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MassMutual Life Insurance Review 2020

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at a glance

  • Offers immediate term life insurance online.
  • Provides a full range of financial products and services.
Amid the COVID-19 pandemic, not all companies are accepting new life insurance applications. For the latest information on how to cope with financial stress during this emergency, see NerdWallet’s financial guide to COVID-19.

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 $1.7 billion in dividends to eligible policyholders in 2020.

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MassMutual life insurance

5.0 NerdWallet rating

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 from A.M. Best.

Based on these ratings, MassMutual is among NerdWallet’s Best Life Insurance Companies for 2020.

MassMutual offers a variety of policy options, including term life, whole life, universal life and variable universal life insurance. All policies require medical underwriting and are offered through MassMutual’s representatives. 

The company also offers another term life insurance product that can be applied for online. With MassMutual’s Direct Term life insurance, coverage takes effect immediately if the application is approved. Applicants must take medical exams within 90 days. After the exam results are in, the coverage price is adjusted if necessary. You can cancel the policy and get a refund, or change the coverage amount if the price goes up.

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 complaints and customer 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 scored “about average” overall and in four of six categories in the J.D. Power 2019 U.S. Life Insurance Study for customer satisfaction. Among the 24 life insurance companies included in the ranking, MassMutual was No. 12.

Customer satisfaction category MassMutual's score
Overall satisfactionAbout average
Policy offeringsAbout average
PriceThe rest
Billing and paymentAbout average
InteractionAbout average
CommunicationAbout average
Application processBetter than most

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, and annuities, as well as investment, wealth management and trust services. MassMutual also provides services to help parents and caregivers financially plan for loved ones with disabilities and other special needs.

Methodology: Life insurance ratings

NerdWallet’s life insurance ratings are based on weighted averages of complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and financial strength ratings from A.M. Best, which indicate a company’s ability to pay future claims. To calculate each insurer’s rating, we adjusted the NAIC and A.M. Best 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.

Methodology: Insurer complaints

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2016-2018. 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.