MassMutual No Exam Life Insurance – Company Review
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Founded in 1851, MassMutual has excelled over decades delivering quality financial products and exceptional customer service.
Being a mutual company, MassMutual operates to benefit policyholders rather than stockholders. The company consistently focuses on the long-term rather than the here and now.
MassMutual operates similar to many of the “gold-standard” insurers and offers various financial products that include:
- Long-Term Care Insurance
- Life Insurance
- Disability Income Insurance
- Workplace Benefits
- Wealth Management and Trust Services
While focusing on individuals and families, MassMutual’s product selection is designed to meet planning needs through financial protection. The company has maintained an A++ rating with A.M. Best Rating Services, and the financial outlook for the company continues to be “stable.”
MassMutual makes their financial products available through a vast distribution system that includes career and independent agents.
As a mutual insurer, MassMutual has an excellent history of refunding premium dollars to policyholders through dividend payments. In fact, the most recent dividend approval was over $1.6 billion dollars. Although dividends are not guaranteed every year, the company has paid dividends to policyholders every year since 1869.
Life Insurance Products
Clients and prospective clients have a large selection to choose from when it comes to life insurance, and virtually every need can be met.
Whole Life Insurance
Whole life insurance is considered a permanent policy because it remains in force for the life of the insured as long as the periodic premiums are paid. This lifetime guarantee makes Whole Life a solid choice for those insureds who may be concerned about having coverage that is guaranteed and cannot be canceled due to age or illness. The guarantees provided by whole life insurance include:
- Guaranteed level premium
- Guaranteed death benefit
- Guaranteed cash value accumulation
- Guaranteed return
MassMutual also offers various riders that will allow the policyholder to broaden their coverage and design an insurance policy that meets their individual needs. Riders available for the whole life policy include but are not limited to:
- Term Life insurance
- Life Insurance supplemental rider
- Paid up Additions
- Additional Insured
- Guaranteed Insurability
- Child Term Rider
It’s also extremely important to point out that with a whole life policy, the policyholder can access the accumulated cash in the policy through policy loans that do not require repayment. Also, the dividends from the insurer can be used to offset a portion of the following year’s premium, added to the cash value account, purchase additional insurance, offset a policy loan, or taken as cash.
Guaranteed Acceptance Life
MassMutual’s Guaranteed Acceptance Life product is the perfect solution for applicants seeking final expense insurance to relieve their surviving loved ones from this financial burden. This is a whole life policy that offers the same benefits of their traditional whole life policy but is available to applicants age 50 to 75 and with a death benefit up to $25,000. Guaranteed acceptance means that you will qualify for insurance coverage without regard to health issues.
Term Life Insurance
MassMutual’s Term Insurance is similar to many others in the marketplace. Policies are available with 5, 10, 20, and 30-year terms. All of the MassMutual term products offer a conversion privilege that allows the policyholder to convert all or part of the policy to one of the permanent products they offer.
The conversion privilege plays an important part of financially securing you surviving loved ones because you can purchase all the term coverage you need to cover the debt that has accumulated, and then convert your policy to permanent insurance when your debt has been reduced, and a lower death benefit makes more sense.
Universal Life Insurance
MassMutual’s Universal Life insurance is a very affordable choice for applicants seeking permanent insurance that has the flexibility to meet their needs over a lifetime. Life events such as marriage, a home purchase, and childbirth will typically require you to change your policy benefits to accommodate your life changes, and Universal Life is the only product that is flexible enough to meet your needs.
For policyholder looking to build their cash accounts in an aggressive manner, periodic premiums can be increased to allow for quicker cash accumulation. Access to the cash account can be done through policy loans or partial surrender, and the cash is payable on a non-taxable basis.
Advantages and Disadvantages of MassMutual
Not only is MassMutual very competitive in the marketplace, but they will also have a product with riders that is likely to meet the needs of every prospective client. Their service is outstanding since the company is owned by policyholders rather than stockholders.
In an age of time-saving technology, MassMutual is one of the few large insurers that do not offer an online quote option or a mobile app. Although this does make doing business with them a little more time consuming, we still highly recommend the company and their products.