Mass Mutual Life Insurance Company

Looking for a life insurance company is a piece of cake, it’s finding the BEST life insurance company that can get tricky. If we tell you who the best life insurance company is that won’t do you any good because the best life insurance company depends on your health and lifestyle, so one company may be the best for one person but not necessarily for you. You may have come across this article while searching the web for a review about Massachusetts Mutual Life Insurance Company or MassMutual Life Insurance Company. If so, you have come to the BEST place, we provide the most unbiased and informative reviews because we believe that shoving opinions down peoples’ throats only steers them the wrong way and makes it harder for them to find the best life insurance company for them. Today we will be discussing MassMutual Life’s history, their community involvement, of course, our review of them with their rating and why ratings are important, then lastly, we will be highlighting their products. The following are some key points from this article;

  1. Massachusetts Mutual Life Insurance Company was founded on May 15, 1851, in Springfield, Massachusetts by George W. Rice.
  2. MassMutual Life has been around for 160 years and has won the trust of millions. Every year MassMutual pays its policy owners a return of premium in the form of dividends.
  3. They are one of the largest U.S life insurance companies and as a mutual company, MassMutual is owned by its policyholders.
  4. The company approved an estimated $1.6 billion dollar dividend payout for policy owners in 2016.
  5. According to A.M Best, the most reputable rating agency has given MassMutual an “A++” rating which is also known as excellent. Standard & Poor’s and Fitch Ratings both rated the company an “AA+” also known as very strong. Lastly, Moody’s Investors Service rated them an “Aa2” also known as excellent.
  6. Mass Mutual Life offers a wide variety of life insurance products such as Term life, Whole life, Universal life, and Variable Universal life insurance.
  7. MassMutual Life may be a very reputable life insurance company with high rating but they fall behind their competition when it comes to their rates.
  8. Another downside is that MassMutual Life doesn’t offer any kind of online quote option which means you have to call a representative and let’s face it, not everyone has time for that.

MassMutual Life Insurance Company’s History

Massachusetts Mutual Life Insurance Company was founded on May 15, 1851, in Springfield, Massachusetts by George W. Rice. He recruited 31 investors to purchase stock in his company to meet the mandatory subscription and began operations and built sufficient reserves to meet regulatory requirements. They began selling policies to homeowners and workers throughout New England and they expanded westward thanks to the fuel of the California God Rush. They even began to develop railroads as the company began to sell high-premium insurance policies to railway and steamship workers and gold rush adventurers. MassMutual Life built 9,000 miles of functioning railroad lines and gave them the opportunity of established agencies in New York City, Chicago, and Detroit by 1855. By 1862, the company’s sales reached $200 million and then tripled to $600 million by the end of the Civil War. In 1901, the company’s assets exceeded $50,000,000 and they began to offer policies whose proceeds would be paid over a fixed period or for life.

In 1914, MassMutual Life began to offer new services and policies and instituted a premium waiver in the event of disability. The company employed 400 home office employees as the amount of insurance in force passed $1 billion in 1924. They grew quickly as jobs were quickly created and unions strengthened they entered the group marketplace in 1946 when they offered policies and managing pensions. Their home office staff grew to 1,340 employees who served over 700,000 customers and grew their assets to $1.4 billion with $3 billion of insurance in force by 1951. The company introduced new products including universal life policies in 1981 and other non-insurance products. By 1984 the company’s assets grew to $5 billion making MassMutual one of the biggest managers in the United States.

MassMutual Life Insurance Company Gets Involved 

Just like many big box companies, MassMutual Life also takes great pride in their community involvement. They have created a foundation called the MassMutual Foundation, in which strives to broaden economic opportunity for America’s youth and their families. They invest in financial education for middle and high school students. This foundation is employee-led and has various community investment programs where they create positive change in the communities of Boston, Charlotte, Enfield, Memphis, Pheonix, and Springfield. On their website, they state that their investments aim to increase the financial knowledge and capability of over two million middle and high school students by 2020 with their FutureSmart Program as well as local partnerships. FutureSmart is a program that has a $20 million commitment that will impact the financial education of more than two million students by 2020. NBA affiliate arenas around the country reach ten thousand students annually. The foundation has invested $15 million in UMass over 10 years which is a program that addresses a regional talent development need and provides a significant economic development benefit in creating a cybersecurity hub in Springfield. They are actively involved in many other programs but it’s time to get down to business.

On their website, they state that their investments aim to increase the financial knowledge and capability of over two million middle and high school students by 2020 with their FutureSmart Program as well as local partnerships. FutureSmart is a program that has a $20 million commitment that will impact the financial education of more than two million students by 2020. NBA affiliate arenas around the country reach ten thousand students annually. The foundation has invested $15 million in UMass over 10 years which is a program that addresses a regional talent development need and provides a significant economic development benefit in creating a cybersecurity hub in Springfield. They are actively involved in many other programs but it’s time to get down to business.

MassMutual Life’s Review 2017

MassMutual Life has been around for 160 years and has won the trust of millions. Every year MassMutual pays its policy owners a return of premium in the form of dividends. They are one of the largest U.S life insurance companies and as a mutual company, MassMutual is owned by its policyholders. The company approved an estimated $1.6 billion dollar dividend payout for policy owners in 2016. MassMutual Life offers Term life, Whole life, Universal life, and Variable Universal life insurance products. They also offer other products and services such as annuities, disability insurance, long-term care insurance, workplace benefits, investment, wealth management and trust services.

