MassMutual Life Insurance Company Review

By - November 12, 2024
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Will MassMutual Be There When I Need It?

For over 160 years, MassMutual has been protecting families.

You won’t find too many life insurance companies that rival MassMutual’s strength.

Table of Contents

Financial Strength

  • AM Best – “A++”
  • Moody’s – “Aa3”
  • S&P – “AA+”
  • Fitch – “AA+”

Ratings as of 03/2021 and are subject to change.

With over $830 billion of protection in force, MassMutual seems pretty certain to be there when you need them.

In comparison, New York Life has $1 trillion in protection in force.

How Easy Is it to Get a Policy with MassMutual?

Like many companies, MassMutual is working on reducing the time to life insurance approval.

Coverpath is MassMutual’s digital application process.

The application and policy are done electronically.

Algorithms are used to help determine if a paramedical exam will be required for your policy.

Some people may be approved on the same day without an exam.

  • Amounts up to $1 million
  • Ages 18-59 for term life
  • Ages 14 days – 59 for whole life

There are also instances where electronic medical records may be accepted instead of a paramedical exam.

This all depends on the quality of your medical records, assuming you have current records and labs available for review.

Obtaining up to $3 million in coverage for some insureds may be possible.

Are MassMutual Policies Competitive?

For term life insurance, there are several more competitive pricing options available.

If you’re looking for whole life insurance, MassMutual is near the top for most cases. You can compare their rates to State Farm.

Vantage Term

The Vantage Term Series is a level term life insurance policy.

A second version called Vantage Term ECP has an Extended Conversion Period.

MassMutual offers the following:

  • Minimum Face Amount – $100,000
  • Term Lengths Available:
    • 1-Year Term – Age 18-75
    • 10-Year Term – Age 18-75
    • 15-Year Term – Age 18-70 (ECP is age 18-54)
    • 20-Year Term – Age 18-65 (ECP is age 18-54)
    • 25-Year Term – Age 18-60* (ECP is age 18-54)
    • 30-Year Term – Age 18-55* (ECP is age 18-54*)
    • * Tobacco user ages are lower
  • Rate Classes
    • Ultra Preferred Non-Tobacco
    • Select Preferred Non-Tobacco
    • Non-Tobacco
    • Select Preferred Tobacco
    • Tobacco
  • Riders Available
    • Accelerated Death Benefit
    • Waiver of Premium
  • Conversion Privilege

Whole Life Insurance

MassMutual offers a lot of different whole life insurance policies that we don’t go into all the details of here.

If you want a whole life insurance quote, we will review your objectives first.

We would then obtain the full company illustrations for your review and review the details.

Some Highlights of MassMutual whole life:

  • Some policies are available starting at age zero.
  • A number of policies have minimum face amounts of $25,000
  • Riders Available:
    • Waiver of Premium
    • LTC Access
    • Additional Life Insurance
    • Life Insurance Supplement
    • Guaranteed Insurability
    • Renewable Term
    • Accelerated Death Benefit
    • Transfer of Insured
    • Yearly Term Purchase
    • Estate Protection (survivorship policy)
    • Policy Split Option (survivorship policy)

Other companies with whole life insurance policies to compare include Northwestern, Guardian, and others.

The availability of riders varies by product, state of residence, age, underwriting, etc.

We’ll let you know precisely what is available for your policy.

Universal Life Insurance

Three universal life insurance policies are available.

The Universal Life Guard and Survivorship Universal Life Guard policies are no-lapse guaranteed products.

They are designed to provide you with a no-lapse guaranteed death benefit for up to your lifetime.

The Universal Life Navigator is a cash value accumulation universal life policy.

CareChoice One & CareChoice Select

CareChoice products are whole life insurance policies with long term care riders.

It may be worth comparing new LTC coverage if you have one of the older policies out there from companies like CNA, Genworth, Penn Treaty, etc.

Haven Life

Haven Life is a life insurance agency backed by and wholly owned by MassMutual. They discontinued operations in 2023.

Haven Life policies were expensive compared to Protective Life, North American, etc.

Does MassMutual Provide Good Customer Service?

MassMutual offers customer service via phone, online, and mail if needed.

You can set up online policy owner access here

The customer service phone number is 800-272-2216

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

Final Words

MassMutual is a great company from a financial strength standpoint.

From a competitive standpoint, there are usually more competitive companies available.

Please submit your request for quotes, and we will provide you with comparisons of Mass Mutual and competitors.

Other Companies We Reviewed

Search our life insurance topics here!

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