Mass Mutual Life Insurance Company Review

Mass Mutual Life Insurance Company, also known as Mass Mutual, has been a trusted name in the insurance industry for over a century.

This article covers everything you need to know about Mass Mutual, including how it compares to other life insurance companies, the types of policies it offers, and how its underwriting process measures up to competitors.

You won’t find too many life insurance companies that rival MassMutual’s strength. The latest financial strength ratings as of 12/2024.

• AM Best: “A++” (Superior)
• Moody’s: “Aa3” (High Quality)
• S&P: “AA+” (Very Strong)
• Fitch: “AA+” (Very Strong)

With over $1 trillion of protection in force, Mass Mutual has the strength to be there for the long haul. You may find our comparisons to companies like Guardian, New York Life, and Northwestern Mutual particularly helpful.

If you’re looking for the most competitive term life insurance in the market, MassMutual Term is not for you. Pricing tends to be in the middle of the pack compared to term life leaders like Banner Life, Protective, or Corebridge.

MassMutual Term offers policies with a 10-year conversion privilege and term policies with an extended conversion period (ECP) for a higher price.

• Term Life Highlights:
  • Term ART – Ages 18-75
  • Term 10 – Ages 18-75
  • Term 15 (Ages 18-70) and Term 15 ECP (Ages 18-54)
  • Term 20 (Ages 18-65) and Term 20 ECP (Ages 18-54)
  • Term 25 (Ages 18-60) and Term 25 ECP (Ages 18-54)
  • Term 30 (Ages 18-55) and Term 30 ECP (Ages 18-54)
• Riders Available:
  • Waiver of Premium
  • Accelerated Death Benefit for Terminal Illness
• Underwriting Rate Classes:
  • Ultra Preferred Non-Tobacco
  • Select Preferred Non-Tobacco
  • Non-Tobacco
  • Select Preferred Tobacco
  • Tobacco

Something unique is the Mass Mutual Platinum Pass Term Underwriting Program which allows you to buy an additional $100,000 – $3,000,000 of term insurance if you purchased a Mass Mutual term policy in the past three years. The amount available to you depends on what you previously bought. The advantage of the program is that a new paramedical exam is not needed.

So while term life insurance is available with Mass Mutual, their primary focus is whole life insurance and universal life coverage.

If I were going to buy a whole life insurance policy, I would probably buy it from Mass Mutual. You have many options to choose from so you can dial in the exact whole life policy you would like.

• Whole Life Highlights:
  • 8 Pay Whole Life (Ages 0-75)
  • 10 Pay Whole Life (Ages 0-75)
  • 12 Pay Whole Life (Ages 0-75)
  • 15 Pay Whole Life (Ages 0-75)
  • 20 Pay Whole Life (Ages 0-75)
  • Whole Life 65 (Ages 0-60)
  • High Early Cash Value (HECV) Whole Life (Ages 0-75)
  • Whole Life 100 (Ages 0-90)
• Riders Available:
  • Waiver of Premium (WP)
  • Additional Life Insurance Rider (ALIR)
  • Planned Additional Life Insurance Rider (PALIR)
  • Life Insurance Supplement Rider (LISR)+
  • LTCAccess Rider (LTCR)
  • Renewable Term Rider (RTR)
  • Guaranteed Insurability Rider (GIR)
  • Transfer of Insureds Rider (TIR)
  • Accelerated Death Benefit Rider (ABR)
  • Yearly Term Purchase Rider (YTP)
• Dividend Options:
  • Cash Dividends
  • Reduce Premiums
  • Paid-Up Additions
  • Accumulation
  • LISR/Flex
  • One Year Term
  • Reduce Loan
  • Reduce Loan Interest

It’s important to know that policies, riders, and dividend option availability may vary by state, age, underwriting class, and other factors.

Coverage amounts start at $25,000 except for the HECV policy which has a minimum face amount of $100,000

Mass Mutual offers a survivorship life insurance policy as well to cover the lives of two people.

