MassMutual Life Insurance Review

MassMutual Life Insurance Review

Generally, when discussing life insurance, people often attempt to avoid this talk considering it involves planning your life after your death. However, after reading this write-up, our review, information, and details will certainly assist you in purchasing the appropriate life insurance for your family and you.

What Is MassMutual?

Originated from Springfield, Massachusetts, MassMutual was founded in the year 1851. Not only the options in the field of life insurances, but MassMutual also have a series of other financial services such as financial wellness expertise, retirement planning, and investment management services. For efficient handling of business insurance and employee packages, the owners may utilize MassMutual facilities such as group life insurance and pensions.

MassMutual Review

With a large variety to offer in cost and features, MassMutual has a lot to offer in terms of life insurances. The list includes insurances for all, such as whole, universal, term, and variable universal coverage choices. The individuals who are sure they require term life insurance may purchase the Term Direct Policy through the online website. However, the online purchase is not available for other policies. You will have to consult an agent to gather the details regarding the riders, policies, and rest of the information so that you choose the best suitable insurance according to your budget and needs. MassMutual lags in the case of providing detailed information online for the customers. Just the general details are mentioned, but facts related to individuals riders or policies are unavailable. Whereas to obtain the correct amount of coverage, a calculating facility is offered by the company.

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The customers possessing intricate financial requirements can indeed consider MassMutual as one of the good options due to its extensive expertise and experience in financial planning products. To offer an advantage to the customers and members belonging to particular policies, the company provided a dividend payout of $1.70 billion in 2020. On the contrary, the individuals who purchase insurance online may get discouraged by MassMutual’s traditional methods, as they use agents and financial advisors to sell insurance products. MassMutual successfully gets itself placed at the 7th spot in our list of Best Life Insurance Companies of 2021 by scoring 3.9 out of 5. 

Will MassMutual be the correct option?

Pros

• Simple online set-up for recurring payments.

• Selected policies available for dividends.

• Broad range of products to choose from. 

Cons

• Complex intersection within benefits and features proves confusing.

• Riders are the only way to access some of the most beneficial features. 

With features like the transformation of a term policy to a permanent one, MassMutual provides many such policies equipped with rewarding features. In addition, riders for selected policies allow the customers to gain many tempting features such as estate protection, disability benefit, accelerated death benefit, and survivorship benefits. The company also provides an online calculator for life insurance to assist customers in policy selection. Immediate approval and online application are available for Direct Term Life Insurance. Facilities like reviewing bills online and set-up for recurring premium payments are also offered.

What types of Life Insurance Policies do MassMutual Offer?

The company’s major 15 life insurance products are classified into three categories: term, universal, and whole life.

Term Life Insurances by MassMutual

The two categories that Term Life Insurance of MassMutual are classified in are Term Insurance and Direct Term. Following are the features and characteristics of the policies mentioned below:

  • An annual renewable term choice is provided through the term insurance for 10-, 15-, 20-, and 30-year terms. 
  • Assured level premiums.
  • $100,000 is the initiating coverage amount. Underwriters decided the limit of insurance. The maxing out limit for Direct Term Insurance is $3 million, and $10 million is the same for an annual renewable term insurance policy. 
  • The minimum age of the candidate should be 18. The maximum age limit for term insurance is ten years, or the annual renewable term is 75. The maximum age is decreased by five years for every five years added to the term. 
  • Online application is available for Direc Term Insurance but not for Term Insurance.
  • Without any fee or medical exam, certain term insurance policies can be transformed into a permanent one.

Whole Life Insurances by MassMutual

MassMutual offers the following whole life insurance options:

  • CareChoice One Hybrid Life
  • CareChoice Select Hybrid Life
  • Survivor Legacy 100
  • Legacy HECV
  • Legacy 10
  • Legacy 12
  • Legacy 15
  • Legacy 20
  • Legacy 65
  • Legacy 100

Following are the features and characteristics of whole life insurance policies provided by MassMutual:

• Assured level premiums along with lifelong coverage duration.

• Except the CareChoice One Hybrid Life and CareChoice Select Hybrid Life, every policy build up a cash value over time that is assured to increase yearly.

• Custom term periods for premium payment are also provided with certain policies. 

• Again, leaving out CareChoice One Hybrid Life and CareChoice Select policies, credits to accelerated death benefit rider that money can be withdrawn from every policy. 

• Certain policies have a minimum coverage limit at $25,000, while others have the same at $100,000.

• Death benefits are provided in the form of a lump sum.

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Universal Life Insurances by MassMutual

MassMutual products in universal life insurances are:

  • VUL III
  • SUL Guard
  • UL Guard

Following are the features and characteristics provided by MassMutual in Universal Life Insurances:

• Lifelong coverage durations and customizable premiums.

• In addition to a variable policy providing investment choices, the value may build up over time.

• Under particular restrictions, the premium amounts can be customized.

What is the procedure to purchase MassMutual Life Insurance?

Before consulting an agent or a financial advisor, decide your priorities and requirements through an online calculator. If you already have a name in mind for consultation, you may contact the advisor through the company website. Or MassMutual will display the nearest recommendations depending on your locality. Out of all the life insurance, MassMutual offers, Term Life Insurance is the only option available online for purchase. Excluding a few exceptions, you may choose to get your documents electronically.

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