MassMutual Insurance Review & Ratings (2023)
This MassMutual Insurance Review will cover MassMutual Insurance ratings by real users for overall satisfaction and claims, cost, billing, and service satisfaction. The MassMutual Insurance A.M. Best rating is A++, and the MassMutual Insurance S&P Rating is AA+. To compare insurance rates from the best companies in your area, enter your ZIP code below.
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Written by
Chris Tepedino |
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Reviewed by
Laura Walker
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UPDATED: Mar 5, 2023
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MassMutual Insurance was founded in 1851, and sells primarily life, disability and long term care insurance. MassMutual is the lead company and includes more than 13 subsidiary companies under the name of MassMutual Financial Group. The company is represented by dedicated agents, and offers wealth management and counseling services in addition to insurance offerings.
An Overview of MassMutual Insurance
If you’re looking for a reliable and trustworthy insurance company, MassMutual Insurance is worth considering. Here are a few interesting attributes that set MassMutual Insurance apart:
- Strong financial ratings: MassMutual Insurance has received high financial ratings from various reputable organizations, including Standard & Poors and Moody’s. This indicates that the company is financially stable and capable of meeting its policyholders’ obligations.
- Comprehensive product offerings: The company offers a range of insurance and financial products, including life insurance, disability income insurance, long-term care insurance, annuities, retirement planning, and investment management.
- Commitment to corporate social responsibility: MassMutual Insurance is committed to making a positive impact on society. Through its various initiatives, the company supports education, economic development, and community building.
With over 160 years of experience in the industry, the company has established a reputation for providing excellent financial services and products to its customers.
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History of MassMutual Insurance
MassMutual Insurance was founded in 1851 in Springfield, Massachusetts, by a group of businessmen who were concerned about the lack of affordable life insurance options available at the time.
The company started as a mutual life insurance company, which means that it is owned by its policyholders rather than shareholders.
This structure allows the company to focus on the long-term needs of its policyholders, rather than the short-term demands of investors.
Over the years, MassMutual Insurance has grown to become one of the largest insurance companies in the United States, with over 5 million policyholders and more than $500 billion in assets under management.
The company has expanded its product offerings to include a range of insurance and financial products, such as disability income insurance, long-term care insurance, annuities, retirement planning, and investment management.
Mission of MassMutual Insurance
The mission of MassMutual Insurance is to help people secure their financial futures and protect their loved ones. The company believes that everyone deserves access to affordable and reliable financial products and services, regardless of their income level or background.
To achieve this mission, MassMutual Insurance is committed to providing its policyholders with:
- Financial security: The company’s products and services are designed to help policyholders achieve financial security and independence.
- Peace of mind: MassMutual Insurance understands that financial planning can be stressful, and the company strives to provide its policyholders with the peace of mind that comes with knowing that they are protected.
- Excellent customer service: The company is committed to providing its policyholders with excellent customer service and support. MassMutual Insurance agents are trained to listen to their client’s needs and provide them with personalized solutions.
In addition to its mission of helping individuals and families achieve financial security, MassMutual Insurance is also committed to corporate social responsibility. The company supports various initiatives related to education, economic development, and community building.
Products and Services Offered by MassMutual Insurance
MassMutual Insurance offers several types of coverage. Here are some of the company’s insurance options:
- Life insurance: MassMutual Insurance offers a range of life insurance policies to suit different needs and budgets. This includes term life insurance, whole life insurance, universal life insurance, and variable life insurance.
- Disability income insurance: This insurance provides a portion of your income if you become disabled and unable to work.
- Long-term care insurance: This insurance covers the cost of long-term care services, such as nursing home care, in-home care, and assisted living.
- Annuities: Annuities are financial products that provide a steady stream of income in retirement. MassMutual Insurance offers a range of annuity options, including fixed annuities, variable annuities, and immediate annuities.
- Retirement planning: MassMutual Insurance offers retirement planning services, including individual retirement accounts (IRAs) and 401(k) plans.
