MassMutual Life Insurance Review

MassMutual is headquartered in Springfield, Massachusetts, and has been selling insurance since 1851, making it one of the oldest and most financially stable insurance providers in the U.S.

It’s a mutual company, meaning that policyholders are owners and may be entitled to annual dividends, which the company has paid every year since 1869. It currently has more than $950 billion of protection in force as of the end of 2022.

The company’s life insurance products are primarily available through agents who sell only MassMutual products, with some availability through financial advisors.

Life insurance is a contract between a policyholder who pays premium payments in exchange for a death benefit paid to designated beneficiaries if the insured person dies during the policy’s active period. The premium costs and face amounts vary depending on several factors, such as age, gender, health and lifestyle.

When shopping for a life insurance policy:

• Choose the type: Term or whole life.
• Identify potential riders to customize the policy for you.
• Determine the amount of coverage and time you need it.
• Ensure competitive quotes are for the same coverage.
• Check each company’s financial health and customer ratings.

Learn more: What is life insurance?

Term Life Insurance

Term life insurance covers you for a specific period, generally between 10 and 30 years. If the insured person passes away during that period, the insurance company will issue a predetermined payout to the beneficiaries named in the policy. When the policy period ends, it is no longer in force.

Many companies offer term insurance policies, and you can see our top term life insurance providers here.

MassMutual offers two term life insurance products:

• MassMutual Term Life product provides coverage for 10, 15, 20, 25 or 30 years with the option to convert all or a portion of the coverage to any permanent policy the company offers. Coverage ranges from $100,000 to $10 million and premiums are guaranteed for the initial term period. A medical exam is required for some individuals.
• Haven Life Term is underwritten by Haven Life, MassMutual’s online affiliate. These policies are available for people up to age 64, with coverage ranging from $250,000 to $3 million. The policies are not convertible.

Whole Life Insurance

Whole Life Insurance is a permanent life insurance policy that provides coverage for the policyholder’s entire life as long as premiums are kept up to date. Whole life policies also have a cash value component that term policies do not, meaning you can borrow against the premiums you’ve paid into the policy in most cases.

Some whole life insurance policies have a cash value in addition to the death benefit value, functioning as a savings or investment account that earns interest and can be borrowed against in certain situations.

Because the company is owned by policyholders, MassMutual’s whole-life customers are eligible to receive annual dividends which can be used to increase the death benefit or cash value, or pay premiums.

Mass Mutual offers a wide range of life insurance plans including whole life, universal life and variable universal life permanent life policies.

• Whole Life 100. Premiums are payable to age 100 with offerings for applicants up to 90 years old.
• Whole Life 65. This policy offers level premiums payable to age 65, after which the policy is guaranteed to be paid up.
• Whole Life 10/15/20-Pay. Premiums are payable for 10, 15 or 20 years. This policy builds cash value quicker than other MassMutual whole life policies with longer premium periods.
• Whole Life High Early Cash Value (HECV). This policy is designed for businesses to use with benefit programs for key employees and executives.
• MassMutual Universal Life (UL). This is flexible permanent life insurance that builds cash value. You can adjust your universal life insurance premium and death benefit if you have enough cash value in your account. Some universal life insurance policies can be structured like term coverage, where the coverage is designed to remain in effect for a fixed period of time.
• MassMutual CareChoice One. This is a hybrid long-term care (LTC) and whole life insurance policy for people ages 35 to 69. It gives you access to an initial LTC benefit amount that is two times the base policy face amount. Cash value and the death benefit will decrease by the amount of the LTC benefit you use.
• Universal Life (UL) Guard. This policy offers policyholders the option to select the duration of the death benefit period and how long they want to pay premiums. It is available for ages 18 to 85, with coverage amounts starting at $50,000. A chronic illness rider and a terminal illness rider are available at no additional cost.
• Survivorship Universal Life (SUL) Guard. This second-to-die universal life policy offers permanent coverage to a couple and pays out on the second death. Applicants between 18 and 85 can purchase coverage as low as $100,000. Policy riders include an estate protection rider and a terminal illness rider.
• Variable Universal Life (VUL). These policies also build cash value, and you can choose a portfolio of MassMutual investment options, or you can invest the money in the Guaranteed Principal Account (GPA), a fixed account that earns guaranteed interest.
• Apex VUL. This policy combines permanent life insurance protection and account value accumulation through stock market investments, including index funds from Fidelity, Vanguard, BlackRock and others. Coverage starts at $50,000 and can be increased by exercising the policy’s guaranteed insurability rider if elected at issue or after issue to age 40.

