MASSMUTUAL LIFE INSURANCE
- Rated 5 stars out of 5 by NerdWallet.
- Offers immediate term life insurance online.
- Provides a full range of financial products and services.
Massachusetts Mutual Life Insurance Co. is one of the largest U.S. life insurers. As a mutual company, MassMutual is owned by its policyholders. Customers who buy certain products, such as whole life insurance, are eligible to receive dividend payments when the company does well. The company estimates it will pay out more than $1.7 billion in dividends to eligible policyholders in 2021.
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MassMutual life insurance
MassMutual earned 5 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account complaint data from the National Association of Insurance Commissioners and financial strength ratings.
Based on these ratings, MassMutual is among NerdWallet’s Best Life Insurance Companies for 2021.
MassMutual life insurance pros and cons
|Broad range of term life options available to suit many different needs.||Some coverage options require a medical exam.|
|Received far fewer customer complaints than expected to insurance regulators.|
MassMutual life insurance policies
MassMutual offers a variety of policy options, including term life, whole life, universal life and variable universal life insurance. Policies are offered through MassMutual’s representatives and may require a life insurance medical exam.
The company also offers a term life insurance product that you can apply for online. MassMutual’s Direct Term insurance is available for applicants between 18 and 64 and offers coverage between $100,000 and $3 million. The company will give you temporary coverage while you wait to get your medical exams done.
Additionally, MassMutual offers term life insurance online through a subsidiary, Haven Life. Haven Life uses medical information to set rates, but younger and healthy applicants may not need to take a medical exam.
MassMutual customer complaints and satisfaction
MassMutual drew significantly fewer than the expected number of complaints to state regulators for a company of its size, according to three years of data from the National Association of Insurance Commissioners.
MassMutual ranked 10th out of 23 companies in J.D. Power’s 2020 U.S. Life Insurance Study for overall customer satisfaction.
More about MassMutual
MassMutual offers a full range of financial products and services and provides workplace benefits through employers. The company offers disability and long-term care insurance as well as annuities, investments, wealth management and trust services.
MassMutual also offers free life insurance for income-eligible parents and guardians through its LifeBridge program. Qualifying applicants can get a free $50,000 term policy to help pay for educational expenses.
In 2020, MassMutual expanded its free coverage options with HealthBridge, a program designed for front-line health care workers during the COVID-19 pandemic. Eligible workers can get $10,000 to $25,000 in free coverage with no medical exam.
Life insurance buying guide
Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers you’re considering offer the coverage you’re looking for.
When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. It’s also important to make sure the policy’s medical requirements match your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you're comparing aligns with that.
Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.
For more guidance, see our life insurance buying guide.
Methodology: Life insurance ratingsNerdWallet’s life insurance ratings are based on weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims, and complaint index scores from the National Association of Insurance Commissioners for individual life insurance. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews.
Insurer complaints methodologyNerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2020. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. Ratios are determined separately for auto, home (including renters and condo) and life insurance.