MassMutual Life Insurance Review: Life insurance With a Helping Hand

This life insurer is a good fit for: People who need help buying coverage or who qualify for the free LifeBridge program.

Pros:

• Financial professionals help consumers pick the right coverage
• Above-average customer service ratings from JD Power
• Free life insurance helps income-eligible parents get covered

Cons:

• Few opportunities to bundle coverage
• No Simplified Issue policies available

Top perks

Financial professionals provide assistance in buying coverage

MassMutual connects interested consumers with a financial advisor. The insurer will set up an initial phone call. The advisor will ask customers shopping for life insurance questions to identify their financial goals.

Professionals will then review their entire financial picture. The advisors will provide recommendations on life insurance and other products. These professionals help customers secure the insurance coverage and other products they may need. They will also work with policyholders to conduct periodic reviews of their finances to ensure they remain fully protected.

This extra help can be invaluable to those who aren't sure where to start when it comes to buying insurance coverage.

Top-notch customer service

MassMutual received a solid customer service rating from JD Power. It wasn't the top insurer in terms of overall customer satisfaction rating. However, it came in at No. 7 behind State Farm, Nationwide, and several other competitors. It was ranked well above the industry average. And it beat more than 14 other carriers in the rankings.

Free life insurance program for eligible parents

MassMutual offers a LifeBridge program for income-eligible families. It provides free coverage. It's intended to help children pay off educational expenses after an insured parent or guardian passes away. This free term-life insurance coverage runs for 10 years, and provides a $50,000 death benefit. The money is paid to a trust that distributes it directly to the schools surviving children attend.

What could be improved?

A broader range of insurance options could be available

MassMutual offers multiple types of life insurance. It also offers disability and long-term care coverage. But it doesn't offer other insurance options such as homeowners insurance, auto insurance, or renter's insurance. Some insurers -- including Geico and State Farm -- offer all these different kinds of coverage. They provide more options for multi-policy discounts. And they make life more convenient for those who don't want to deal with many insurers for their different needs.

Guaranteed issue policies could be offered

MassMutual discontinued their Simplified Issue Whole Life Policy. That policy offered whole life insurance without a medical exam. Without this option available, people interested in getting guaranteed issue coverage must look elsewhere for options.

If you want a life insurer who offers policy options with no medical exam: TransAmerica provides many options for life insurance without medical exams, unlike MassMutual. However, TransAmerica doesn't offer the same level of professional financial assistance to those buying coverage.

Term Life Insurance

Term life insurance remains in effect for a limited period of time. MassMutual offers term life policies that last for 10, 20, or 30 years. They come with guaranteed premiums. They do not include an investment component or acquire a cash value.

Participating Whole Life Insurance

Whole life insurance policies offer guaranteed premiums and guaranteed growth. Policies accrue a cash value. And policyholders have the potential to earn dividends. MassMutual recommends these types of policies for people who want to leave a legacy, receive guaranteed supplemental retirement income, or meet lifetime insurance needs.

Universal Life Insurance

Universal Life Insurance from MassMutual comes with flexible premiums. Policies can accrue a cash value, which is based on the current interest rates with a guaranteed minimum. Mass Mutual offers this type of coverage for people looking for the benefits of permanent insurance but who want more flexibility regarding premiums.

Variable Universal Life Insurance

Variable Universal offers permanent life insurance with an investment component. This is the only type of policy that MassMutual offers which allows policyholders a choice of investment options. The policies come with flexible premiums. Their cash value is determined by how the underlying investment performs.

Guaranteed purchase

This provides the option to purchase more life insurance at later points. It's common for this rider to be added on to a starter policy that parents purchase for children.

Renewable term

This is an add-on to a term life insurance policy. It allows policyholders to renew their coverage or convert to whole life insurance without going through underwriting again.

Waiver of premium

This rider allows policyholders to pause payments on a life insurance policy in the event of total disability while still keeping coverage active.

Long-term care

Long-term care riders allow policyholders to accelerate payment of the death benefit when faced with a terminal illness in order to help cover long-term care or end-of-life costs.

Consumers can apply online for term life coverage through MassMutual Direct. Or they can work with a financial professional to get personalized advice and assistance with the application process.

Term life policies through MassMutual valued at $100,000 to $3,000,000 can be purchased by consumers between the ages of 18 and 64.

MassMutual received 782 out of a possible 1,000 points on JD Power's Overall Customer Satisfaction Index Ranking. This put it well above the industry average of 776 points. However, the insurer received only a B- Better Business Bureau Rating. And it received one out of five stars on the BBB's customer reviews.

MassMutual is best suited for people who:

• Need a financial advisor to walk them through the insurance buying process
• Qualify for the LifeBridge program to get free coverage
• Prioritize top-notch customer service over access to policies that don't require a medical exam

But for customers who want access to policies that don't require medical exams, TransAmerica could be a better fit. Those who would prefer to get life, home, auto, and multiple other insurance policies from the same insurer may also do better with Geico, which provides more opportunities for bundled coverage.