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MassMutual Life Insurance Company Review

Michael Horbal on

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, it seems pretty certain that MassMutual will be there when you need them.

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

How Easy is it to Get a Policy with MassMutual?

Like a lot of companies, MassMutual is working on ways to reduce 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.

It’s possible that some people may be approved 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.

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

Are MassMutual Policies Competitive?

For term life insurance, there are a number of more competitive pricing options available.

If you’re looking for whole life insurance, MassMutual is near the top for most cases.

Vantage Term

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

There is a second version called Vantage Term ECP which 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 here.

If you have interest in receiving a whole life insurance quote, we would review your objectives first.

We would then obtain the full company illustrations for your review and go over the details with you.

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 to include Northwestern, Guardian, and others.

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

We’ll let you know exactly 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 up to your lifetime.

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

Haven Life

Haven Life is a life insurance agency backed by and wholly owned by MassMutual.

Two term life insurance policies are offered.

Haven Term

  • Medically underwritten policy
  • Face Amounts – $100,000 – $3,000,000
  • Term Lengths – 10, 15, 20, and 30-year terms
  • Issue Ages – 18-65
  • Accelerated death benefits
  • Haven Life Plus rider – offers access to additional benefits

Haven Simple

  • Never requires a medical exam
  • Digital application
  • Face Amounts – $25,000 – $500,000
  • Term Lengths – 5, 10 and 15-year terms
  • Issue Ages – 20-55
  • Accelerated death benefit

When Haven was first introduced to the market, not many carriers offered accelerated underwriting with no exams.

Now you will find that Haven Life policies are 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

Conclusion

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. Thank you.

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Mike Horbal bio

Michael Horbal

Author

Michael Horbal is the founder and owner of RiskQuoter.com and a licensed life insurance agent who has helped thousands with affordable protection for families and businesses.

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