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MassMutual Life Insurance Review
By Kristin Cobos MONEY RESEARCH COLLECTIVE
The Massachusetts Mutual Life Insurance Company, better known as MassMutual, was founded in 1851. It has since grown to become one of the largest insurance companies in the country. MassMutual offers term, whole, universal and variable universal life insurance. It also offers long-term care coverage.
MassMutual may be a good choice if you’re considering purchasing life insurance with a company with a proven track record for stability and flexibility. Read on for more details about their products and services.
Table of contents
- MassMutual overview
- MassMutual’s services
- MassMutual’s credentials
- MassMutual’s accessibility
- MassMutual’s customer satisfaction
- MassMutual vs. the competition
- MassMutual FAQs
- How we evaluated MassMutual
MassMutual life insurance overview
MassMutual is a mutual insurance company, which means policyholders own the company and are involved in the company’s governance. However, MassMutual is more than just an insurance provider. It also offers annuities, IRAs and investment funds and provides financial services with advisors who can help you with financial planning.
MassMutual is based in Springfield, Massachusetts but operates through a wide network of licensed agents in all 50 states, Washington, D.C. and Puerto Rico.
MassMutual’s services
MassMutual stands out for its wide range of policies, terms, coverage amounts and add-ons. We outline their coverage, exclusions and pricing below.
What it offers
MassMutual offers the following policies in addition to its riders:
- Term life insurance
- Whole life insurance
- Universal life insurance
- Variable universal life insurance
- Long term care coverage options
Term life insurance
Term life insurance policies provide coverage for a specific amount of time. They’re a great option for affordable life insurance rates and come with a lump-sum payout for death benefits. MassMutual term life also has a conversion clause that allows you to switch from term to permanent life insurance later without medical exams. You can select policy terms from 10, 20 or 30 years.
MassMutual also offers an online term life insurance policy through its subsidiary, Haven Life; however, the policy is non-convertible.
Whole life insurance
Whole life insurance is a permanent policy with guaranteed cash value, an amount of money that increases as you pay premiums and is accessible during your lifetime. MassMutual whole life policyholders are eligible for dividends. Dividends are not guaranteed, but you can use them to increase your death benefit if you’re eligible.
If you’re interested in long-term care (LTC) policies, MassMutual offers two whole life hybrid options: CareChoice One and CareChoice Select. Their benefits include an LTC Benefit Pool, a death benefit and a policy surrender value that increases the longer you have the policy.
Universal life insurance
Universal life insurance is a permanent policy that includes flexible premiums that can change. MassMutual offers the flexibility to alter the premium you pay each year or even each month if you have built enough cash value. This type of policy includes a guaranteed death benefit.
Variable universal life insurance
Variable universal life insurance is a permanent policy with flexible premium payments and a variety of investment options. You can choose your investments based on your preferred risk. Depending on your premium and chosen investments, you may also potentially increase the value of your account.
MassMutual also provides economic support for dependents through their LifeBridge Program, which covers educational expenses for children of income-eligible clients who have passed away during the policy term.
MassMutual Life Insurance Coverage
The following table includes a breakdown of the details of each type of life insurance offered by MassMutual.
| Life insurance type | Term duration | Guaranteed premiums | Flexible premiums | Cash value growth |
| Term life insurance | 1, 10, 15, 20, 25 or 30 | Yes | No | No |
| Whole Life Insurance | Lifetime coverage | Yes | No | Yes with guaranteed growth |
| Universal Life Insurance | Lifetime coverage | Available with some policies | Yes | Yes with growth that’s dependent on the interest rate (includes a guaranteed minimum rate) |
| Variable Universal Life Insurance | Lifetime coverage | Limited | Yes | Yes, but it can increase or decrease depending on investment performance |
What it doesn’t offer
Though MassMutual has a great selection of policies, its products do come with some exclusions. Not all products are available in all locations. Similarly, not all riders are available for each type of policy.
Additionally, dividends are not guaranteed for permanent life insurance policies. There are also some payment limitations; though MassMutual offers electronic billing, you can’t pay by credit card online, only by ACH payments or check through standard mail.
MassMutual life insurance cost
The cost of life insurance plans depends on many factors, including:
- Type of policy
- Term length
- Amount of coverage
- Your age
- Location
- Medical exam results
Here’s a breakdown of monthly costs for a MassMutual 20-year term policy with $100,000 in coverage:
| Year term | Coverage | Age | Male | Female |
| 20-year term insurance | $100,000 | 25 | $10.36 | $9.66 |
| 20-year term insurance | $100,000 | 35 | $10.79 | $9.84 |
| 20-year term insurance | $100,000 | 45 | $17.93 | $15.06 |
| 20-year term insurance | $100,000 | 55 | $39.24 | $29.24 |
| 20-year term insurance | $100,000 | 65 | $111.80 | $76.39 |
MassMutual’s credentials
MassMutual is a financially sound and reputable company. Here’s a detailed look at their credentials.
