In addition to standard term, whole, and universal life insurance plans, MassMutual provides a wide range of additional coverage options for more discriminating clients.
About MassMutual
Founded in 1851 and headquartered in Springfield, Massachusetts, MassMutual is MassMutual provides financial wellness knowledge on issues including estate planning and college savings in addition to a range of life insurance policies and investment management tools. MassMutual allows company owners to handle employee benefits packages including pensions and group life insurance as well as business insurance.
MassMutual life insurance holders have access to all the contemporary amenities you would expect. For instance, it features a mobile app for Androids and iPhones that lets you view your policy information and make particular modifications. Online claims are another option instead of involving a customer agent.
And MassMutual has a clear-to–read graphic to assist you understand the variations among its policies if you are looking around for insurance. Having said that, Haven Life, MassMutuals’ online term policy option, recently ceased sales of plans. Purchasing a new life insurance policy now requires working via an agent.
MassMutual provides term, whole, universal, and variable universal life insurance among other policy choices. These policy forms also vary, so applicants have numerous choices at hand.
Term policies usually start at $100,000 and may go as high as $10 million. MassMutual offers many whole life insurance starting at $25,000 (but other policies put a lower maximum at $100,000). Depending on the policy, its universal life insurance begins at $50,000, or $100,000.
Certain policies, including some term policies and some whole life policies for smokers, are limited to candidates between the ages of 60 and 65. Many regulations, nevertheless, do allow candidates between the ages of 75 and 85.
MassMutual Life Insurance Review
Individual characteristics unique to the policyholder determine the pricing of life insurance. Among those elements are your age, gender, living location, health and way of life. To assign a risk value to your insurance, your health state may need to be ascertained via a medical exam.
Other elements influencing rates include the type of policy, policy duration, desired coverage level, and whether the policy offers such advantages as growing cash value.
For a 20-year term life insurance policy, the policy calls for $1 million coverage. Your premium will be lower, as shown, the younger you are when you purchase the policy. These insurance pay a lump-sum tax-free payout devoid of any built-in financial value.
Our Life Insurance Quotes page here is a great place to learn more about term policy pricing.
MassMutual does not provide bundling discounts with life insurance plans since these discounts are usually illegal under law. Visit our page Cheapest Life Insurance Companies for further details on reasonably priced life insurance.
Purchasing term life insurance means you are buying coverage for a designated period. Your coverage ends along with the insurance.
Term plans available from MassMutual have 1-, 10-, 15-, 20-, 25-, and 30-year periods. If you keep up with your premiums—which usually remain the same over the course of the policy—you will have coverage for the period you chose. Term life insurance products offered by MassMutual contain the following characteristics:
Coverage beginning at $100,000
Accelerated death benefit for rider of a terminal illness added at no further cost
Optional waiver of premium rider accessible at additional cost
Policies can be changed to become permanent ones—like whole or universal—without a medical exam or health questionnaire.
With a cash value component you can gradually grow over time and withdraw or borrow against as needed, whole life insurance offers permanent, lifetime coverage. MassMutual has a range of whole life insurance with these characteristics:
promised death benefit
Level payments
Beginning at $10,000, coverage
Depending on policy, services persons up to age 60, 75, or 90.
Great spectrum of accessible riders
creates value in cash
qualified for rewards
A whole life policy allows you to borrow against or remove the cash value section; just be aware that doing so may lower the death benefit until it is paid back.
Participating MassMutual whole life insurance pay off unlike term and universal plans. Though MassMutual has paid forth dividends annually since 1869, they are not guaranteed.
A type of permanent life insurance, universal life insurance can generate cash value and has variable premiums.
Mass Mutual offers three universal life policies:
Life Guard Everywhere
Peak Variable Universal Life Survivorship Universal Life Guard; the death benefit is paid out upon the deaths of both insured people.
MassMutual’s universal life insurance has generally adjustable premiums that change with time. Starting at $50,000 per person, the survivorship policy doubles coverage.
You can also buy add-ons; the choices will rely on the policy you choose. To build out coverage, the Universal Life Guard insurance can have the accelerated death benefit rider, waiver of premium rider, and substitute of insured rider.
Every universal policy MassMutual has generates monetary value. The basis of the typical universal life policy is the current interest rate; hence, there is a fixed minimum rate as a security measure. You should be advised, nonetheless, that the cash value of the variable universal life policy can rise or fall depending on the performance of the chosen assets. Having said that, the variable insurance does have a Guaranteed Principal Account choice with a fixed rate.