One popular option for life insurance (and other types of financial products) is MassMutual. Sure, they are one of the most popular, but that doesn’t make them one of the best for you.
It’s our goal to help you find the best company to protect you and your family. Because MassMutual is one of the largest companies out there, we want to give you the information you need to get affordable and quality coverage.
A Quick Background on Massachusetts Mutual Life Insurance Company (MassMutual)
Before we look at all of the different insurance plans they sell, let’s take a look at the background of MassMutual and how they got where they are.
MassMutual has been around for quite a while, having been established in 1851. According to their site, they have had one mission from the beginning “to help people secure their future and protect the ones they love.”
The company started by selling insurance plans to workers across the New England area, and they continued to grow. Eventually, they started selling insurance plans to railway workers that were a part of the gold-rush. They are headquartered in Springfield, Massachusetts, and they have over 7,000 employees in the United States.
Currently, MassMutual holds excellent rates from all of the third-party rating companies. They have an “A++” from A.M. Best Company, an “AA+” from Fitch, and an “AA+” rating from Standard & Poor’s. If you’re looking for a financially strong and stable company with an excellent projected future, look no further than MassMutual.
It’s important that you look at the stability of the company as well as the rates that they offer.
Policies Offered by MassMutual
When you’re shopping for life insurance, it’s vital you compare all of the possible options.
With MassMutual, you can choose from just about any life insurance product on the market. They have six different kinds of policies, and all of them have various pros and cons you should compare. We are going to look at a few of the most popular options.
Term Life Insurance
If you’re looking for the cheapest type of coverage, term life insurance is going to be the best option.
These policies are only valid for the length of term you buy. You can purchase one of these plans for just about any range, from 5 years to 30 years. The longer the policy is, the higher the premiums are going to be, but they are still more affordable than other choices.
With MassMutual, you’ll have the benefit of being able to convert your term policies.
In some cases, you can convert your term life insurance plan into a whole life policy, without having to take a medical exam or answer any additional health questions.
Participating Whole Life Insurance
Whole life, on the other hand, is permanent. It’s never going to expire.
These policies are an excellent option for anyone who doesn’t want to have to worry about having to reapply for life insurance.
One advantage of whole life insurance is they build cash value inside of the plan.
The longer that you have the plan, the more value that’s built inside of them, which you can use later on. Additionally, with the MassMutual whole life policy, there is a chance to earn dividends on your plan. They aren’t guaranteed, but MassMutual has paid dividends to their policyholders every year since 1869.
MassMutual Direct Term
If you want to get coverage quickly, then the MassMutual Direct Term insurance plan is where you should look. These Direct Term plans allow you to get life insurance much faster and with a much easier application process.
With their Direct Term policy, you can complete the whole process online.
As long as you’re between the ages of 18 – 64, then you can qualify for one of these policies. You can purchase life insurance plans anywhere from $100,000 to $2,000,000.
Guaranteed Acceptance Life Insurance
Guaranteed acceptance life insurance plans are similar to Direct Term plans, but with a few distinct differences.
These policies allow anyone to get life insurance, regardless of your health or any pre-existing conditions. There is no medical exam and no health questions.
These plans are for applicants that are between the ages of 50 and 75, and they are designed to give families the money they need to pay for funeral expense or medical bills. These policies will only give $2,000 to $25,000 worth of insurance protection.For most families, this won’t be enough life insurance coverage.
Working with an Independent Agent
It’s difficult to say how much you would pay for coverage if you purchased a plan through MassMutual. It’s vital you find the most affordable plan on the market. Every company is going to get you different rates depending on their medical underwriting.
With MassMutual, sometimes they will have the lowest rates on the market. In other cases, they are not going to be the cheapest option.If you’re like most people, the premiums are the make or break point. Nobody wants to pay more for coverage than they have to.
There are 6,000 carriers out there, MassMutual is only one of them. Don’t waste your time calling different insurance companies, let an independent insurance broker gather all the quotes for you.