MassMutual Life Insurance Company Ratings

MassMutual Life has been around for over 160 years which shows how stable they are. They also have some pretty high ratings from popular rating agencies. According to A.M Best, the most reputable rating agency has given MassMutual an “A++” rating which is also known as excellent. Standard & Poor’s and Fitch Ratings both rated the company an “AA+” also known as very strong. Lastly, Moody’s Investors Service rated them an “Aa2” also known as excellent. These ratings show that MassMutual is a strong financial institution and should build confidence in anyone who is thinking of applying for a life insurance policy with them.

It is important to know a company’s rating because it will give you an idea of how financially stable they are. Being financially stable is important because you want to make sure before you invest in a company that they will even be around for another 10-15 years. If they have a low rating it shows that they are not financially stable but it also shows how they would be vulnerable to any environment changes and wouldn’t be standing tall and strong. Let’s say you invest into a company with a bad rating and 5 years later the market crashes, they decide to pull out and file for bankruptcy, all the premiums you have paid to that date and your policy will be gone with the wind.

MassMutual Life Insurance Company’s Products or Policies 

Like we mentioned before Mass Mutual Life offers a wide variety of life insurance products such as Term life, Whole life, Universal life, and Variable Universal life insurance. Before we go into their policies and highlights we would like to take a moment to define what these different types of life insurances mean. Term life is a form of temporary life insurance that provides coverage for only a short and specified period of time. Whole life is a form of permanent life insurance that provides coverage that can last an entire lifetime. Universal life and Variable life insurance are also forms of permanent life insurance that both provide flexibility with their life-long coverage. Variable Universal life insurance differs by providing investment options based on market performance.

Vantage Term Life

  • This product is the most affordable type of life insurance.
  • This policy offers level premiums that are guaranteed to stay level which means that your premiums will neither raise nor lower throughout your entire term.
  • Term lengths are 10, 15, or 20-years.
  • Once your term period expires your premiums will increase significantly.
  • This product offers a death benefit that is guaranteed for the life of your policy as long as you keep paying your premiums.
  • You also have the option to convert your policy into a permanent life insurance in the future in case your needs change.
  • If you choose to convert you don’t have to undergo a medical exam or answer any medical questions.

Whole Life

  • This product allows you to have coverage for your entire life without having to worry about conversions.
  • However, you convert into a whole life insurance policy if you choose to convert your term life insurance product.
  • The premiums you will pay is guaranteed for as long as you live which means it will not change as you get older.
  • This product allows you to build and accumulate cash value.
  • Cash value buildup is guaranteed with this product.
  • Your death benefit is also guaranteed so you know your beneficiaries will receive your death benefit for sure.
  • Dividends are a return of premium based upon the difference between the cost of providing the guarantees and our actual expenses.

Universal Life

  • This product allows you to be covered for your entire life.
  • Your death benefit is guaranteed as long as your premiums are paid so you can feel the peace of mind of knowing your family is covered.
  • Since this type of insurance offers flexibility, your premiums are flexible.
  • You can change your premiums from month-to-month to annually or vice versa whenever you would like within the life of this policy.
  • You can also decide how much premium to pay within certain limits, as long as there is enough account value to pay for the monthly insurance and administrative charges.
  • This product allows you to build account value and allows you to accumulate account value or cash value.
  • This cash value can be accessed at any time by borrowing from your policy to supplement your retirement income or to provide funds for a child’s education.

Variable Universal Life 

  • This product allows you to be covered for your entire life.
  • Your death benefit is guaranteed and can be used to replace lost income or to leave a legacy for the next generation.
  • You can choose to have a level death benefit or one that includes account value.
  • Your premiums are flexible and give you the option to change your premium payments for your ever changing life.
  • You also have the potential to build account value or cash value.
  • Cash value accumulated can be accessed by borrowing against the policy to be able to supplement your retirement income or to provide funds for a child’s college education.
  • This product allows you to have the freedom to select how to allocate premium dollars among the investment options or to the Guaranteed Principal Account (GPA).
  • GPA is a fixed account that allows amount allocated to the GPA to be guaranteed to earn interest daily.
  • However, the choices are aligned with tolerance for market and investment risk.

The Bad

MassMutual Life may be a very reputable life insurance company with high rating but they fall behind their competition when it comes to their rates. Another downside is that MassMutual Life doesn’t offer any kind of online quote option which means you have to call a representative and let’s face it, not everyone has time for that. A strong digital presence is a huge factor for anyone that is considering to take a life insurance policy.

The Good

The good news is that you still have options! If you have 30 seconds go to the bottom of the page, fill out our simple quoter, and see for yourself what quotes are available for you. With our quoter, you can compare rates from other top rated companies. We always recommend to shop for quotes and why not use our easy tool? You can also give us a call so that we can do all the shopping for you and that way you can spend more time with the ones who care the most, your family. Take advantage of our free service and give us a call, we work with over 60 top rated companies and it gives us a wider selection of companies to choose from. Here at InsureChance, we will not rest until we find the BEST life insurance company for you and your family, don’t hesitate to give us a call today or compare quotes today with our quoter!

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About Sabrina Banks

Sabrina is an insurance nerd and content strategist at InsureChance! She is an avid traveler, cat lover and all around a ball of joy. Her obsession is creating valuable content to empower the online consumer.

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