You have so many options when it comes to choosing life insurance that things can sometimes feel a bit overwhelming. One popular option you may have heard of is MassMutual, which is short for the Massachusetts Mutual Life Insurance Company. Here’s what you need to know about MassMutual before you sign up for life insurance.
MassMutual Fast Facts
MassMutual opened in 1851, and now has over 160 years of experience as a life insurance company. They are headquartered in Springfield, Massachusetts, but have employees all over the world. Unlike many other insurance companies, which offer other types of policies like home and car insurance, MassMutual specializes in life insurance. As life insurance specialists, you will find that they have a very extensive selection of life insurance policies catering to many different types of people. Massmutual has tremendous financial strength and consistently is rated at the top for financial rating.
What types of insurance does MassMutual offer?
Immediate term life insurance: With MassMutual, you can apply for term life insurance online and get coverage immediately. You will typically have 90 days after applying to take a medical exam, although some younger or very healthy customers won’t need this. MassMutual may adjust your premium prices as a result of your medical exam, and you can opt to cancel or change the amount of coverage you need without penalty afterward if you want. They also offer term life policies that require no medical examination at all. For these policies, you will pay a higher premium, but you can access them easily online.
Whole life insurance: As the name implies, this insurance policy will cover you for your entire life, regardless of when you buy the policy or how many years it is in place. Many people like to use these policies as a financial tool as well since some options can produce dividends after the policy has been in place for a certain number of years. MassMutual also offers no exam whole life insurance policies that are intended to cover end of life expenses. They have low death benefits and low monthly premiums, and you can apply and get approved online. These policies are ideal for those who need to purchase insurance later in life and want an affordable option that doesn’t factor in their health status.
Universal life insurance: Like whole life insurance, these policies will cover you for life. However, they are much more flexible than whole life insurance. They typically offer lower premiums, and you can adjust the premiums you pay as your account grows in value. MassMutual also offers variable universal life insurance policies, which allow you to invest the money you pay in premiums, using your policy as a financial tool.
Long term care and disability insurance: In addition to life insurance, MassMutual offers products that help you plan ahead for medical challenges. Their disability insurance will provide a certain percentage of your income if something were to happen and you became too sick to work. Their long-term care insurance helps cover the cost of extensive medical care in the future, which is a good option for people with disabilities or even just aging parents.
What are the advantages of MassMutual?
There are many advantages to using MassMutual as your life insurance provider. The first is that they are very financially secure. According to AM Best, a financial rating agency, they have a rating of ‘superior’. Their long history in the life insurance industry has established them as a provider that you can trust.
One of the other advantages of using MassMutual is that their policies are flexible, so it’s easy to find one that makes sense for you. Their policies vary widely in the face amount available, so you can take out a very small policy of just a few thousand dollars, or purchase a larger policy in the millions. They also have everything from short term policies to extensive whole life policies with investment and savings components. Their no exam policies are also incredibly helpful for people who are not healthy enough to qualify for affordable insurance otherwise. Although you may not get as much coverage with this option as with an exam-based policy, it still gives you and your loved ones some peace of mind.
MassMutual’s disability insurance and long term care options are other benefits to consider
checking out. They can be combined with your existing life insurance policy, and if you’re worried about declining health affecting your finances, these policies can help you feel more comfortable.
MassMutual also has excellent customer service. Consumer Advocate ranks them a 4.6 out of 5, which is top-notch. You can count on MassMutual to care about their reputation and brand, and to treat customers accordingly.
MassMutual has also taken steps to simplify the process of buying insurance. They have very helpful and extensive resources online that you can use to learn more about the different types of life insurance as well as general financial planning. There are also some policies that you can apply for completely online. While many of their policies do require a phone call to finalize, they will have you complete part of the application online first to speed up that phone call. While MassMutual does not allow you to compare quotes directly on their website, other companies do let you compare quotes from MassMutual against other companies.
What are the disadvantages of MassMutual?
There aren’t many disadvantages to using MassMutual as your life insurance company. The biggest potential disadvantage is that they don’t offer many options for riders to add on to your policy. Riders allow you to customize the policy even more by creating stipulations for how and when you are able to access your money. For example, many people like to have riders adding their spouse or family onto their policy in specific situations. However, MassMutual doesn’t offer as many of these, so you’ll have to work within the selection of policies they already have. Luckily, their policies are already quite flexible.