Mass Mutual was founded in 1851 and is headquartered in Springfield, MA. As a mutual company, they don’t have shareholders. Instead, Mass Mutual is owned by its policy holders, and some policy holders earn a share of the profits through dividends. They offer a range of term and permanent life insurance as well as disability insurance.
- Pros and Cons of Mass Mutual Life Insurance:
- Products Offered by Mass Mutual Life Insurance: 90/100
- Financial Strength Rating of Mass Mutual Life Insurance: 100/100
- Customer Satisfaction Rating of Mass Mutual Life Insurance: 50/100
- Consumer Complaints Rating of Mass Mutual Life Insurance: 95/100
- Digital Experience Rating of Mass Mutual Life Insurance: 70/100
Pros and Cons
|– Wide variety of insurance policies and other financial products|
– Some policies earn dividends
– Flexible options
– Great financial strength
– Very low NAIC score for consumer complaints
– Direct Term insurance can be applied for and approved online
|– Online rate calculators tell you how much insurance you should buy, but don’t give you a quote|
– Most policies require a medical exam. Learn more about No Medical Exam Life Insurance
– If you have health issues or you smoke, other companies may offer better rates
– All products except for Direct Term are sold through advisors
Products Offered by Mass Mutual Life Insurance
Mass Mutual offers a variety of products, including:
- Whole life
- Term life
- Universal Life
- Variable Universal Life
- Disability Income insurance
- Long Term care
- Long Term care and Life
Whole Life insurance: Whole life insurance is life insurance with a savings component attached. At Mass Mutual, owners of whole life policies receive dividends as well, which you can then use to pay the premiums or increase the death benefit and cash value.
They used to have a simplified whole life insurance plan you could apply for online, but they dropped it.
Term Life: With DirectTerm insurance, you can apply online and get approved immediately. You’ll have to submit the results of a medical exam within 90 days, and they will adjust your rate accordingly. Coverage is available in amounts from $100,000 to $3,000,000. All of MassMutual’s term life insurance can be converted to permanent life insurance without a medical exam (you had one when you initially applied for the term insurance).
They have traditional term insurance as well, but you’ll have to speak to a representative to apply. Coverage amounts range from $100,000 to $10 million.
Universal Life Insurance: Universal life insurance is permanent life insurance with flexible premiums. You can adjust the amount you pay (within limits) depending on how much value there is in the account. Borrowing from your policy is possible is there is enough cash value to borrow from. Universal life insurance earns cash value that grows based on the current interest rate.
Variable Universal Life: Variable Universal Life is similar to Universal life, except that you can choose the investments you make (from a list that Mass Mutual offers). You adjust the level of risk, depending on your financial goals and tolerance for market fluctuations.
Mass Mutual also offers disability insurance, annuities, and retirement accounts, estate planning, and investment management services. If you are a business owner, they can also offer group insurance.
In addition, some of Mass Mutual’s policies can have riders added:
- Waiver of premium
- Accelerated death benefit
- Long-term care. Learn more about life insurance with long term care benefits
- Estate protection
- Policy split
These riders, plus the wide variety of insurance products means a tremendous amount of flexibility.
Financial Strength Rating of Mass Mutual Life Insurance
As of April 1st, 2020, AM Best rates Mass Mutual with an A++ (Superior) which is a very strong rating. AM Best ratings rate how well-funded a company is, which is important so that it can meet its financial obligations.
Customer Satisfaction Rating of Mass Mutual Life Insurance
Mass Mutual ranks 12th out of 24 life insurance companies ranked by J.D. Power. They scored 751 out of a possible 1,000 points, with the median average being 761. Overall, they earn three out of five stars (Circles of power), and here is how they did in the individual ratings:
- Product Offerings: 3/5
- Price: 2/5
- Statements: 3/5
- Interaction: 3/5
- Communication: 3/5
- Application and Orientation: 4/5
Mass Mutual ranks as solidly average, except in the application and orientation category (where they’re above average).
Consumer Complaints Rating of Mass Mutual Life Insurance
NAIC assigns a complaint ratio to all insurance companies. A score of 1.0 is the median average score, or the average number of complaints you would expect. For individual life, Mass Mutual earned a ratio of .03 (for 2019), which is hardly any complaints at all. For group life, they earned a ratio of 0.0.
The BBB lists 10 one-star customer reviews, and 55 complaints in the last three years. Mass Mutual is not accredited by the BBB, which could mean they don’t uphold the standards set by the BBB, or it could mean that they decided not to pay the fees. Overall, they get a B- from the BBB.
Ten complaints are not a lot, but it’s worth it to read your policy carefully and ask questions.
Digital Experience Rating of Mass Mutual Life Insurance
DirectTerm insurance allows you to apply online, as well as be approved online. They might request that you get a medical exam, and then they adjust your rates accordingly. You can get an estimate of how much you’ll pay for other types of insurance, but to get a quote, you have to be contacted by Mass Mutual.
The website allows you to do a variety of actions online, such as:
- Access your policies
- Pay your bill
- View tax information
- Set up automatic bill pay
- Change your address
- View 1099 forms
- Change beneficiaries
There is also a mobile app, which you can download from either the App store or Google play. It allows you the same access you have online, only on your phone.
Mass Mutual is a financially strong company that offers competitive rates if you are healthy and don’t mind going through an advisor. If you have health issues, it might pay to shop around. They offer a lot of financial products, so it’s possible to have your life insurance, annuities and retirement accounts in the same place with Mass Mutual.