Massachusetts Mutual Life Insurance, more commonly known as MassMutual, offers a variety of financial products and services to consumers that can help them take more control of their fiscal responsibilities.
Although chiefly life insurance related, other offerings include retirement (e.g., annuities and IRAs) and investments (mutual funds and exchange-traded funds).
Founded in Springfield back in 1851, the company quickly went national, so in addition to Massachusetts life insurance products, policyholders dot the country. Underwritten by C.M. Life Insurance Company, MassMutual has over 5 million clients and revenues topping $29.6 billion.
Massachusetts Mutual Life Insurance Quotes and Application Process
Life insurance is highly customized; the amount of coverage that one person or family requires often differs substantially from the next. Nevertheless, MassMutual aims to simplify the process so individuals can obtain a quote fairly quickly.
By logging on to the website, visitors are asked for their date of birth, Zip code, family composition, age, and major sources of debt. These details are enough to provide shoppers with a ballpark estimate of how much coverage they need.
Ease and convenience is something insurance-seeking consumers appreciate. In a recent poll conducted by LIMRA, close to 50% of respondents said they preferred a simplified version that enabled them to get coverage without receiving a physical from a licensed physician.
While some insurers permit policyholders to obtain coverage without undergoing a medical exam, MassMutual isn’t one of them.
Well-being is a crucial component of the application process by providing insurers with key details that help them determine what to charge in premiums based on risk.
Several lifestyle factors play into what insurers ultimately bill for, including weight, physical condition, as well as if the individual smokes or chews tobacco. Other risk behaviors may be factored in, such as certain extracurricular activities
Those seeking life insurance through Massachusetts Life Insurance can go through the entire process online, so long as they have the appropriate personal information (e.g., address and Social Security number, annual salary, existing debt), spouse’s age and income (if applicable), and primary care physician’s contact information.
They should also have the aforementioned personal information for their chosen beneficiary or beneficiaries. Alternatively, they can enter their Zip code on the site to find a list of the nearest available advisors and call to apply over the phone.
Massachusetts Mutual Life Insurance Policies
Massachusetts Life Insurance is a somewhat doctrinaire life insurer; its product offerings are similar to those of other national providers.
However, MassMutual also features additional policies that can supplement its main offerings or stand alone, such as disability income or long term care insurance (LTC). All of the options are customizable.
Term Life Insurance Coverage
Term life insurance is a product offering that has an expiration date. Policyholders must renew when that date arrives to maintain coverage.
It’s ideal for those who may need only a certain amount of insurance for a given period. Generally speaking, term life is usually the lowest priced and come in 10-year increments.
Whole Life Coverage
The fundamental difference between term and whole life is the latter guarantees the policyholder sufficient cover in perpetuity. It’s also generally an option ideal for those not anticipating any major changes in the coming years.
It builds cash value over time through dividend accrual, which is paid out in a lump sum to the beneficiary in the form of a death benefit.
Universal Life Coverage
Universal life is a highly fungible policy option that can come in handy for policyholders in transition. Its structure allows for flexibility, so users get to determine how much they’ll pay in premiums.
This means that, so long as it builds up enough cash value, policyholders can use the proceeds to pay for their premiums over a particular period. This may be an ideal option for people whose earnings are irregular or whose financial obligations fluctuate.
Variable Life Coverage
Variable life insurance is perhaps best known for serving as an investment vehicle. Although it features many of the same characteristics as whole life and universal, variable enables policyholders to allocate some of the proceeds into separate accounts.
Although accrued value may not be guaranteed, the mere possibility is part of what makes variable unique.
Massachusetts Mutual Life Insurance Riders
Insurance riders serve as supplements to a basic policy. Usually, depending on the policy type, riders are add-ons that allow for a higher level of customization for individuals who may have unique circumstances.
They typically raise the cost of premiums, but not always. Massachusetts life insurance riders – as well as those from other states – are wide-ranging. Here are a few of the ones offered through MassMutual:
Waiver of Premium Rider
Available through term life, this rider allows policyholders to forego paying the premium should they become seriously disabled.
Accelerated Death Benefit Rider
Should a person be diagnosed with a deadly or incurable disease, this rider pays out the cash value of the policy more quickly than it would otherwise.
Guaranteed Insurability Rider
If someone anticipates needing more coverage later on, a guaranteed insurability rider enables them to obtain it, regardless of what shape they may be in. There’s usually a date range wherein additional coverage can be obtained.
Additional Life Insurance Rider
Policyholders can hasten the pace at which their policy accrues value with this rider, accomplished by contributing funds over and above the amount needed to remain active.
Life Insurance Supplement Rider
This rider allows for greater pricing flexibility, optioning out the guaranteed supplemental death benefit for insurance premiums that are more affordable by blending term life with whole.
Renewable Term Rider
Ideal for the budget-minded, RTR is a front-loaded product, in that it enables policyholders to accrue more value in the death benefit at the outset all while paying a lower premium.
The amount spent usually goes up as the policy matures, which converts to whole after starting as term.
Massachusetts Mutual Life Insurance Discounts
MassMutual does not list the available ways policyholders can lower their premium payments, but generally speaking, they usually relate to well-being. For instance, those who don’t smoke typically pay less compared to smokers.
Additionally, a clean bill of health may also result in greater affordability. Working with an advisor directly can also result in lower-priced premiums, being cognizant of applicable deals, such as for veterans or senior citizens.
Massachusetts Mutual Life Insurance Financial Strength
- Underwriter:M. Life Insurance Company
- Market Share: n/a
- Premiums Written: $5.1 billion (2017)
- Standard & Poor’s Financial Rating: AA+
- Moody’s Financial Rating: Aa2
- AM Best Financial Rating: A++
Financial strength is an important aspect of selecting a life insurer, providing insight and corroboration that a provider can compensate policyholders when they file a claim.
It’s safe to say that MassMutual is faring quite well in the money department, among the highest ranked in the industry for capital and surplus, growing by 9% annually, on average, since 1997. It’s also a Fortune 500 company, behind Goldman Sachs and Coca-Cola, based on 2017 revenues.
Independent rating agencies attest to MassMutual’s financial well-being. Each agency has its own distinct grading system. For example, an “A+” from the likes of AM Best is the next-to-best classification. But with S&P, “AA” is in the corresponding position.
The Insurance Information Institute has a helpful guide to making sense of what the grades mean depending on the agency.
Massachusetts Mutual Life Insurance Reviews and Customer Service
Overall, MassMutual is viewed quite favorably by policyholders. In 2018, only 24 complaints were filed through the National Association of Insurance Commissioners.
It maintains a “B” rating with the Better Business Bureau, with a total of 49 closed complaints in the previous three years and 22 over the last 12 months. At 4.37%, MassMutual has a lower lapse ratio compared to the industry aggregate of 5.48%, which suggests policyholders are more likely to renew when terms expire compared to other top carriers.
It’s also received a number of honorifics in recent years, recognized as a great place to work for members of the LGBT community, veterans, and working mothers.
Massachusetts Mutual Life Insurance Phone Number & Contact Information
- Homepage URL: http://www.massmutual.com
- Company Phone: (413) 744-1000
Headquarters Address: 1295 State Street, Springfield, Mass. 01111*While we make every effort to keep our site updated, please be aware that "timely" information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.