Term, Whole, Universal, and Variable

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MassMutual insurance pros and cons

MassMutual life insurance details 

MassMutual was established in 1851 and ranks #7 in J.D. Power’s life insurance customer satisfaction survey. It is also one of our top picks for the best life insurance companies in 2022.

MassMutual offers both term and permanent life policies. For term life, you can select a period of 10, 20, or 30-year coverage. It also offers a range of permanent life insurance policies that pays a death benefit, builds cash value, and offers the opportunity to receive dividends. 

MassMutual offers four types of life insurance policies:

• Term life — This policy allows you to select the number of years you will be covered. Premium payments will generally stay the same throughout your term. You can select a term policy of 10, 20, or 30 years. It is convertible, meaning that you can switch to permanent life without additional medical questions or exams. 
• Whole life insurance — This permanent life insurance protects you for your entire life, pays a benefit, and builds cash value. MassMutual also offers dividends to increase your death benefit, increase cash value, or use towards your premium payments.
• Universal life insurance — This permanent life insurance offers flexible premiums. You can adjust the amount you pay each year or each month. MassMutual pays a death benefit and allows you to build account value which you can borrow against for any reason you choose.
• Variable life insurance — This permanent life insurance gives you agency over your investments. This policy provides access to different investment options that align with your goals and risk level. Like universal life, you can also adjust the amount and frequency of your payments. You can borrow from your account value for any reason you choose.

MassMutual is relatively affordable. According to data from Insider’s average cost of life insurance rates, a 30-year

term life insurance

policy with a death benefit of $250,000 for a 40-year-old female non-smoker is about $356 per year and $417 per year for a male non-smoker. However, a 40-year-old female non-smoker at MassMutual will pay approximately $325 per year, and $392 per year for a male non-smoker. For smokers and senior non-smokers, this provider may not be the best financial choice.

Additionally, with MassMutual’s LifeBridge program you can qualify for free insurance if you are a low-income parent making under $40,000 a year. We gathered quotes for females and males living in Massachusetts with a $250,000 policy lasting 30 years. 

Data from MassMutual

There are two types of life insurance: permanent life and term life. Term life insurance lasts for a specified period. When it’s up you can reapply for coverage, but the premiums most likely will go up as you age.

Permanent life insurance never expires, has a death benefit for your beneficiaries, and a cash value that you can use during your lifetime. Some financial advisors recommend a combination of term and permanent life insurance.

MassMutual life insurance additional features 

MassMutual also offers three additional coverages you can purchase with your life insurance:

• Disability income — Disability income coverage will protect you when you become too sick or injured to work. It pays a portion of your income, including bonuses and commissions. 
• Long term care — Long term care coverage helps you pay for personal care assistance when you’re no longer able to take care of yourself. 
• Long term care and life — A whole life insurance policy with long term care riders. CareChoice policies pay a death benefit, offer long term benefits, and include a surrender value that increases over time. A surrender value is cash value you receive if you cancel your permanent life insurance policy. 
• LifeBridge program — Parents and guardians making over $10,000 and under $40,000 are eligible for a free 10-year term life insurance policy with a $50,000 death benefit. 

Visit MassMutual’s life insurance website to learn more.

MassMutual vs. the competition 

MassMutual, New York Life, and Northwestern Mutual insurance are nationwide carriers that specialize in life insurance. All three companies offer term, whole, universal, and variable life insurance, as well as add-on coverages like disability income coverage and long term care coverage. MassMutual excels in its affordability for non-smokers and non-seniors. It is also friendly to low-income parents who may need assistance in paying for life insurance. 

Is MassMutual trustworthy? 

We checked the NAIC Complaint Index for complaints against MassMutual. MassMutual has significantly fewer complaints filed against it compared to other top insurers.

MassMutual’s financial stability is strong, with an A.M. Best rating of A++ (Superior). While MassMutual is a legitimate insurance provider, it’s important to do your own research to ensure that MassMutual is the right insurance company for you. 

MassMutual — Frequently asked questions

Where is MassMutual offered?

MassMutual is offered everywhere in the US. 

How do I receive a quote from MassMutual? 

You can receive a quote and purchase a term life policy using MassMutual’s quoting tool. For permanent life insurance and additional coverages, you must contact a MassMutual agent to receive a quote.

Can I manage my MassMutual dividends online?

Customers at MassMutual do not have the capacity to manage their dividends online at the moment. 

Where can I get the MassMutual insurance mobile app?

The MassMutual mobile app is available for download for Android or IOS devices.

Alani Asis

Personal Finance Reviews Fellow