In this blog post I’m going to review Mass Mutual term life insurance. I’ll list some of the advantages and disadvantages of having term life with Mass Mutual, and I’ll also compare term life rates between Mass Mutual and other top rated life insurance companies. If you would like to compare rates for yourself you can use our quote tool right below this paragraph. Otherwise keep reading for Mass Mutual term life insurance review.
Mass Mutual Term Life Insurance Review – Pros and Cons
Mass Mutual is a highly rated life insurance company. They have an A++ rating from A.M Best, which is considered “Superior”. From a financial stand point, Mass Mutual is very strong, and has a long history dating back over 100 years.
Mass Mutual also has a competitive Whole life policy and you can convert a Mass Mutual term policy to whole life during the first 10 years that you have the policy. If you are buying Mass Mutual term because you plan on converting it to whole life in the future, than going with Mass Mutual term life has merit. The reality is however that Whole life is very expensive and you may never convert your term policy.
If you have no intention of converting a term policy to whole life, I would not recommend Mass Mutual term life insurance. Why? Here is a list of some reasons:
Mass Mutual term life insurance is expensive. If you compare Mass Mutual term life insurance rates to other top life insurance companies, Mass Mutual doesn’t even rank in the top 20 in terms of price.
As an example, let’s take an example of a 40 year old woman applying for $500,000 20 year term policy at the best non smoker rates:
Here is how Mass Mutual compares to the competition:
$500,000 20 Year Term Life = SBLI $305 Annually
$500,000 20 Year Term Life = Protective Life $310 Annually
$500,000 20 Year Term Life = Banner Life $310 Annually
$500,000 20 Year Term Life = American General $349 Annually
$500,000 20 Year Term Life = Genworth $362.85 Annually
$500,000 20 Year Term Life = Transamerica $375 Annually
$500,000 20 Year Term Life = Mass Mutual $415 Annually
In this example you could save $110 annually simply by comparing rates and going with a more affordable company like SBLI, Protective Life, or Banner.
Over a 20 Year term period, you would save $2,200 by not going with Mass Mutual.
Mass Mutual Term Life Insurance Review – Underwriting
Underwriting is the process of reviewing your application, medical exam lab results, and possibly doctor’s records to decide what health rating you will get on your life insurance policy. Ratings range from Preferred Plus (sometimes called Ultra Preferred or Super Preferred) to Preferred, Standard Plus, Standard, and even ratings below standard.
Mass Mutual tends to be very cautious in how they underwrite potential life insurance applicants. If you suffer from diabetes, high cholesterol or blood pressure, you will most likely get a better health rating from companies like American General, Banner Life, Transamerica, or Prudential than from Mass Mutual. The result is that pricing for life insurance with Mass Mutual will be significantly higher if you are considered “high risk” or have a pre-existing health condition.
Mass Mutual Term Life Options:
While Mass Mutual offers 10,15,and 20 year term life, they do not offer a 25 or 30 year term life option. If you are under 50 years old you may want to consider a 25 or 30 year term and that will not be an option with Mass Mutual. In fact you can probably get a 30 year term with more affordable companies for the same price as a Mass Mutual 20 year term life.
Mass Mutual Agents
If you are working with a Mass Mutual agent, chances are they are only offering you Mass Mutual and not other lower priced competitors. While some Mass Mutual agents do have access to other more competitive companies, they get paid more for selling Mass Mutual and will often try to “push” Mass Mutual only. You will be much better off working with an independent agent that is completely unbiased and can offer a wide range of high quality life insurance carriers.
At ChooseTerm.com we are an independent life insurance agency, so we won’t be pushing expensive life insurance. We work with over 30 top life insurance carriers and you can’t beat the term life rates that we have access to.