MassMutual Insurance Review & Ratings (2024)
With 14 types of coverage, MassMutual insurance options are ideal for people looking to customize their policies. MassMutual life insurance quotes start at $9 per month, with coverage options up to $10 million. However, you’ll need to speak with MassMutual agents since most plans can’t be purchased online.
Travis Thompson
Licensed Insurance Agent
Travis Thompson has been a licensed insurance agent for nearly five years. After obtaining his life and health insurance licenses, he began working for Symmetry Financial Group as a State Licensed Field Underwriter. In this position, he learned the coverage options and limits surrounding mortgage protection. He advised clients on the coverage needed to protect them in the event of a death, critica...
Licensed Insurance Agent
UPDATED: Sep 13, 2024
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Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Sep 13, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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MassMutual Insurance
Average Monthly Rate For Good Drivers
$15A.M. Best Rating:
A++Complaint Level:
LowPros
- Strong financial stability and ratings
- Diverse range of insurance and financial products
- Long-standing history and reputation in the industry
Cons
- Rates might be higher compared to some competitors
- Customer service experiences can vary
- Policy options might not suit everyone’s needs equally
MassMutual Insurance, founded in 1851 in Springfield, Massachusetts, is a reputable and long-standing insurance provider offering a diverse range of insurance and financial products. Their extensive history reflects a commitment to policyholders’ long-term financial security and independence.
The company’s products include life insurance, disability income insurance, annuities, retirement planning, and investment management services. With a mission to help individuals and families achieve financial stability, MassMutual prioritizes excellent customer service and offers a variety of discounts to policyholders.
They leverage technology through mobile apps and online account management for a seamless customer experience. While customer feedback is generally positive, it’s advisable to thoroughly research and compare offerings to ensure the right fit for individual needs and circumstances.
What You Should Know About Massmutual
MassMutual Insurance is one of the best life insurance companies on the market due its financial strength reputation as a trustworthy provider. However, MassMutual offers a lot more than life insurance — from long-term disability coverage to retirement services, MassMutual is a one-stop shop for financial services.
Read on to learn more about MassMutual ratings, life insurance options, and other services this company offers. Then, compare rates with other life insurance companies to find the best-priced policy for your financial needs.
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History of MassMutual Insurance
MassMutual Insurance was founded in 1851 in Springfield, Massachusetts, by a group of businessmen who were concerned about the lack of affordable life insurance options available at the time.
The company started as a mutual life insurance company, which means that it is owned by its policyholders rather than shareholders.
This structure allows the company to focus on the long-term needs of its policyholders, rather than the short-term demands of investors.
Over the years, MassMutual Insurance has grown to become one of the largest insurance companies in the United States, with over 5 million policyholders and more than $500 billion in assets under management.
The company has expanded its product offerings to include a range of insurance and financial products, such as disability income insurance, long-term care insurance, annuities, retirement planning, and investment management.
Mission of MassMutual Insurance
The mission of MassMutual Insurance is to help people secure their financial futures and protect their loved ones. The company believes that everyone deserves access to affordable and reliable financial products and services, regardless of their income level or background.
To achieve this mission, MassMutual Insurance is committed to providing its policyholders with:
- Financial security: The company’s products and services are designed to help policyholders achieve financial security and independence.
- Peace of mind: MassMutual Insurance understands that financial planning can be stressful, and the company strives to provide its policyholders with the peace of mind that comes with knowing that they are protected.
- Excellent customer service: The company is committed to providing its policyholders with excellent customer service and support. MassMutual Insurance agents are trained to listen to their client’s needs and provide them with personalized solutions.
In addition to its mission of helping individuals and families achieve financial security, MassMutual Insurance is also committed to corporate social responsibility. The company supports various initiatives related to education, economic development, and community building.
Massmutual Insurance Coverage Options
MassMutual Insurance offers several types of coverage. Here are some of the company’s insurance options:
- Life insurance: MassMutual Insurance offers a range of life insurance policies to suit different needs and budgets. This includes term life insurance, whole life insurance, universal life insurance, and variable life insurance.
- Disability income insurance: This insurance provides a portion of your income if you become disabled and unable to work.
- Long-term care insurance: This insurance covers the cost of long-term care services, such as nursing home care, in-home care, and assisted living.
- Annuities: Annuities are financial products that provide a steady stream of income in retirement. MassMutual Insurance offers a range of annuity options, including fixed annuities, variable annuities, and immediate annuities.
- Retirement planning: MassMutual Insurance offers retirement planning services, including individual retirement accounts (IRAs) and 401(k) plans.
