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Life insurance is one of those financial decisions that many individuals would prefer avoid. In this profile, we’ll go over the various MassMutual life insurance products to help you select the best one for you and your family.
They provides a variety of policy options, dividends on whole life insurance, significant term conversion possibilities, and even some of the highest third-party ratings in the market. It also ranks highly among our top providers for its no-medical-exam policies and financial robustness.
Pros
- Provides 15 primary products divided into three categories: term, whole, and universal life insurance.
- Dividends are paid to policyholders of specific policies.
- Some whole life and universal life insurance plans accrue monetary value.
- Possibility of Liberal term conversion
- Possibility of receiving dividends
- For a corporation of its magnitude, there are very few complaints.
- There are no-medical-exam policies accessible.
- The highest ranking for financial strength
Cons
- There is a limitation of internet tools and services (Does not take credit card payments online).
- Rates are usually higher than those of other companies.
- Many policies necessitate a medical examination.
MassMutual Life Insurance Policies Available
A MassMutual Life insurance is classified into two types: term and permanent. Term life insurance is only valid for a set length of time; permanent life insurance gives a death benefit that can last a lifetime, so your loved ones will be compensated regardless of when you die. And some of our permanent insurance allow you to accumulate cash worth that you can use however you see fit.
The different types of life insurance MassMutual Life insurance provides:
Term Life Insurance
MassMutual Term life insurance provides coverage for a fixed number of years, such as ten or twenty years. The premiums are fixed during the policy’s duration, and if you die during the term, your beneficiary receives a death benefit.
Term life insurance premiums are lower for younger people and gradually increase with age. Some term life insurance policies are convertible, which means you can switch your coverage to a permanent policy without having to have a medical exam.
MassMutual provides two types of term life insurance policies:
- MassMutual Term
- Haven Life Term
Whole Life Insurance
Whole life insurance is a permanent life insurance policy that covers you for the rest of your life. It has set premiums and pays a death benefit if you die. Furthermore, whole life insurance policies accumulate cash value that can be borrowed or withdrawn.
Whole life policyholders at MassMutual are eligible for annual dividends based on the company’s financial success. Dividends can be used to boost the death benefit or cash value, as well as to pay premiums.
MassMutual offers the following Whole life insurance policies:
- Whole Life High Early Cash Value (HECV)
- Whole Life 10/15/20-Pay
- Whole Life 65
- Whole Life 100
- Survivor Legacy 100
- CareChoice Select Hybrid Life
- CareChoice One Hybrid Life
Universal Life Insurance
Another type of permanent life insurance that generates cash value is universal life (UL) insurance. This sort of life insurance is noted for its adaptability—as long as you have enough cash value in your account, you can adjust your universal life insurance premium and death benefit to reflect changes in your financial situation.
Some universal life insurance plans are structured similarly to term coverage, in that the coverage is intended to be in effect for a set period of time.
MassMutual offers the following universal life (UL) insurance policies:
- Universal Life (UL) Guard
- Survivorship Universal Life (SUL) Guard
Variable Universal Life Insurance
Variable universal life (VUL) insurance offers the same flexibility as a universal life policy, with the ability to change the frequency and amount of your premiums, subject to certain limits.
Variable universal insurance generate cash value and let you to direct where the money is invested. MassMutual offers a spectrum of investment alternatives, or you can invest in the Guaranteed Principal Account (GPA), a fixed account that earns guaranteed interest daily.
MassMutual offers the following Variable universal life (VUL) insurance policies:
- Apex VUL
How Much Does MassMutual Life Insurance Cost?
The cost of life insurance is determined by a variety of factors unique to each policyholder. Some of these characteristics include your age, gender, location, and health and lifestyle. In order to give a risk value to your insurance, a medical exam may be required to determine your health condition.
Other factors that influence pricing include the type of policy, the period of the policy, the amount of coverage desired, and whether the policy has benefits such as building cash value.
The policy contains $1 million coverage for a 20-year term life insurance policy in the example below. As previously said, the younger you are when you purchase the coverage, the lower your premium will be. These insurance provide a tax-free benefit in the form of a lump-sum payout with no cumulative cash value.
To compare the prices of MassMutual’s life insurance plans to those of other businesses, we obtained sample quotes from several insurers for 30-year, $250,000 term life policies for healthy males and females aged 25, 40, and 55. MassMutual’s premiums were better than average, but not as good as some of its competitors on the list of best life insurance providers.
Any tariffs given are merely for illustration purposes. For appropriate quotations, you should contact the insurance company or insurance agent directly.
How Much Does MassMutual Life Insurance Cost for Seniors?
Rates for a $500,000 term life policy with a 10-year term can be rather expensive for policyholders 65 and older, a stage in life when one’s health quality may drop and mortality risk value increases.
How Much Does MassMutual Life Insurance Cost for Smokers?
Smokers, regardless of age, often pay higher rates for life insurance since smoking raises their mortality risk. A 35-year-old male smoker will pay $193.63 for a 20-year term policy with $1 million in coverage, whereas a nonsmoker will cost $103.76.
How to Buy MassMutual Life Insurance
The simplest way to get a MassMutual life insurance policy is to first utilize the company’s online calculator to establish your needs and preferences before contacting a local advisor.
If you know the name of a MassMutual advisor you’d want to work with, you can contact them through the company’s website. Otherwise, MassMutual will show you local advisors.
While many people believe that buying online is more convenient, term life insurance is presently the only life insurance policy from MassMutual that may be applied for online. Although there are few exceptions, you can choose to receive electronic papers.
First, decide why you want life insurance, whether it’s to meet your family’s daily needs, to cover end-of-life expenses, to leave an inheritance to your children, or for any other reason.
This will assist you in determining how much coverage you require, how long you require it for, how you want to manage premium payments, and the types of benefits you require.
In Conclusion
MassMutual provides a strong selection of term, whole, and universal life insurance policies to consumers nationally, but its prices are generally higher than those of the firms in our list. Many insurance plans demand not only a medical test, but also that you acquire them through an agent or financial advisor.
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