You have a choice of paying premiums to age 100 or choosing a shortened 12 Pay plan.

• Survivorship Whole Life Highlights:
  • Issue Ages 18-85 for whole life 100, ages 25-75 for the 12 Payy option.
  • Minimum Face – $100,000
• Dividend Options:
  • Cash
  • Reduce Premiums with excess to cash or paid-up additions
  • Paid Up Additions
  • Dividend Accumulation
  • LISR/FLEX
  • Reduce Loan
  • Reduce Loan Interest
• Whole Life Riders:
  • Accelerated Death Benefit for Terminal Illness of Surviving Insured (ABRS)
  • Estate Protection Rider (EPRS)
  • Split Policy Option Rider (PSOS)
  • Survivorship Additional Life Insurance Rider (ALIRS)
  • Survivorship Life Insurance Supplement Rider (LISRS)
  • Waiver of Premium Upon Death of Specified Insured Rider (WPDS)
  • Waiver of Premium (WP)

The policy options and riders allow you to build the exact policy you desire.

With any permanent life insurance policy, there are full company illustrations that we provide you.

Mass Mutual offers the UL Guard and its survivorship SUL Guard policies as an alternative to its whole-life products.

The policies do not compete with the best universal life insurance policies available such as those from Protective, Pacific Life, Nationwide, North American, or Corebridge Financial.

Coverage starts at $50,000 for the UL policy and $100,000 for the survivorship policy.

CareChoice products are whole-life insurance policies with long-term care riders. The CareChoice One is a single premium policy with a minimum premium of $25,000 required, and CareChoice Select requires premiums for 10 years. The minimum face amount for CareChoice Select is $40,000 ($75k in NY and $45k in Wisconsin.

Request a life insurance quote from us. We’ll show you the options available and provide you with illustrations so you can compare coverage to other companies like Guardian, Penn Mutual, and State Farm.

Like many companies, MassMutual now offers accelerated underwriting if you meet the following criteria:

• Maximum Face Amount – $1,000,000
• Standard or better rate classes
• For clients aged 17 – 50.
  • All term and whole-life products are available.
• Available riders include:
  • Waiver of Premium (WP)
  • Renewable Term Rider (RTR)
  • Guaranteed Insured Rider (GIR)
  • Life Insurance Supplement Rider (LISR)
  • Additional Life Insurance Rider (ALIR)

If you meet the criteria for accelerated underwriting with Mass Mutual, you’ll be able to skip the paramed exam. If not, traditional underwriting will apply.

How does MassMutual compare to other companies with underwriting? They have some underwriting niches that are beneficial to applicants at times.

Former Cigarette Smokers – Most companies make you wait 3-5 years after you quit smoking to get their best rate class, but Mass Mutual will give it to you after 12 months.

Cigar Smokers – You can smoke up to 24 cigars per year and get preferred rate classes as long as the urine sample is negative.

Marijuana Use – Ultra Preferred rates are available for 2 or fewer times per week up to age 30, or 3 times per week for those age 31 or older.

Mass Mutual also claims the following medical conditions as sweet spots with their underwriting:

• Obstructive Sleep Apnea – With good compliance
• Mild Depression or Anxiety – No more than two medications.
• Thyroid Cancer – stage one may be eligible for select preferred rates two years after treatment for those age 45 or older at the time of diagnosis.
• Ulcerative Colitis and Crohn’s Disease – Stable for 3 years or longer

We quick quote our high-risk life insurance cases to Mass Mutual, especially for clients seeking permanent life insurance.

MassMutual offers customer service via phone, online, and mail if needed. You can set up online policy owner access here, or call the customer service team at 800-272-2216

The home office is located at 1295 State Street – Springfield, Massachusetts 01111

MassMutual is a great company from a financial strength standpoint. From a competitive product standpoint, there are better term life insurance and universal life options.

For whole life, Mass Mutual is going to be one of the best.

Please take a few minutes to submit your quote request today!