Licenses and registrations
MassMutual is licensed to sell its products through two subsidiaries – MML Bay State and C.M. Life. MassMutual is licensed in all 50 states, Washington D.C. and Puerto Rico and their NAIC number is 65935.
Awards and certifications
MassMutual stands out for its commitment to community, sustainability and diversity, equity and inclusion in the workplace. Awards include:
- Disability Equality Index’s Best Place to Work for the past five years
- Victory Media’s 2022 Military-Friendly Employer
- Points of Light’s The Civic 50’s Most Community-Minded Businesses
- Built In’s 2022 Best Places To Work Awards for Best Benefits in Boston and Best Large Companies to Work For in Boston
- Boston Globe’s Top Places to Work in Massachusetts
- Boston Business Journal’s 2022 Corporate Citizenship Awards list for Top Charitable Contributors in Massachusetts
Regulatory or legal actions
We reviewed information from the Consumer Financial Protection Bureau and the National Association of Insurance Commissioners (NAIC), and our research didn’t reveal any regulatory or legal actions against MassMutual.
MassMutual’s accessibility
We found that MassMutual, though widespread across the U.S., offers limited customer service access. Here’s a closer look at their accessibility.
Availability
MassMutual is available in all 50 states, Washington D.C. and Puerto Rico. Its headquarters are in Massachusetts, but there are no brick-and-mortar buildings for general services. It operates through a large national network of licensed agents.
Contact information
Customer service operates Monday to Friday from 8 a.m. to 8 p.m. EST. You can reach them by phone at (800) 272-2216 or by email through the website.
User experience
MassMutual’s website is easy-to-navigate and offers extensive learning resources and tools, such as free calculators for life insurance and retirement planning. You can also easily access the claim forms you or your beneficiaries need online.
Limitations
Though MassMutual’s website offers a lot of educational information, it isn’t transparent concerning policy and pricing. While there is a chat function, it only connects you to a virtual assistant who gives you customer service contact information.
Also, be prepared to spend some time getting a quote, as its website doesn’t provide them. You need to first speak to customer service, who then refers you to an agent, and customer service hours are only available during the week. However, we found customer service to be quick and responsive.
MassMutual’s customer satisfaction
For the most part, online customer reviews for MassMutual are sparse. However, they receive strong service ratings from many reputable agencies that evaluate industry standards.
Third-party ratings
MassMutual fares very well in third-party ratings. They received fewer complaints than their competitors on the NAIC’s National Complaint Index. Additionally, they received the highest financial strength rating from AM Best, which is an A++ (Superior).
They also hold above-average ratings on the JD Power 2022 Individual Life Insurance Study, coming in at number nine. MassMutual scored 100% on the Human Rights Campaign Foundation’s 2022 Corporate Equality Index (CEI), which assesses the corporate workplace for practices that support equity and inclusion for LGBTQ+ employees.
MassMutual isn’t accredited by the Better Business Bureau (BBB). However, its BBB rating is an A-.
Customer complaints
In the past three years, MassMutual has closed 34 complaints filed through the Better Business Bureau. Some of these complaints were for products other than life insurance. By scanning the reviews, we noticed mention of poor customer service, issues with billing and specific problems with customers’ policies.
MassMutual vs. the competition
Here’s a quick look at how MassMutual compares to the competition. We based the average monthly cost on a 20-year term policy with $100,000 coverage for a 25-year-old female non-smoker in excellent health.
| Life insurance details | Mass Mutual | Transamerica | New York Life |
| Cash value | Yes | Yes | Yes |
| Average cost | As low as $9 per month | As low as $10 per month | As low as $11 per month |
| Medical exam | Yes | No exam required up to $2 million for qualifying applicants | Sometimes, depending on policy |
| Coverage | $25,000 to $10 million, depending on policy and income requirements | $25,000 to $10 million, depending on policy and income requirements | $10,000 to $1 million or more, depending on policy and income requirements |
If you’d like more information about Transamerica, you can read our Transamerica life insurance review.
MassMutual life insurance FAQs
How we evaluated MassMutual life insurance
We evaluated MassMutual insurance for policy variety, terms, coverage, affordability and customization. We also reviewed policy restrictions and exclusions. We contacted MassMutual’s customer service various times over multiple days to get coverage information and quotes.
We also talked to licensed agents located in multiple regions around the U.S. We researched the websites and databases of government and industry agencies for any involvement in legal proceedings. We also reviewed customer complaints and ratings on third-party websites.
Summary of Miami Herald’s MassMutual review
MassMutual is a reputable company that offers multiple life insurance products, including whole life insurance policy hybrids that include long-term care coverage. Some policies offer flexibility, and we found that term plans are reasonably priced compared to the competition.
Where MassMutual falls short is in timely access to quotes and policy information. That being said, customer service agents were friendly and quick to respond.
Kristin Cobos has worked as a writer, researcher, and educator for 18 years. She holds a B.A. in International Relations from Webster University in Leiden, Netherlands and M.A. in Teaching English as a Second Language from Southern Illinois University — Edwardsville. She covers finance and technology.