Pros Explained

• Offers whole life insurance with dividends: MassMutual sells whole life insurance that pays dividends to policyholders based on company performance. It has the highest dividend interest rate among the companies we reviewed. 
• High maximum applicant age for whole life: You can get a MassMutual whole life insurance policy up until age 90, which is higher than most other companies we looked at.
• Few customer complaints: MassMutual has an NAIC complaint index of 0.075, which means it has far fewer complaints than expected for the company’s size. MassMutual also ranked third in J.D. Power’s 2023 study of customer satisfaction for life insurers.
• A++ AM Best rating: MassMutual received the highest grade possible for its financial strength from AM Best. MassMutual was one of only seven insurers in our study to receive this top mark.

Cons Explained

• No online quotes or application: You can’t get a quote from MassMutual online or submit a digital application. To get a quote or apply, you have to contact an agent.
• Above average term insurance costs: MassMutual quoted higher term premiums than many other insurers in our study, especially for people over 40. 
• Doesn’t offer no-medical-exam policies: MassMutual does not sell no-medical-exam life insurance, whereas most of the other life insurance companies in our study offer at least one no-exam policy. 
• No instant approvals: You can’t get instantly approved for any of MassMutual’s life insurance policies. You’ll likely need to take a medical exam and wait a few weeks for approval.

Financial Stability

MassMutual has an A++ (Superior) rating for financial strength from AM Best, a credit rating agency that scores insurers based on their ability to meet contractual obligations. An A++ rating is the highest grade that AM Best gives. 

Customer Complaints and Satisfaction

The National Association of Insurance Commissionerღs (NAIC) maintains a database of complaints state regulators receive about insurance companies. Companies with an index above 1.00 have more complaints than expected relative to their size, while companies with an index below 1.00 receive fewer complaints than expected. The industry index is 1.00.

MassMutual’s three-year average 澳洲幸运5官方开奖结果体彩网:NAIC complaint index is 0.075, which means it receives far fewer complaints than expected for its size. In our study of 45 life in♛suran🐼ce companies, MassMutual has one of the lowest indexes.

MassMutual is also highly rated for overall customer satisfaction by 澳洲幸运5官方开奖结果体彩网:J.D. Power. In the 2023 U.S. Individual Life Insurance Study, MassMutual ranked third on the list of 22 life insurance companies. It received a score of 809 out of 1,000, which is much higher than the study average score of 790.

Types of Life Insurance Offered by MassMutual

Term Life Insurance

澳洲幸运5官方开奖结果体彩网:Term life insurance provides coverage for a set number of years, called the term. If you die during the term, your beneficiaries receive the death benefit. If you outlive the term, you may be able to renew for more time at a higher cost or convert your coverage into a 澳洲幸运5官方开奖结果体彩网:permanent policy.

MassMutual offers one type 𒁏of term life insurance policy,

• MassMutual Term: The MassMutual Term policy is available in term lengths of 10, 15, 20, 25, and 30 years, with coverage limits ranging from $100,000 to $8 million. At the end of the term, you can convert the policy to permanent coverage at no cost. This policy includes a waiver of premium rider and a terminal illness rider.

Whole Life Insurance

澳洲幸运5官方开奖结果体彩网:Whole life insurance provides permanent coverage for your lifetime. When you die, your 澳洲幸运5官方开奖结果体彩网:beneficiaries will receive the death benefit from your policy. Whole life insurance also builds 澳洲幸运5官方开奖结果体彩网:cash value, which can be borro🃏wed from or withdrawn while you’re sꦚtill living.

MaܫssMutual offers a variety of whole life insurance produ✅cts.

• Whole Life Legacy 65: The Whole Life Legacy 65 policy has level premiums until age 65. After you turn 65, you are guaranteed not to need to pay any more.
• Whole Life Legacy 100: With this whole life policy, you only have to pay the premiums until you turn 100. The maximum issue age is 90, which is one of the highest issue ages out of the companies we reviewed.
• Whole Life Legacy High Early Cash Value (HECV): This policy is designed for businesses with a selective benefit program for key employees. The premiums remain fixed until age 85, after which time you won’t owe any more. 

Most MassMutual whole life policyholders can receive dividends bas🃏ed on the company’s financial performance. (However, the Who𝔍le Life Legacy HECV policy does not earn dividends.) For 2024, MassMutual set a 6.10% dividend interest rate, the highest among the 45 life insurance companies in our study.

Universal Life Insurance

澳洲幸运5官方开奖结果体彩网:Universal life (UL) insurance is another type of permanent coverage that has a death benefit and cash value. Unlike whole life insurance, a UL policy allows you to use the money from your cash value to change the amount and frequency of your premiums and♚ to adjust the death benefit. 

There are two UL policies available from MassMut🦩ual.

• Universal Life (UL) Guard: MassMutual’s UL Guard policy lets you choose your premium payment schedule. It has a guaranteed death benefit with a minimum coverage limit of $50,000 and no maximum death benefit. The maximum age for enrollment is 85.
• Survivorship UL Guard Universal Life Insurance: This UL policy is intended for married couples who want to guarantee financial protection for their surviving spouse when they pass away. Since it doesn’t have guaranteed cash value, the cost is lower than some of MassMutual’s other life insurance products.

Variable Universal Life Insurance

澳洲幸运5官方开奖结果体彩网:Variable universal life (VUL) insurance policies have features similar to UL policie♛s, such as adjustable premiums and a flexible death benefit. With a VUL policy,𒈔 you can invest your cash value in subaccounts that act like mutual funds. If your investments perform well, your cash value grows. But if your account performs poorly, you risk losing money.

MassMutual offers a single VUL policy.