We always recommend working with a financial planning professional or licensed insurance agent to review the products most suitable for your situation.

Read more: Top recommended whole life insurance policies

MassMutual’s Life Insurance Riders

A life insurance rider provides extra coverage or benefits beyond what’s included in a base policy. Some life insurance riders are free, but many increase the policy’s premium. MassMutual has several insurance rider options, although availability depends on the policy type.

• Additional insurance rider
• Catastrophic disability rider
• Early/enhanced cash value rider
• Estate protection rider
• Guaranteed insurability rider
• Lapse protection rider
• Long-term care rider
• Option to split/change/convert rider
• Overloan protection rider
• Terminal illness accelerated death benefit rider
• Waiver of premium rider

Life insurance rates vary, even for similar coverage, because each insurer has its own underwriting techniques to determine risk. However, several factors are standard across the industry. The premium you pay will normally depend on:

• Age
• Health and medical history
• Occupation
• Gender
• Lifestyle
• Policy type
• Coverage amount

Some states also let insurers factor in a FICO/credit-based insurance score when determining premiums.

We read more than 100 consumer reviews on aggregators like TrustPilot and the Better Business Bureau (BBB) when reviewing each life insurance provider. This provides insight into the overall consumer sentiment toward the company.

However, at the time of this writing, MassMutual has received just 13 reviews on BBB and five reviews on TrustPilot. While these reviews are mostly negative, the sample size is simply too small to provide meaningful trends. That said, here are a few of the comments we read.

“What Mass Mutual promised us, we would come to find out was a series of lies that would leave us owing them hundreds of thousands of dollars, instead of them owing us that. I cannot stress how important it is that when you are looking for life insurance, you RUN away from Mass Mutual as fast as you can.” – Erika Heligmann Via TrustPilot

“Very poor customer service. Increased my quarterly premium 166% and kept sending me a bill with the wrong amount. My questions were (sort of) answered by a rep who kept talking over me. I asked for my agent’s name. She didn’t know it. I asked for a manager’s name and phone number and was told her manager doesn’t have a phone number and ‘we can’t give out names.’ Unbelievable. I think they are trying to price me into dropping my policy before I die and they have to pay up.” – Leslie D via BBB

“This is an unscrupulous company. They will use every tactic to refuse payment including delayed responses; stating they didn’t receive information; requesting exorbitant amounts of paperwork while you are dealing with a life threatening illness. And creating so much stress for the policyholder that it can worsen their condition. I don’t know how the government allows this type of company to exist.” – Misa M via BBB

Here’s how MassMutual Life compares to a few other life insurance providers.

MassMutual is one of the nation’s oldest and most financially stable insurance providers. It has a wide range of policy and rider options and receives high marks for its customer service, making it a solid option for many people looking to buy a life insurance policy.

Drew Gurley is a licensed life insurance expert with nearly 15 years of experience. During his career as both a licensed life insurance agent and industry executive, he has helped thousands of clients with their life insurance needs through his work at Redbird Advisors and Senior Market Advisors. When Drew isn’t working, he spends time with his family, supporting breast cancer and epilepsy awareness.

Mike Miller is a writer with a decade of experience producing product and service content to help consumers make informed purchasing decisions. Mike has a bachelor’s degree in creative advertising. In his spare time, Mike enjoys riding and fixing motorcycles, reading a good book and spending time with his wife and two cats.