MassMutual life insurance review: Great for whole life
MassMutual is a highly-rated life insurance company, and our top pick for whole life insurance policies, in part because of its high dividend payments.
Logan SachonLogan SachonSenior Managing Editor, Life Insurance & ResearchLogan Sachon is a former senior managing editor of life insurance and research at Policygenius. As a journalist, her work has appeared in The Guardian, Business Insider, CNN Money, BuzzFeed, Money Under 30, VICE, New York Magazine, and elsewhere.&Alani AsisAlani AsisContributing WriterAlani Asis is a contributing writer at Policygenius, focusing on insurance company reviews. She is a former Personal Finance Reviews Fellow at Business Insider, and her work has also appeared in LendingTree and Sound Dollar.
Adam MorganAdam MorganEditorial DirectorAdam Morgan is an editorial director at Policygenius who leads the life insurance team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others. As a journalist, his work has appeared in Esquire, Scientific American, The Guardian, Los Angeles Times, and elsewhere.
Our proprietary ratings methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the “Ratings methodology” section for more details.
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
Best whole life insurance 2023
The bottom line
For people who need whole life insurance, MassMutual is an excellent for a variety of ages and health profiles. For term life, many people will be able to find cheaper options.
Strong financial stability ratings
Higher potential for dividends for whole life policyholders than many competitors
Good customer experience ratings
High term life premiums
Term life not available through Policygenius
Basic coverages offered
Term life insurance: MassMutual offers traditionally-underwritten term life in terms of 10, 15, 20, 25, and 30 years. It also offers an Annually Renewable Term (ART) policy with premiums that increase every year. (Note: These products are not available through the Policygenius marketplace.)
No-medical-exam term life insurance: MassMutual offers no-med term life coverage through its subsidiary Haven Life. Haven Term is available in 10, 15, 20, 25, and 30 year terms. (Note: This product is not available through the Policygenius marketplace.)
Whole life insurance: MassMutual has several whole life policies available. Whole Life 100 has the lowest premiums. Other options include Whole Life 65, Whole Life 10/12/15/20 Pay, Whole Life High Early Cash Value, Survivorship Whole Life 100, and Survivorship Whole Life 12 Pay.
Universal life insurance: MassMutual offers universal life insurance through its UL Guard product. (Note: This product is not available through the Policygenius marketplace.)
Variable universal life insurance: MassMutual’s variable universal life product is Apex VUL. (Note: This product is not available through the Policygenius marketplace.)
Additional coverages offered
Accelerated death benefit for terminal illness rider: The common ADB rider is included at no additional cost and lets you access a portion of your policy’s death benefit if you’re certified as terminally ill with a life expectancy of less than 12 or 24 months, depending on your state’s laws.
Waiver of premium rider: For an additional cost, the waiver of premium rider waives premium payments during a period of qualifying disability.
Our price rating scale looks at life insurance rates for a sample 20-year term policy with a $1 million coverage for a 35-year-old female non-smoker with a Standard Plus risk classification, the rating an insurance company gives you that determines your rates (if a company doesn't have a Standard Plus rating, we use its Standard rates). The quote we got from MassMutual puts it in the second least expensive category for our rating system.
MassMutual received a perfect score on our customer experience scale. According to the latest data from the National Association of Insurance Commissioners (NAIC) complaint index, MassMutual’s index rating is 0.03, while the industry average is 1.00. With 97% fewer complaints than the average life insurance company, you can expect outstanding customer service from the MassMutual team.
MassMutual is one of the few insurance companies to score perfect marks on our transparency rating scale. MassMutual earned its score for offering various ways to get in touch with its insurance experts via phone, email, and its online support center. Additionally, MassMutual makes it easy to find term lengths, coverage amounts, and financial strength ratings on its website.
We determine financial strength ratings using three industry-renowned credit rating agencies: A.M. Best, Standard & Poor’s, and Moody’s. MassMutual received an A++, AA+, and Aa3, respectively. With stellar financial strength scores, MassMutual is financially stable and can pay out life insurance claims reliably.