• Apex VUL: MassMutual’s Apex VUL policy has flexible premiums and coverage limits. You can add several riders to this policy, including 澳洲幸运5官方开奖结果体彩网:guaranteed insurability and 澳洲幸运5官方开奖结果体彩网:accelerated death benefit riders. The cash value can be invested in one of 60 accounts, or you can put the funds in the Guaranteed Principal Account (GPA) to earn a guaranteed minimum interest rate.

Does MassMutual Re♍quire a Life Insurance Medical Exam?

MassMutual usually req♍uires a medical exam for its life insurance. 🐻If you want to buy one of its policies, expect that you will need to meet a paramedic for a checkup as part of the application process.  

Available Riders From MassMutual

MassMutual offers several 澳洲幸运5官方开奖结果体彩网:life insurance riders, which are optional polic𝓰ies that fill gaps in your coverage. Not all riders are available with every life insurance policy. Here🌼 are the riders available from MassMutual.

• Spouse term rider: This rider provides an additional death benefit to the spouse of a policyholder who passes away during the term. You can choose a $10,000 or $20,000 coverage limit.
• Guaranteed insurability rider: A guaranteed insurability rider allows you to purchase more life insurance at certain points in the future without another medical exam.
• Waiver of premium rider: This rider will waive your premiums and keep your coverage in force if you become totally disabled.
• Disability income rider: If you become totally disabled and can’t work, this rider will provide a percentage of your death benefit as monthly income while you’re still living.
• Terminal illness rider: A terminal illness rider allows you to withdraw money from your death benefit if you are diagnosed with a terminal illness and have less than one year to live. 
• Chronic illness rider: With a chronic illness rider, you can access some of the money from your death benefit if you are diagnosed with a chronic illness that affects at least two activities of daily living (ADLs).

How Much Does MassMutual Life Insurance Cost?

MassMutual has expensive term 澳洲幸运5官方开奖结果体彩网:life insurance rates compared to other life insurance c෴ompanies, especially for people over 40. When we compared MassMutual’s rates to some of its biggest competitors, it had the highest premiums for males and females over 40. It also had the second-highest premiums for 30-year-olds.

How Much Does MassMutual Life Insurance Cost for O꧋lder Adults?

Based on the companies we collected sample rates for, we found that MassMutual’s term life insurance for 65-year-old females is slightly cheaper than the study average of $101.93. For 65-year-old males, however, MassMutual’s rates were a little more♛ expensive than the study average of $149.62.

How Does MassMutual Compare to Other Life Insuranc꧒e Companies?

How to Buy Life Insurance From MassMutual

To 澳洲幸运5官方开奖结果体彩网:purchase life insurance from MassMutual, you must contact an agent. The company doesn’t offer online quotes or a digital application. An agent will help you determine the best life insurance product for your needs and goals. You will probably need to complete a medical exam before your pol🌊icy is approved.

Customer Service

The Bottom Line

MassMutual is a good pick for people who want whole life insurance. The comp♓any’s whole life insurance policies earn dividends, and while dividends aren’t guaranteed, MassMutual has paid dividends to eligible policyholders every year since 1869. Additionally, the company receives far fewer complaints than expected for its size and is ranked second by J.D. Power for overall customer satisfaction. 

However, it doesn’t have the cheapest rates, and most applicants will need to comওplete a medical exam. You also must work with an agent at MassMutual, which could be frustrating for someone wh🅠o wants to buy a policy on their own. 

Frequently Asked Questions (FAQs)

Is MassMutual Good at Paying Out Claims?

MassMutual appears to be good at paying out claims because it receives very few complaints. It’s expected an insurer who is slow to pay claims would get more complaints. The company is also very well positioned financially to pay claims. It has an A++ financial strength rating from AM Best, the highest grade possible. That indicates that it’s able to meet policyholder obligations, including paying life insꦡurance claims.

Does MassMutual’sಌ Life Insurance Build Cash Valꦐue?

All of MassMutual’s permanent life insurance policies build cash value. Once your cash value reaches a certain amount, you can 澳洲幸运5官方开奖结果体彩网:borrow or withdraw the funds for any purpose. If you have a UL or VUL policy, you can us🥀e your cash value to adjust your premiums and raise your death benefit.

Is MassMutual Life Insurance Expensive?

MassMutual has more expensive term 澳洲幸运5官方开奖结果体彩网:life insurance premiums than many of its competitors. Compared to the 澳洲幸运5官方开奖结果体彩网:best life insurance companies, we found that MassMutual had the highest term life insurance pr💖emiums for 40-year-olds and 55-year-olds. It had the second-highest rates (behind Nationwide) for 30-year-olds. 

But remember th🎀a🐲t life insurance rates depend on several factors besides the insurer, such as your age, health, and coverage limits.

How We Review Life Insurance Companies

To compile our list of the best life insurance companies, Investopedia first conducted preliminary research on dozens of life insurance companies and determined that 45 met our minimum standard💧 for financial strength, customer satisfaction, and online transparency. For each of these, we then gathered a total o💮f 70 evaluation criteria, resulting in 3,150 data points altogether. Data was collected between May 20 and July 3, 2024, and sourced from company webpages, media representatives, consumer rating agencies (AM Best, NAIC, and J.D. Power), and customer service calls.

We combined subject matter expertise, consumer survey and company survey data, and industry research to create a quantitative model that scores each company based on six major ca🐎tegorie👍s:

• Application and Online Service Features: 15%
• Policy Types: 22%
• Policy Features and Riders: 35%
• Financial Stability: 6%
• Customer Satisfaction: 10%
• Cost: 12%

For more information, read our full 澳洲幸运5官方开奖结果体彩网:methodology explanation.