Mass Mutual Term Life Insurance Review– The Massachusetts Mutual Life Insurance Company, or as it is more commonly known, “Mass Mutual” is a top rated life insurance company. That said, Mass Mutual is not for everyone. They aren’t the best life insurance company for every situation. There are actually many reasons why you may want to think about going with one of their competitors.
Mass Mutual Insurance Company
Mass Mutual has an excellent financial rating by A.M. Best - however, their term life insurance options are limited and can be more expensive vs the competition.
About Mass Mutual
Mass Mutual has an A++ rating from A.M. Best and a company history that goes back over 100 years. Massachusetts Mutual Life Insurance Co. is an elite life insurer. They are also a mutual company, which means they are owned by their policyholders.
Mass Mutual Financial Ratings
How to choose? If you’re comparing companies & looking to choose from two carriers, one rated A+ and one rated A++, either one is likely to be there when you need it. However, if you’re picking carriers that are rated B+ and A+, financial strength could factor in your buying decision. Try to avoid companies that 1 or more financial agencies rate as potentially vulnerable.
Mass Mutual Products
MassMutual sells a variety of life insurance plan options. These include whole life, universal life, variable universal life, and term life insurance. All of their plans require a medical exam underwriting and are sold directly from MassMutual representatives.
Term Life Insurance
Term life insurance is temporary coverage. Companies that specialize in term life insurance should have a healthy range of term length options.
Mass Mutual’s Term Options Are Limited!
While Mass Mutual does offer term lengths of 10, 15, and 20 years, they unfortunately do not offer 25 or 30-year terms. This may not be of much concern to people who are over 50 years old, but if you are younger, chances are you’re going to need that longer term length.
Mass Mutual Can Be Difficult for “High-risk” Applicants
If you have a preexisting medical condition, you may be classified as a “high-risk” case. See, insurance premiums are based on health ratings that are determined by your current state of health and medical condition, with the cheapest rates being Preferred Plus and the most expensive being Substandard.
Mass Mutual tends to be overly cautious with applicants who have preexisting medical conditions, and you may end up paying more expensive rates even with lesser, non-threatening conditions. So, if you have a preexisting condition like high cholesterol, diabetes, high blood pressure, etc., you will probably want to go with another company.
Mass Mutual Rates are Expensive
We work with over 60 of the highest rated insurance companies in the USA and are familiar with the policies of a lot more. When it comes to Mass Mutual’s rates, they just don’t measure up to the competition when it comes to affordability. To put it all into perspective, let’s look at an example based on a real-life scenario:
Here are what she’s likely to be offered from some of the top companies, including Mass Mutual:
- SBLI: $305 Annually
- Protective Life: $310 Annually
- Banner Life: $310 Annually
- American General: $349 Annually
- Genworth: $362.85 Annually
- Transamerica: $375 Annually
- Mass Mutual: $415 Annually
As you can see, Mass Mutual is a lot more expensive. In fact, “Rose” could end up saving around $110 every year if she opts to go with another company. At the end of the 20-year term, she would end up saving $2,200.
Will Mass Mutual give you the best rate?
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You Can Get Cheaper Rates By Comparing Companies
We are an independent insurance agency, meaning we aren’t paid or offered incentives by any life insurance provider to cast them in a better light or push their services on applicants.
Instead, we compare rates across 60 of the top insurance companies to find the best ones for you. Now that you know that, you should also know that there are many Mass Mutual agents who will only show you rates from Mass Mutual, regardless of whether or not they have access to those of other companies.
If you’re not sure where to begin, give us a call. Our agents provide a free, no-pressure, educational approach to life insurance. We’ll compare dozens of the top companies in minutes to show you your most affordable options.
Mass Mutual Term Life Insurance Review
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Mass Mutual Life Insurance Company Details
Name(s): Massachusetts Mutual Life Insurance Company; MassMutual Financial Group; C.M. Life Insurance Company
1295 State Street
Springfield, MA 01111
Ratings: A.M. Best (A++), Fitch (AA+), Moody’s (Aa2), Standard & Poor’s (AA+)