MassMutual Review

ByTop10.com StaffJul.17, 2018

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In a Nutshell

MassMutual is an established life insurance company that provides a range of policies and riders, allowing most customers to find a policy that suits their needs. The company’s plans are also designed to assist people who need help paying off mortgages, handling various expenses, or financing medical care.

pros

  • Guaranteed coverage plan for customers age 50-75
  • Personalized policies according to your specific needs

cons

  • Quotes only available via telephone
  • All policies require a medical exam

Best For?

If you can’t find life insurance coverage that meets all your requirements you have a great chance to acquire a policy with MassMutual, given the full range of riders available including term, whole and universal life insurance solutions. These riders allow you to add custom benefits such as protection against sudden disability, an ongoing obligation for long-term care, terminal illness, and more.

Elderly individuals looking to give their families peace of mind in the event of death or health troubles can also benefit from MassMutual’s guaranteed approval and coverage plan. 

Features

MassMutual’s customer service is highly rated by several sources, and its educational resources mean you’ll be as prepared as possible before deciding on your preferred life insurance plan. It also has a long history of paying out yearly dividends to policyholders.

The handy life insurance calculator helps you accurately estimate how much coverage you need based on a thorough questionnaire. The calculator asks about salary, time until retirement, personal expenses, employee benefits, family responsibilities and more, and then delivers an estimate instantly.

MassMutual stands out as diverse provider of life insurance options for individuals and families with a wide range of needs. Young professionals and families just starting out will enjoy term life insurance, which can be used to cover a mortgage, salary or other financial obligation with a policy that offers peace of mind.

Application Process

To apply for life insurance you can contact a financial professional using the geolocation tool on the company’s website and you’ll be directed to your closest MassMutual office. It’s easy to take care of the process online, or talk to an agent in person if you prefer to do it face-to-face.

When speaking to an agent, they will ask a series of questions designed to determine the best policy for your circumstances. All policies require a medical exam before approval, except for the guaranteed coverage plan for seniors. 

Policy Types and Terms

For incredible flexibility, MassMutual’s term life insurance, whole life insurance, universal life insurance and variable life insurance plans offer a wide array of riders that can be included in most policies.

MassMutual does not provide details on coverage and rates on its website, although they can easily be found by contacting one of the company’s expert advisors. The main products are term life insurance policies with flat premiums and terms of 10 or 20 years, as well as yearly renewable policies if you prefer to keep your options open. It is also possible to convert a term life insurance policy into a permanent one without needing a medical exam.

These are just some of the riders available for MassMutual life insurance policies:

Waiver of Premiums: If you become disabled during your term, this rider will handle the remaining premiums on the policy, sustaining coverage.

Guaranteed Insurability Rider: If you take this rider you don’t have to retake a medical exam to upgrade your term policy.

Additional Life Insurance Rider: You can increase your premiums to increase the cash value of the policy.

Life Insurance Supplement Rider: Bolster term life policies with additional premiums that build up to a whole life policy over time.

Accelerated Death Benefits Rider: Policyholders receive part of their policy’s value if they are diagnosed with a severe illness during their term.

Transfer of Insured Rider: This offers the ability to transfer the same policy to another person in the middle of the term, which is useful for employers.

Long Term Care Rider: Receive part of a policy’s death benefits in advance if the holder will require expensive care in the near future.

For whole life insurance policies, you receive the option to adjust premiums and your death benefit at will, as well as add on a vast number of riders.

Help and Support

MassMutual offers excellent customer support, and you have the option of speaking with a representative from your specific area. Another useful feature is the ability to leave personal information and have a customer service agent call back within a single business day. MassMutual could improve its support further by adding an email address, or even a live chat system, which is quickly becoming an industry standard.

Summary

Massachusetts Mutual Life, better known as MassMutual, is an experienced life insurance provider that has been in business for over 160 years. MassMutual’s highly inclusive and customizable policies mean that its coverage is affordable and accessible to older customers. It also does an excellent job of providing detailed information on its products while offering outstanding service and support. 

The company offers a solid mix of policies that are sure to appeal to those with needs that may not be fulfilled by competitors. You can easily find term life, whole life, universal life, and variable life policies, as well as many unique riders that can add helpful benefits to your life insurance policy.

Physical Address

Phone: (800) 272-2216

1295 State Street

Springfield, MA 1111

MassMutual