- Investment management: MassMutual Insurance provides investment management services through its subsidiary, OppenheimerFunds. This includes a range of mutual funds and separately managed accounts.
As a mutual company, MassMutual Insurance is owned by its policyholders, which means that profits are returned to policyholders in the form of dividends or reduced premiums.
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States Where MassMutual Insurance is Offered
MassMutual Insurance offers a range of insurance products and services across the United States.
The company has offices and agents in all 50 states and the District of Columbia, making its insurance products widely available.
If you’re interested in purchasing insurance from MassMutual, it’s best to contact a local agent or visit the company’s website to find out what products and services are available in your state.
Their customer service team can also answer any questions you may have about coverage options and help you find the right insurance policy for your needs.
Massmutual Insurance Rates Breakdown
The cost of insurance with MassMutual will depend on a variety of factors, including the type of policy you need, your age, health, and coverage needs. MassMutual is known for offering competitive rates and a variety of discounts to policyholders.
For example, the company offers a multi-policy discount for customers who have multiple insurance policies with MassMutual, such as auto and home insurance. They also offer safe driver discounts, homeowner discounts, and good student discounts for auto insurance customers. The best way to determine the cost of insurance with MassMutual is to get a personalized quote.
You can do this by contacting a MassMutual financial advisor or by visiting the company’s website and using their online quote tool. It’s important to note that while cost is an important factor in choosing an insurance provider, it should not be the only factor. You should also consider the company’s financial stability, customer service, and reputation in the industry.
Massmutual Discounts Available
MassMutual Insurance offers a variety of discounts to help customers save on their insurance premiums. Here are some of the available discounts:
- Multi-policy discount: If you have multiple insurance policies with MassMutual Insurance, such as auto and home insurance, you may be eligible for a multi-policy discount. This discount can help you save on your premiums and simplify your insurance payments.
- Safe driver discount: MassMutual Insurance rewards safe drivers with lower premiums. If you have a clean driving record with no accidents or traffic violations, you may be eligible for a safe driver discount.
- Homeowner discount: If you own a home and have home insurance through MassMutual Insurance, you may be eligible for a homeowner discount on your auto insurance. This discount can help you save on your premiums by bundling your insurance policies.
- Good student discount: MassMutual Insurance offers a good student discount for students who maintain a high GPA. If you are a student with good grades, you may be eligible for a discount on your auto insurance premiums.
- Defensive driving course discount: If you complete a defensive driving course, you may be eligible for a discount on your auto insurance premiums. This discount can help you save on your premiums while also improving your driving skills.
It’s important to note that the availability and amount of discounts may vary depending on your location and policy. To find out what discounts are available to you, it’s best to contact a MassMutual Insurance agent or visit the company’s website.
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Effortless Claims Handling With Massmutual Insurance
Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)
Massmutual Insurance offers multiple options for filing claims, providing convenience to policyholders. You can file a claim online through their website, over the phone by contacting their customer service, or even using their mobile app. This flexibility ensures that policyholders can choose the method that best suits their preferences and needs.
Average Claim Processing Time
The average claim processing time with Massmutual Insurance may vary depending on the type of claim and the complexity involved. It’s essential to contact their customer service or refer to your policy documents for specific information on claim processing times for your particular situation. MassMutual is committed to efficient claims handling and strives to provide timely assistance to its policyholders.
Customer Feedback on Claim Resolutions and Payouts
Massmutual Insurance has generally received positive customer feedback regarding claim resolutions and payouts. Their strong financial stability and commitment to policyholders’ needs are reflected in their reputation for fair and prompt claim settlements.
However, as with any insurance provider, individual experiences may vary, so it’s advisable to review customer reviews and testimonials for more insights into specific claim experiences.
Exploring Massmutual Insurance Digital and Technological Innovations
Mobile App Features and Functionality
Massmutual Insurance offers a mobile app that provides policyholders with convenient access to their insurance information and account management. The app typically includes features such as policy details, claims tracking, bill payment, and contact information for customer support. It’s a user-friendly tool designed to enhance the overall customer experience.
Online Account Management Capabilities
Policyholders can manage their accounts online through Massmutual Insurance’s website. This includes tasks like updating personal information, reviewing policy documents, making payments, and accessing important policy-related information. The online account management system is designed to empower policyholders with easy and efficient self-service options.
Digital Tools and Resources
Massmutual Insurance provides a range of digital tools and resources to assist policyholders in making informed decisions. These resources may include online calculators, educational articles, and financial planning tools. By offering these digital resources, MassMutual aims to support its policyholders in achieving their financial goals and understanding their insurance coverage better.
