Massachusetts Mutual Life Insurance Company, or as it is more commonly known, “Mass Mutual” is a top rate life insurance company with an A++ from A.M. Best and a company history that goes back over 100 years. That said, Mass Mutual is not for everyone, and there are actually many reasons why you may want to think about going with one of their competitors.
You can start comparing rates right here using our free online quote tool, but in the meantime, continue reading to learn about aspects you should consider before choosing Mass Mutual.
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’s Term Options Are Limited
Companies that specialize in term life insurance should have a healthy range of term length options. 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 Rates are Expensive
We work with over 60 different life insurance companies 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:
Let’s say Rose is a 40-year-old woman seeking a $500,000, 20-year term life insurance policy. She is in great health and is a nonsmoker, so she qualifies for Preferred Plus rates. 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.
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. Check out these reviews to see if agents from Primerica, Allstate and State Farm do the same thing.
So, feel give us a call at 888-411-1329 or fill out our online contact form. We’ll get back to you as soon as possible with more information on how we can help you get the best life insurance coverage. You can also start getting free, customized quotes right away using the quote tool on this page.