Mass Mutual Life Insurance Quote - Buying a personal life insurance policy is one of the most important decisions you will make for your loved ones. It can be the difference between financial security or financial ruin after your death.
With so much at stake, it can be difficult to decide which company is best suited to meet your needs.
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MassMutual is one of the oldest life insurance companies in the country. Since 1851 they have been giving people peace of mind that they will be taken care of after their families are gone.
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During that time, they became the fourth largest provider of personal life insurance with over $6 billion in direct premiums written.
This review is designed to give you a complete overview of the company and guide you through all the policy options to help you make the best buying decision.
The AM Best rating measures the financial strength of an insurance company in terms of its ability to pay all policy commitments.
MassMutual has the highest possible A++ rating, meaning they have an outstanding ability to meet their financial obligations.
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The Better Business Bureau uses 13 factors, including time on the job, open complaints, resolved complaints, and legal actions against a company, to assign one of thirteen letter ratings from A+ to F.
Like AM Best, Moody's long-term liability rating assesses the credit risk of an insurance company. MassMutual has an Aa3 quality rating, the fourth highest possible rating.
The S&P (Standard and Poor's) rating also measures the credit risk of an insurance company. MassMutual received a very strong AA+ rating, the second highest rating out of 21 overall.
The National Insurance Commissioner's Complaint Index compares the number of complaints lodged against an insurance company each year with the number of complaints against other companies.
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The index was set at an average of 1.00. MassMutual has a current rating of 0.12, which is well below the industry standard.
J. D. Power's annual American Life Insurance Study measures overall customer satisfaction in four areas: annual statements and billing, customer interactions, policy quotes, and pricing.
MassMutual was founded on May 15, 1851 in Springfield, Massachusetts, as the Massachusetts Mutual Life Insurance Company. Since then, it has become one of the largest life insurance companies in the country.
As the name suggests, MassMutual is a partner company. The absence of shareholders is unique among most businesses. Instead, the company belongs to its customers.
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Participating policyholders can vote for board members and are eligible for profit sharing. MassMutual has consistently paid dividends to eligible policyholders since the 1860s.
MassMutual also has several subsidiaries, two of which are traditional life insurance companies: C.M. Life Insurance Company and MML Bay State Life Insurance Company.
The third company, Haven Life, was founded in 2014. It has the distinction of being the first simple and modern solution to buy term life insurance policies completely online.
In 2018, MassMutual was responsible for 4.8 percent of all individual life insurance business in the country, with $6,171,213,000 in direct written premiums.
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They are also responsible for 2.7 percent of all group life insurance policies, with $701,120,304 in written premiums.
MassMutual (as Massachusetts Mutual Life Insurance Company) sells life insurance policies in all 50 states, Washington D.C., and Puerto Rico. Both subsidiaries issue regulations, C.M. Life Insurance Company or MML Provides State Life Insurance Company in all states except New York.
Between 2015 and 2018, Mass Mutual rose two spots from sixth to fourth largest individual life insurance policy writer. After that, they fell from their previous seventh place among the top 10 group insurance policy writers.
MassMutual's personal life insurance business is on a steady upward trend. Over the past four years, market share has increased by nearly a full percentage point from 3.90 to 4.80, with direct written premiums rising from $4,765,228,000 to $6,171,213,000.
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The group's insurance business showed significant fluctuations. It rose from 4.20 in 2015 to 4.60 in 2016, then fell to 4.10 in 2017 and then continued to fall behind the top 10.
MassMutual reported record revenue in 2018, as evidenced by its increase in market share from number five to number four. Between its life insurance and annuity businesses, the company generated $30.8 billion, up 20 percent from the previous year.
MassMutual has approved a dividend payment of an estimated $1.72 billion to policyholders of eligible participants in 2019, the largest payment ever and the 151st consecutive dividend payment.
The insurance company has the same positive outlook for the future as it has for the past century and a half.
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As of 2018, MassMutual is nearly a percentage point behind New York Life in market share. It is unlikely they will catch up anytime soon, but they could further solidify their fourth position in the coming years.
When MetLife, the former top three insurer, stopped selling individual life insurance policies in 2016, MassMutual acquired the firm's US retail advisory power. This force consists of more than 4,000 counselors across the country.
With that power now focused on selling MassMutual policies and getting MetLife jobs left on the table, the insurance company will continue to increase its 0.3 percent lead over fifth-ranked Prudential.
And while on the surface the MassMutual insurance group business may seem a bit of a spiral, keep in mind that the margins between the competitors on this list are very narrow.
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A decrease of less than $40 million in written premiums from $1,480,022,000 in 2016 to $1,440,794,000 in 2017 resulted in a 0.5 percent loss in market share. On the other hand, for the company to get just 0.3 percent of the market share in the individual life, it had to increase from $ 5,741,452,000 in 2017 to $ 6,171,213,000 in 2018, an increase of almost $ 430 million.
MassMutual offers the ability to pay bills, claim life insurance and apply for certain term policies through its website.
You can apply for MassMutual® Direct Duration policies online, but for others you must contact a representative.
Insurance agents fall into one of two categories: independent or captive. An independent agent is free to buy and sell policies of multiple agents to find the best policy for their clients.
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A captive agent works for a single insurance company and markets and sells only employer policies. MassMutual employs a large retail force of captive agents.
MassMutual's "Moment to Plan" advertising campaign focuses more on the financial planning business and less on life insurance.
Mass Mutual Foundation uses the company's years of financial experience to help communities and local social organizations increase their financial strength and expand their influence.
Live Mutual Project partners with outside organizations and community groups to identify financial challenges faced by people living in disadvantaged neighborhoods.
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They work to bridge the gap between people and the resources they need to find housing, jobs, loans and other forms of financial support through education and donations.
FutureSmart™ believes financial education is key to achieving economic independence. The program has provided digital financial literacy curriculum to more than a million students nationwide since 2014.
LifeBridge™ is a free life insurance program that helps children in low-income families pay for education if their insured parent or guardian dies during the policy period.
MassMutual matches employee contributions with local nonprofits through the Mutual Impact™ program. Employees are also encouraged to volunteer at grant organizations, giving them time to do so.
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Overall, Glassdoor employees average 3.7/5 stars for MassMutual. Additionally, 67 percent of current employees say they would recommend the job to a friend.
MassMutual consistently ranks among the best places to work on several national lists, many of which demonstrate the company's commitment to diversity and inclusion.
According to Life Happens and LIMRA's 2018 Insurance Barometer Study, about 60 percent of all people living in the United States are covered by an individual or group life policy.
One fifth of insured people think their insurance coverage is inadequate. So the question is: How much protection is enough?
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If you're one of the 40 percent who need life insurance, or if you're one of the 12 percent who don't have enough coverage, there are some important things to keep in mind when shopping for a policy.
Urgent obligations include things that must be paid immediately after death, such as funeral expenses, medical bills, mortgage balances, and other outstanding debts.
Your future obligation is the money you want to leave with your loved ones to cover planned expenses or surprises in the future. These may include money for a child's college education or unplanned medical expenses.
It should also take into account how many years worth of your annual salary you want to leave your family if their lifestyle depends on your current income.
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One of MassMutual's many retail agents can help you determine the right coverage for your current financial situation, but to give you an idea, here's an example using a basic life insurance calculator.
Imagine you are the primary breadwinner in a family of three with an annual salary of $75,000. You have a remaining mortgage balance of $75,
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