How Massmutual Ranks Among Providers
MassMutual Insurance operates in a dynamic market where several key competitors vie for attention and market share. Exploring its competitors sheds light on the diverse options available within the insurance industry and showcases the strengths and specialties of each player. Competitors of MassMutual Insurance:
- New York Life: Renowned for its financial strength and stability, New York Life offers a wide array of insurance and investment products. It emphasizes long-term planning, whole life insurance, and a strong focus on policyholder dividends.
- Northwestern Mutual: Known for its financial planning services and whole life insurance products, Northwestern Mutual focuses on building long-term relationships with clients. It offers a range of investment and insurance solutions.
- Prudential Financial: Prudential offers a comprehensive suite of insurance and investment products, catering to both individual and institutional clients. It emphasizes retirement planning, investment management, and various life insurance options.
- Lincoln Financial Group: Lincoln Financial provides diverse insurance and retirement solutions, including life insurance, annuities, and retirement planning services. It emphasizes customizable coverage options and financial education.
- Guardian Life: Guardian Life specializes in disability income insurance, life insurance, and dental insurance. It emphasizes customizable coverage options and a strong focus on policyholder dividends.
In a competitive insurance landscape, MassMutual Insurance competes with industry leaders like New York Life, Northwestern Mutual, Prudential Financial, Lincoln Financial Group, and Guardian Life. Each competitor brings unique strengths to the market, catering to various financial and insurance needs.
Understanding these competitors is crucial for consumers seeking comprehensive and tailored insurance solutions.
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Customer Feedback for MassMutual Insurance
MassMutual Insurance has generally positive customer reviews across various review sites and forums. Here are some highlights:
The Better Business Bureau gives MassMutual Insurance an A+ rating, the highest possible rating. Additionally, the company has a 4.5 out of 5-star rating based on customer reviews. Many reviewers state that MassMutual life insurance customer service representatives are progessional and helpful.
Reviews on Trustpilot are mixed, with a rating of 2.6 out of 5 stars based on over 70 customer reviews. While some customers report positive experiences with the company, others have had issues with claims processing and customer service.
Overall, MassMutual Insurance appears to be a reputable and trustworthy insurance provider with a range of products and services to meet customers’ needs.
As with any insurance provider, it’s important to do your research and compare quotes from multiple providers before making a decision.
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Frequently Asked Questions
What is MassMutual Insurance?
MassMutual Insurance is an insurance company that offers a range of insurance products, including life insurance, disability income insurance, long-term care insurance, and annuities.
What types of life insurance policies does MassMutual Insurance offer?
MassMutual Insurance offers both term and permanent life insurance policies.
What is term life insurance?
Term life insurance provides coverage for a specific period of time, typically 10, 20, or 30 years. If the policyholder dies during the term, their beneficiaries receive a death benefit. If the policyholder outlives the term, the policy expires and no benefits are paid.
What is permanent life insurance?
Permanent life insurance provides coverage for the entire life of the policyholder and includes a savings component that can accumulate cash value over time. There are different types of permanent life insurance policies, including whole life, universal life, and variable life.
What is disability income insurance?
Disability income insurance provides income replacement if the policyholder becomes disabled and is unable to work.
What is long-term care insurance?
Long-term care insurance provides coverage for expenses related to long-term care, such as nursing home care or in-home care, if the policyholder is unable to care for themselves due to an illness or injury.
What are annuities?
Annuities are financial products that provide a regular stream of income in exchange for an initial lump sum or a series of payments. MassMutual Insurance offers both fixed and variable annuities.
Is MassMutual a good company?
By most measures, MassMutual is an excellent option for life insurance. MassMutual life insurance reviews are usually positive, with many customers reporting that the claims process was simple.
Can you get MassMutual insurance online?
Unfortunately, you can only purchase a term life policy online from MassMutual. If you want a permanent plan, you’ll need to speak with MassMutual customer service for help.
Is MassMutual affordable?
Life insurance prices depend on a variety of factors, but most MassMutual reviews say that the company offers affordable prices.
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Travis Thompson
Licensed Insurance Agent
Travis Thompson has been a licensed insurance agent for nearly five years. After obtaining his life and health insurance licenses, he began working for Symmetry Financial Group as a State Licensed Field Underwriter. In this position, he learned the coverage options and limits surrounding mortgage protection. He advised clients on the coverage needed to protect them in the event of a death, critica...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.