa2 (Excellent)
  • Standard & Poor’s: AA+ (Very Strong)
  • Fitch Ratings: AA+ (Very Strong)

These ratings are subject to change at any time, but having four top agencies consistently rank Mass Mutual as a strong financial institution should build confidence in anyone thinking to apply for a life insurance policy with them.

MassMutual Life Insurance Benefits

Having just celebrated their 160th anniversary, Mass Mutual Life has won the trust of millions, thus withstanding the greatest test of all: time. They’ve understood the varying needs of policyholders and developed flexible systems to meet a variety of needs. At Mass Mutual Life Insurance Company, some policies can build cash value, adding to your financial strength when you may need it the most.

Mass Mutual Insurance also works with corporations and small businesses that would like to offer employee benefit packages. Among other things, this includes life insurance. If you are an employer who cares about your employees, then Mass Mutual is a great option.

Mutual Insurance Company

MassMutual is not publicly traded. The company does not have shareholders. Instead, as a mutual company, Mass Mutual’s primary allegiance is to policy owners. One of the main ways this shows up is through dividends.

Dividends

Every year MassMutual pays its policyowners a return of premium in the form of dividends. The Company recently approved an estimated $1.6 billion dollar dividend payout for policyowners. Although not guaranteed, MassMutual has paid a dividend to participating policyholders since 1869.

Policies Offered

Mass Mutual offers multiple policies so that you can get the kind of life insurance that’s right for you and your family, including whole life vs term life insurance.

Whole Life Insurance:

This policy offers permanent protection at a fixed rate. You won’t have to worry about premiums increasing over time, and your family will have the financial protection they need. With a whole life insurance policy, your guaranteed value will never decrease, either. So when you decide on amount of coverage, that’s the coverage you’re going to get.

Whole Life Insurance Guarantees:

  • Guaranteed Premium
  • Guaranteed Death Benefit
  • Guaranteed Cash Value Accumulation
  • Guaranteed Return

MassMutual Riders

MassMutual offers a lot of life insurance riders. Here are just a handful:

  • Term Life Insurance Riders
  • Life Insurance Supplemental Rider
  • Paid Up Additions Riders
  • Supplemental Insurance Amount
  • Additional Life Insurance Rider
  • Guaranteed Insurability Rider

Policy Loans

With a MassMutual Whole Life policy, you will be able to build cash value, and you can borrow from this amount even prior to your passing. Suppose you need to:

  • Pay for college tuition
  • Buy a house
  • Supplement your retirement income
  • Start up a Business
  • Pay off high interest debt

You can do it by borrowing from your whole life insurance policy offered by Mass Mutual. In addition, you may be eligible to earn dividends from the policy.

What you can do with the Dividend

  • Lower your following year’s premium payment
  • Purchase additional one-year term insurance;
  • Leave on deposit to accumulate with interest;
  • Repay a policy loan or pay loan interest; or
  • Purchase paid-up addition life insurance

Consider permanent life insurance for estate planning or for business succession, such as buy-sell agreements using life insurance.

MassMutual 2017 Dividends

In November 2016,  MassMutual approved an estimated 2017 dividend payout for participating policy owners of $1.6 billion. The 2017 payout reflects a dividend interest rate of 6.7 percent for eligible participating life insurance policies, highest among the company’s mutual competitors.

Mass Mutual Guaranteed Acceptance Life Insurance:

Perhaps your primary concern is to make sure that your family is able to pay expenses related to your passing, be it medical bills or funeral costs. If you are looking for a life insurance policy that offers basic coverage such as this, then you might be interested in Guaranteed Acceptance Insurance. This policy offers coverage packages $25,000 and less, and the monthly rate is nominal.

It is called guaranteed acceptance because anyone between 50 and 75 will be covered, even if you have health problems. Suppose you have had a bypass surgery and been denied by other life insurance agencies—you will still qualify for this type of policy. There are many companies offering this type of final expense insurance. To get the best price it is good to know your options.

Term Life Insurance:

Term life insurance is a policy that is valid for a certain period of time, which fixed premiums guaranteed during that time period as well. When you feel you want to transition to a more permanent type of life insurance, then Mass Mutual will allow you to do so. Consider term life insurance for protecting the primary wage earner, protecting a mortgage, covering a small business loan, or to meet the requirements of a divorce settlement.

Universal Life Insurance:

This is a permanent policy that allows you to make changes along the way. Suppose you have a child, or get married—you can adjust your policy accordingly. Your premiums will change with your life circumstances and your desired coverage. This plan is the ultimate flexi-plan. Additionally, if you want to pay a certain premium, you will be able to build account value with this plan. Click the following link for more on the benefits of Universal Life Insurance.

MassMutual Life Insurance: Disadvantages

Mass Mutual Life does not offer any kind of online quote option. In order to get a quote you must speak directly to a representative. At the time of this review, they did not have a mobile app, either. Though neither of these things will affect how your life insurance policy benefits your loved ones in the end, it is nice when life insurance companies are digitally-equipped. We do not recommend that the absence of a strong digital presence be a major factor for anyone considering taking a life insurance policy—after all, it’s the actual policy that counts.

Another potential disadvantage of Mass Mutual Insurance is the Company’s lack of a viable no medical life insurance option. For some clients, taking an exam is not the best route to take. See our article, exam versus no exam

About TermLife2Go

We have put this review together to help you decide whether or not to choose Mass Mutual as your life insurance carrier. While we firmly believe in Mass Mutual Insurance and that it is a great option for some people, we know that it may not be the best life insurance company for everyone. It is important for every individual and family to consider their own specific needs and wants, and then to make an educated and informed decision based on those factors.

We at TermLife2Go can help you to choose the best life insurance policy for you and your family. We work with dozens of the most respected and trust-worthy life insurance agencies in the United States. With extensive knowledge of these companies and their policies on offer, we can make recommendations specific to your desires.

So, what are you waiting for?  Give us a call today or visit our Instant Life Insurance Quotes page and see what we can do for you!

Thank you for reading our article, MassMutual Life Insurance Review. Please leave any feedback or questions below.

 

 

4 comments… add one
  • Could you please send me information on life insurance whole and term for a 72 year old elderly woman she has dementia,had a stroke, wheel chair bound just to mention a few things

    • Linda,

      It sounds like you will have a difficult time finding a life insurance policy that your friend will be eligible for. For this reason, we feel it will probably be better to simply give us a call rather than have us send out a lot of different information that may not be applicable in your situation.

      Thanks,

      TermLife2Go.

  • What are the typical documents required for analysis of life insurance option?

    Is it common that a representative will ask for VIP Statement, mortgage payment, etc????

    • Meyriana,

      We’re not 100% certain about what you mean by “analysis of life insurance option”. For us here at TermLife2Go, when we’re trying to determine how much life insurance makes sense for one of our clients, we’ll certainly ask questions such as “How much do you owe on your mortgage?” But we’ll typically only ask this question if a client isn’t sure how much life insurance coverage they are looking for.

      Additionally, during the application process it is the job of an insurance underwriter to look for “Justification” for the amount of insurance being applied for.

      So if you’re looking to purchase a rather large policy, it’s possible that the agent that you have spoken with is simply trying to “Establish that Justification” prior to submitting your application for review.
      At this point, we should point out that from the insurance industries point of view, life insurance is simply meant to make “one whole again” (indemnify) after a loss. Meaning that even if one wishes to purchase a large life insurance policy, and are perfectly capable of making the payments on such a policy, they still may not qualify “financially” to purchase such a policy.

      If you have any further questions, or would like to receive a comparison quote, just give us a call.

      Thanks,

      TermLife2Go.

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