My Massachusetts Mutual Life Insurance Company (MassMutual) Review

by Jeff Rose on November 29, 2017 · 0 comments

in Life Insurance Company Reviews

Life insurance is one of the most important investments you’ll ever make for your loved ones. It’s one of the few ways you can ensure your family has the money they need, even if something tragic were to happen to you.

When you’re shopping for life insurance, it can be a long and confusing process. There are several types of plans and hundreds of companies you can choose from, and each of them is going to have different benefits and rates you’ll need to compare.

One popular option for life insurance (and other types of financial products) is MassMutual. Just because they are one of the largest insurance companies on the market, doesn’t make them the best choice for you.

This post is going to look at the insurance plans they sell, and help you decide if they are the best company to protect you and your family.

A Quick Background on Massachusetts Mutual Life Insurance Company (MassMutual)

massmutual logoBefore 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 is one of the oldest companies on the market, 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 a permanent form of coverage, which means that 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 in the future, but the permanent coverage is going to come at a higher cost.

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 going to be an excellent option for you. 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.

As you can guess from the name, you can purchase one of these plans, regardless of your health or any pre-existing conditions you have. 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. Not having enough coverage is one of the worst mistakes that you can make for your loved ones.

Working with an Independent Agent

The rates you get from MassMutual are going to depend on your age, your health, your gender, if you use tobacco, and much more.

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.

Instead of wasting hours and hours calling different insurance companies, let an independent insurance broker do all of the hard work for you.

Independent agents don’t work with one single company, they represent dozens of highly rated companies across the country. Working with an independent agent will save you both time and money on your life insurance search.

MassMutual might be the best option for you, or it might not. Regardless of the company that you choose, it’s important that your family has the coverage that they need.

If something tragic were to happen to you, and you didn’t have life insurance coverage, your family would be left with a massive amount of debt and other final expenses. Losing someone that you love is never going to be easy, but being left with thousands and thousands of dollars of debt is going to make the whole situation that much worse.

You can’t predict the future, which means that you shouldn’t wait any longer to get the coverage that your family deserves. Don’t wait another day to get a quality and affordable life insurance protection. If you have any questions about life insurance or the options for insurance coverage, feel free to contact me today.

I would love to answer those questions and ensure that you’re getting the best plan possible.

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