A closer look at MassMutual life insurance
Who is MassMutual best for?
MassMutual is our top pick for whole life insurance in our guide to the best life insurance companies. So, if you’re in the market for lifelong coverage, MassMutual’s whole life policy builds cash value and pays dividends to policyholders. If you’re a young adult seeking a life insurance policy that offers the most bang for your buck, consider looking into MassMutual for coverage. Even candidates that smoke or have high blood pressure can get coverage. MassMutual is also our pick for the best life insurance companies for estate planning.
What makes MassMutual unique?
You want to choose a trustworthy provider when shopping for an insurance company. MassMutual offers well-rated customer service and strong financial ratings. Also, as mentioned above, MassMutual’s permanent policies that build cash value offer higher dividends than its industry competitors.
Who should consider a different life insurance company?
MassMutual’s term life insurance rates are pricer than the industry average. So, if you’re looking for affordable term life insurance, you might want to consider other options. We’ve got you covered with our guide to the cheapest life insurance companies.
Expert opinions on MassMutual
"For people who need lifelong coverage with the chance to grow a cash value, MassMutual is a great choice due to their history of dividend payouts and consistent industry-leading financial strength ratings." —Patrick Hanzel, licensed life insurance specialist at Policygenius
MassMutual history, reputation, and social responsibility
Founded on May 15, 1851, MassMutual is a private mutual company, meaning it isn't publicly traded by shareholders but owned by policyholders and its members. 
MassMutual has over 80,000 employees under the management of the CEO of 23 years, Roger W. Crandall.  The company received a 100% on the Corporate Equality Index and Disability Equality Index, meaning that MassMutual is an excellent place to work for LGBTQ+ and disabled employees. 
MassMutual is dedicated to the community by incorporating environmental, social, and governance (ESG) in its financial offerings. For example, one of the firm's goals is to transition to a net-zero emissions portfolio by 2050. The company also committed $100 million of its impact investing assets to racial equity and economic opportunity efforts. 
MassMutual in the news
In December 2022, the Boston Globe named MassMutual one of the Top Places to Work in Massachusetts. (MassMutual)
In November 2022, MassMutual announced a record 2023 dividend payout to eligible participating policyholders: $1.9 billion. (MassLive)
In October 2022, MassMututal renamed the Great American Life Insurance Company, which it purchased in 2021, to MassMutual Ascend.(InsuranceNewsNet)
Yes, MassMutual is a good company, and it’s the best company for whole life insurance. It has high A.M's Best, Standard & Poor's, and Moody's rankings, and a low volume of consumer complaints, meaning that you can expect top-notch customer service from the company.
What is MassMutual?
MassMutual is a private mutual company that offers life insurance and financial services. It is based in Springfield, Mass and was founded in 1851.
Who owns MassMutual?
MassMutual is a private mutual company that pays dividends to its members and participating policyholders.
How do I contact MassMutual?
To contact MassMutual, including the claims support team, call 800-272-2216 or visit the MassMutual website.
Policygenius uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. Learn more about how we use and vet external sources as part of oureditorial standards.
Logan Sachon is a former senior managing editor of life insurance and research at Policygenius. As a journalist, her work has appeared in The Guardian, Business Insider, CNN Money, BuzzFeed, Money Under 30, VICE, New York Magazine, and elsewhere.
Alani Asis is a contributing writer at Policygenius, focusing on insurance company reviews. She is a former Personal Finance Reviews Fellow at Business Insider, and her work has also appeared in LendingTree and Sound Dollar.
Adam Morgan is an editorial director at Policygenius who leads the life insurance team. Previously, he led editorial teams matrixed across multiple financial publications at Red Ventures — including Bankrate, NextAdvisor, Million Mile Secrets, and others. As a journalist, his work has appeared in Esquire, Scientific American, The Guardian, Los Angeles Times, and elsewhere.