MassMutual Insurance Review 2017


NerdWallet is a free tool to find you the best credit cards, cd rates, savings, checking accounts, scholarships, healthcare and airlines. Start here to maximize your rewards or minimize your interest rates. NerdWallet

MassMutual

  • Has above-average customer service ratings.
  • Provides a full range of financial products and services.
  • Offers quick term life insurance in many states through two online businesses: Haven Life and ValoraLife.

Overview

Massachusetts Mutual Life Insurance Co. is one of the largest U.S. life insurance companies. As a mutual company, MassMutual is owned by its policyholders, who are eligible to receive dividend payments when the company does well. In 2016, MassMutual paid out a dividend of $1.7 billion to eligible members, marking the fourth consecutive year of record dividends.

NerdWallet rank: NO. 2

MassMutual ranked No. 2 out of 18 large companies scored by NerdWallet. NerdWallet’s life insurance company rankings combine its A.M. Best rating, consumer complaints and J.D. Power’s customer satisfaction score.

» MORE: The best life insurance companies

A.M. Best financial strength rating: A++ (Superior)

MassMutual’s financial strength is “superior,” according to ratings agency A.M. Best.

Financial strength is important because it indicates how well an insurer can pay claims. It’s especially important when choosing a life insurance company, because claims might not be made until many decades after a policy is purchased.

Consumer complaints: Better than the median

MassMutual drew far fewer than the median number of complaints to state regulators in 2015 for a company of its size, according to the latest data from the National Association of Insurance Commissioners.

The association assigns a complaint ratio score to insurance companies, based on the number of complaints to state insurance commissioners, adjusted for market share. The median score is 1. A score less than 1 means fewer complaints. MassMutual’s score for individual life insurance in 2015 was .05.

J.D. Power ratings: AVERAGE TO ABOVE AVERAGE

In a survey of customer service by J.D. Power, MassMutual scored “better than most” for its billing and payment processes and interaction with customers. The company scored “about average” in all other categories. Among the 21 companies included in the J.D. Power 2016 U.S. Life Insurance Study for customer satisfaction, MassMutual was ranked No. 5.

MassMutual Life Insurance customer satisfaction scores
Overall satisfaction About average
Billing and payment Better than most
Price About average
Policy offerings About average
Interaction Better than most
Source: J.D. Power 2016 U.S. Life Insurance Study

More about MassMutual

Types of life insurance soldOther products & services
  • Term life
  • Whole life
  • Universal life
  • Variable universal life
     
     
  • Annuities
  • Disability insurance
  • Long-term care insurance
  • Workplace benefits
  • Investment, wealth management and trust services
  • OTHER FEATURES

    Speedy term life insurance: MassMutual is speeding up and simplifying the term life insurance application process through two online businesses: Haven Life and ValoraLife. Haven Life lets customers apply for and buy term life insurance online in about 20 minutes. It considers medical information to set rates, but most applicants don’t need to take a medical exam. ValoraLife.com, a term life website geared toward Latino customers, lets users apply for coverage and purchase a policy online in 30 minutes. The coverage goes into effect immediately, but customers are required to get medical exams within 90 days.

    Special-needs planning: MassMutual runs the American College MassMutual Center for Special Needs in partnership with The American College of Financial Services in Bryn Mawr, Pennsylvania. The center educates financial professionals on how to help parents and caregivers financially plan for loved ones with disabilities and other special needs.

    Increased sales force: In 2016, MassMutual acquired a unit of 4,000 financial advisors from MetLife Inc., raising MassMutual’s financial advisor network to more than 9,200. As part of the deal, the companies entered into a product development agreement, in which MetLife will develop annuities to be issued by MassMutual. MassMutual officials said the transaction puts the company on a path to becoming the largest U.S. provider of individual life insurance.