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Lizzie Nealon is an insurance contributor for Bankrate and enjoys making home, auto and life insurance digestible for readers so they can prepare for the future. Mariah Posey is an auto and homeowners insurance writer and editor for Bankrate.com. She aims to make the insurance journey as convenient as possible by keeping the reader at the forefront of her mind in her work. Oct 26, 2022 Bankrate logo The Bankrate promise
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Not rated Bankrate Score Home 0.0 Auto 0.0 About Bankrate Score Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. MassMutual could be a great choice for shoppers looking for whole life insurance, due to the company's high coverage capacity and numerous riders. Medical exams are required for most policies, however, which means it could be difficult for those with health issues to get coverage. Pros and Cons Quick Look Pros Cons Bankrate Award winner for whole life insurance Large suite of riders for policy personalization Medical exam is required with most policies Massachusetts Mutual Life Insurance Company, better known as MassMutual, is one of the biggest life insurance companies in the country. It was founded in 1851 and serves millions of customers. In addition to life insurance, MassMutual also offers a number of retirement and products. As a mutual company owned by the policyholders, those who buy a policy with MassMutual may have the potential to earn profit dividends. If you're interested in MassMutual, you may want to carefully consider the perks and drawbacks outlined in this MassMutual life insurance review. MassMutual is the fifth-largest life insurance provider by market share, according to the Insurance Information Institute (Triple-I). It writes various in all 50 states, the District of Columbia and Puerto Rico. MassMutual is unique because it offers the best whole life insurance on the market, according to the . The company won the award thanks to its numerous whole life insurance riders, high coverage capacity (the highest dollar amount that death benefits can be), and a high AM Best financial strength rating. Bankrate Awards Best whole life insurer This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. The offers and clickable links that appear on this advertisement are from companies that compensate Homeinsurance.com LLC in different ways. The compensation received and other factors, such as your location, may impact what ads and links appear, and how, where, and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available to you as a consumer. We strive to keep our information accurate and up-to-date, but some information may not be current. Your actual offer terms from an advertiser may be different than the offer terms on this widget. All offers may be subject to additional terms and conditions of the advertiser. Compare life insurance providers quickly and easily
See which provider is right for you. The amount of coverage you need depends on many factors, including your age, income, mortgage and other debts and anticipated funeral expenses. Whole life insurance combines life insurance with an investment component. Coverage for life Tax-deferred savings benefit if premiums are paid 3 variations of permanent insurance: whole life, universal life and variable life include investment component Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time. Fixed premium over term No savings benefits Outliving policy or policy cancellation results in no money back Find matches Powered by HomeInsurance.com (NPN: 8781838) This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Bankrate Why Lemonade? It's a fresh twist on life insurance: easy, accessible and affordable. See more providers in Choose from insurers in Show More
MassMutual life insurance coverage types
MassMutual Life Insurance Company offers term life insurance alongside a range of permanent policies, including whole life, universal life and variable universal life. It also offers annuities, IRAs and brokerage products along with a team of financial professionals. Along with the following standard life insurance policy types, MassMutual offers a wide for its different life insurance policies, including . Among these riders is a guaranteed insurability rider, which can be used to purchase additional life insurance in the future without re-taking a medical exam. Parents sometimes buy these riders as a "starter" , so that they can increase their coverage limits if they start families of their own. : Term policies remain active for a preset number of years - typically, between 10 and 30. After the policy term, your policy will expire and your loved ones will no longer receive death benefits if you pass away, unless you convert it to permanent life insurance before the end of the term. Term life insurance typically works well for those who only want coverage for a certain time in their life. For instance, when their children are young or while they're paying down their mortgage. : MassMutual offers , universal life and variable universal life, which each come with a cash value account that acts as an investment or savings vehicle. Whole life cash value accounts increase in value at a guaranteed rate, universal life cash value accounts fluctuate based on the company's portfolio, and variable universal life cash value accounts fluctuate based on how the stock market performs. The company does not offer . MassMutual life services
MassMutual offers a range of financial products alongside financial planning services. The company sells deferred fixed annuities, variable annuities, income annuities, fixed index annuities, individual retirement accounts, mutual funds, exchange traded funds, exchange traded funds, unit investment trusts and 529 plans. MassMutual's website also hosts tools to find a financial professional, and calculators for figuring out college savings, budgeting, disability income, retirement income and more. Other MassMutual perks worth considering
In addition to high third-party ratings, MassMutual offers the following perks. Mobile app: MassMutual’s mobile app is rated highly at the and . It allows policyholders to manage their policies, handle payments and more. Financial advisors: MassMutual operates through financial professionals in every U.S. state who help advise policyholders and potential clients. Various calculators: MassMutual’s website features a , which may be helpful for those who are wondering: “” Additionally, there are other specialized calculators for figuring out college savings, budgeting, disability income, retirement income and more. Online tools: MassMutual allows customers to generate Policyholders can also manage their policy online and read MassMutual’s blog, which publishes useful materials such as , financial literacy articles and how-to pieces. MassMutual life insurance customer and claims satisfaction
MassMutual is highly rated across the board. The company received a rating of A++ (Superior) from AM Best for financial strength and a rating of 782 out of 1,000 (above industry average) in the . The company offers a multitude of insurance riders, more than many of its competitors. To top off its high ratings, MassMutual has an , reflecting much fewer complaints than average. MassMutual corporate sustainability
, MassMutual Foundation, has invested more than $20 million in local communities to advance economic development. MassMutual's Catalyst Fund is a $50 million fund that supports entrepreneurs in building business throughout the state of Massachusetts. The company's HealthBridge program supports healthcare workers and other essential workers on the front lines of the pandemic. In terms of environmental consideration, MassMutual's headquarters utilizes 1,750 solar panels, hosts an onsite herb garden, uses local produce and has its HQ cafeteria participate in a recycling program. Not sure if MassMutual is right for you Consider these alternatives
If MassMutual isn’t the right company for you, another one of the on the market may be a good fit. You may want to look into: : Another Bankrate Award winner, State Farm offers the according to the 2022 Bankrate Awards, based on its exceptional customer satisfaction score, excellent AM Best financial strength rating and near-nationwide availability. : If you’re looking into universal life insurance, our insurance editorial team deemed Nationwide the best life insurance company for universal life insurance in the 2022 Bankrate Awards. Nationwide earned the award based on its high J.D. Power score for customer satisfaction, wide range of riders, easy-to-use digital tools and local agents. : If you’re looking for , Mutual of Omaha may be a good fit. The company has high third-party ratings and offers a blog geared toward seniors called . On This Page
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