Whole Life Insurance Mass Mutual - Massachusetts Mutual Life Insurance is a reliable insurer whether you are purchasing basic insurance or looking for lifetime coverage with a permanent insurance policy.
The company offers competitive rates for standard applicants, but you may find better deals elsewhere if you smoke or are older. If you have a pre-existing condition and are looking for an underwritten or no medical exam policy, then MassMutual is a great choice as it offers plans with these benefits. Customer reviews and ratings are above average, which shows that MassMutual cares about handling complaints and serving its policyholders.
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Massachusetts Mutual Life Insurance, commonly known as MassMutual, is a mutual insurance company that offers life insurance as well as other investment products such as 401(k)s and annuities.
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For this reason, MassMutual can be a great option if you want to handle life insurance and retirement planning in one company.
Policy offerings include term, whole and universal life insurance. All life insurance products through MassMutual come with standard passenger add-ons, such as premium waivers and accelerated death benefits, at no extra cost — just like other major insurers. Policyholders can also change their beneficiaries at any time by filling out the form and expressing their interest in the policy.
Life insurance is available through MassMutual's Vantage Term policy, which provides affordable term life insurance. The policy term through MassMutual is a guaranteed level, meaning premiums will not increase during the term.
You can purchase Vantage Term death benefit plans from $100,000 to over $10 million. The duration of coverage under this policy includes:
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After the initial period, you can renew the policy annually, but you will likely pay a higher premium. Additionally, all Vantage Term plans can be converted to permanent life insurance, such as MassMutual's Whole Life Legacy products.
MassMutual offers competitive pricing on its term life insurance products compared to other leading insurers. The table below shows the quote for the MassMutual Vantage Term 20 product compared to other 20-year policies.
As you can see, MassMutual offers better-than-average rates for the standard applicant compared to some top-rated insurers like New York Life. However, this is not the cheapest option. Protective Life Insurance offers the same product for $3 less per month.
Because MassMutual is more expensive for certain groups of applicants, such as smokers and the elderly, you may want to consider another provider if you fall into those categories.
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MassMutual's direct term life insurance option allows you to purchase life insurance quickly with a simple online application process.
Direct insurance is best if you're looking for instant coverage and don't want to make a doctor's appointment.
This policy has coverage durations of 10, 20, or 30 years, but a lower possible face value of $100,000 to $2 million. Once you complete your application and are approved, your life insurance will begin immediately. However, if MassMutual also requires you to undergo a medical exam based on your answers, you must complete this step within 90 days of your application being approved for coverage to remain in effect.
MassMutual also sells term life insurance online through its subsidiary Haven Life. This online provider uses your medical history to determine prices. Healthy young people usually do not need to undergo a physical or drug test. All policies sold through Haven Life are covered by MassMutual, but have some different factors to consider. For example, Haven's InstantTerm product offers up to $1 million in instant coverage with no medical exam required.
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Whole life insurance provides lifetime coverage, allowing you to pay premiums over a period of time. Obsolete products include:
For example, Legacies 65 and Legacies 100 mean that premiums are guaranteed until you turn 65 and 100 respectively. This is different from Legacies 10 or 20, which mean the policy can be paid off after 10 or 20 years respectively.
The Legacy 10 or 10 Pai life insurance product has the shortest payout period offered by MassMutual, but because this policy has a short payout period, premiums will be more expensive than a longer term policy like the Legacy 20.
Legacy's most unique product is the Legacy High Early Cash Value Term Insurance Policy. This insurance is similar to single premium life insurance in that most or all of the premiums will be paid within the first year. This means that the policy will be fully funded and will have the most accumulated cash value.
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MassMutual is a mutual insurance company and all whole life policyholders are classified as interested parties in the company. Therefore, if the company has positive financial results during the year, then the policyholder can receive dividends.
MassMutual pays dividends on an ongoing basis, which customers can use to increase the death benefit or cash value of the policy or subsidize monthly premium payments.
The LTC Access rider is similar to the accelerated death rider offered by most life insurance companies. This supplemental policy allows you to use part of the death benefit to pay for long-term care.
This type of rider is best if you're older or concerned about your family's ability to pay for long-term care if you need it as you get older.
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All Legacy life insurance products allow policyholders to add this rider for an additional fee. Any benefit you use for long-term care will reduce the death benefit left on your lifetime legacy policy. However, the money you receive is not taxed as income, so you will receive the full amount.
The simplified whole life product is similar to MassMutual's direct term policy in that you can apply for it entirely online. This policy is available to people between the ages of 40 and 80 and is designed to cover end-of-life expenses such as funeral expenses or debts. Coverage amounts range from $2,000 to $25,000.
The simplified question is unique because applicants will not have to undergo a medical exam to receive coverage. Instead, you'll answer a few questions about health and lifestyle. If you still don't qualify for the simplified question-after-questionnaire policy, MassMutual also offers guaranteed life insurance acceptance for people ages 50 to 75. When you sign up for MassMutual's Guaranteed Acceptance plan, you cannot be denied coverage for any medical reason, but the coverage offer you will receive will be higher.
MassMutual has a universal life insurance product similar to policies from other companies. These policies have a death benefit that is guaranteed for life if the premiums are paid into the plan. What's more, Universal Life allows you to increase or decrease the premium you pay each month to adjust your financial situation.
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Universal life insurance also has a cash value component that increases over time. When you pay the premiums for the policy, part of the money will go towards payments and a separate part will be deposited into a cash account. This account will grow at a minimum guaranteed interest rate over the life of the plan, but may perform better depending on the insurer's market performance. The monetary value can be used as:
Variable universal life (VUL) differs from a standard universal policy in that the cash value interest rate has a higher upside potential, but also a downside risk if the market does poorly.
When you first get a VUL policy, you will have several options for investing your cash value. These options are similar to mutual funds in that they represent a group of securities such as:
Aside from the cash value interest rate, variable universal life insurance works the same as universal life insurance in that a death benefit is guaranteed and there are multiple ways to use your cash account.
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If you are a business owner and want to provide life insurance as a benefit to your employees, then you can offer coverage through MassMutual Group Life Insurance policies. Group plans are available as term, whole or universal life insurance. You can also include group policy add-ons such as critical illness and incidents.
The LifeBridge plan is one of MassMutual's free life insurance programs. Designed for low-income parents, LifeBridge provides a free $50,000 policy that can go toward your child's education if you die within a certain period. The right to participate is limited to persons who:
Under the LifeBridge program, MassMutual will issue a $50,000 policy in trust for 10 years at no cost to you. If you die during this period, education payments will start immediately. This money could be used to pay for tuition, textbooks, room and board on campus.
MassMutual is a great choice for life insurance if you're looking for a financially stable provider. Financial strength ratings for MassMutual are generally good with A.M. The best rating is A++ (superior) and Standard & Poor's AA+ (very strong). These ratings show that MassMutual has good claims-paying capabilities and is financially stable.
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MassMutual received an average score of i
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