- Investment management: MassMutual Insurance provides investment management services through its subsidiary, OppenheimerFunds. This includes a range of mutual funds and separately managed accounts.
As a mutual company, MassMutual Insurance is owned by its policyholders, which means that profits are returned to policyholders in the form of dividends or reduced premiums.
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Coverage Cost by MassMutual Insurance
The cost of insurance with MassMutual will depend on a variety of factors, including the type of policy you need, your age, health, and coverage needs.
MassMutual is known for offering competitive rates and a variety of discounts to policyholders.
For example, the company offers a multi-policy discount for customers who have multiple insurance policies with MassMutual, such as auto and home insurance. They also offer safe driver discounts, homeowner discounts, and good student discounts for auto insurance customers.
The best way to determine the cost of insurance with MassMutual is to get a personalized quote. You can do this by contacting a MassMutual financial advisor or by visiting the company’s website and using their online quote tool.
It’s important to note that while cost is an important factor in choosing an insurance provider, it should not be the only factor. You should also consider the company’s financial stability, customer service, and reputation in the industry.
Insurance Discounts Offered by MassMutual Insurance
MassMutual Insurance offers a variety of discounts to help customers save on their insurance premiums. Here are some of the available discounts:
- Multi-policy discount: If you have multiple insurance policies with MassMutual Insurance, such as auto and home insurance, you may be eligible for a multi-policy discount. This discount can help you save on your premiums and simplify your insurance payments.
- Safe driver discount: MassMutual Insurance rewards safe drivers with lower premiums. If you have a clean driving record with no accidents or traffic violations, you may be eligible for a safe driver discount.
- Homeowner discount: If you own a home and have home insurance through MassMutual Insurance, you may be eligible for a homeowner discount on your auto insurance. This discount can help you save on your premiums by bundling your insurance policies.
- Good student discount: MassMutual Insurance offers a good student discount for students who maintain a high GPA. If you are a student with good grades, you may be eligible for a discount on your auto insurance premiums.
- Defensive driving course discount: If you complete a defensive driving course, you may be eligible for a discount on your auto insurance premiums. This discount can help you save on your premiums while also improving your driving skills.
It’s important to note that the availability and amount of discounts may vary depending on your location and policy. To find out what discounts are available to you, it’s best to contact a MassMutual Insurance agent or visit the company’s website.
States Where MassMutual Insurance Is Offered
MassMutual Insurance offers a range of insurance products and services across the United States.
The company has offices and agents in all 50 states and the District of Columbia, making its insurance products widely available.
If you’re interested in purchasing insurance from MassMutual, it’s best to contact a local agent or visit the company’s website to find out what products and services are available in your state.
Their customer service team can also answer any questions you may have about coverage options and help you find the right insurance policy for your needs.
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Customer Feedback for MassMutual Insurance
MassMutual Insurance has generally positive customer reviews across various review sites and forums. Here are some highlights:
The Better Business Bureau gives MassMutual Insurance an A+ rating, the highest possible rating. Additionally, the company has a 4.5 out of 5-star rating based on customer reviews.
Reviews on Trustpilot are mixed, with a rating of 2.6 out of 5 stars based on over 70 customer reviews. While some customers report positive experiences with the company, others have had issues with claims processing and customer service.
Overall, MassMutual Insurance appears to be a reputable and trustworthy insurance provider with a range of products and services to meet customers’ needs.
As with any insurance provider, it’s important to do your research and compare quotes from multiple providers before making a decision.
Roundup: MassMutual Insurance
In conclusion, MassMutual Insurance is a well-established and reputable insurance provider that offers a wide range of insurance products and services across the United States.
The company has a strong financial rating and is known for its competitive rates, helpful customer service, and range of discounts.
While customer reviews are generally positive, it’s important to do your research and compare quotes from multiple insurance providers to find the right coverage for your needs.
Additionally, it’s important to read the terms and conditions of any insurance policy carefully and ask questions if you’re unsure about any aspect of the coverage.