Mass Mutual: Life Insurance Availability In Canada

MassMutual, or the Massachusetts Mutual Life Insurance Company, is one of the oldest and most stable insurance providers in the US. The company offers a wide range of life insurance policies, including term, whole, universal, and variable universal life insurance. However, there is limited information on whether MassMutual offers life insurance in Canada. The company is headquartered in Springfield, Massachusetts, and has been selling insurance since 1851. It is a mutual company, meaning that policyholders are owners and may receive annual dividends. MassMutual has a strong financial standing and a low volume of customer complaints, making it a reliable choice for life insurance.

MassMutual's history and growth

MassMutual, short for Massachusetts Mutual Life Insurance Company, is one of the oldest and most stable insurance providers in the US. It was founded on May 15, 1851, in Springfield, Massachusetts, by George W. Rice, a former insurance agent. As a mutual company, MassMutual does not have shareholders; instead, its policyholders are owners and are entitled to annual dividends, which the company has paid out every year since 1869.

In its early years, MassMutual sold policies to homeowners and workers throughout New England. As the country expanded westward, MassMutual agents began selling high-premium insurance policies to railway and steamship workers, gold-rush adventurers, and people relocating to the south. By 1855, MassMutual had established agencies in New York City, Cleveland, Chicago, and Detroit. The company reached the West Coast in 1868, setting up an office in San Francisco.

In the late 1850s, sales of life insurance policies began to increase significantly, fuelled by westward expansion and the marketing efforts of insurance companies. Sales reached $200 million by 1862 and nearly $600 million by the end of the Civil War. In 1873, Caleb Rice's 22-year presidency of MassMutual came to an end, and he was succeeded by E.W. Bond.

In the early 1900s, MassMutual began to offer policies that provided income in the event of disability. Despite the 1918 influenza epidemic, the company maintained steady growth, employing 400 home office employees as the amount of insurance in force passed $1 billion in 1924. However, the company was heavily impacted by the 1929 stock market crash, which led to a surge in death claims and policy lapses due to suicides and economic hardship. During the Great Depression, MassMutual became a last resort for people in need of financial help.

In the postwar years, MassMutual continued to grow, offering group policies and managing group pensions. In 1945, former actuary Alexander MacLean became the company's president, overseeing the development of insurance products and services for workers amid increased industrial production and a strengthening labour force. By 1951, MassMutual's assets totalled $1.4 billion, with $3 billion of insurance in force.

In the 1980s, under the leadership of William Clark, MassMutual reorganised, changing investment policies and introducing new products, including universal life policies. The company continued to diversify in the 1990s, acquiring Oppenheimer Management Corporation and expanding into mutual funds management. In 1995, MassMutual merged with Connecticut Mutual Life Insurance Company, resulting in significant cost savings.

In the new millennium, MassMutual continued to thrive, posting record net income in 1998 and 1999. The company strengthened its brand as a diversified financial services provider, launching numerous new products and services. In 2015, MassMutual created the Haven Life Insurance Agency, LLC, a subsidiary that exclusively sells term life policies.

MassMutual's insurance products

MassMutual is a financial planning and life insurance company that offers a range of insurance products to help protect your loved ones financially. The company has been in the insurance business since 1851 and is headquartered in Springfield, Massachusetts.

Types of Insurance Products Offered by MassMutual

MassMutual offers both term and permanent life insurance products, including whole life, universal, and variable universal life insurance.

Term Life Insurance

MassMutual's term life insurance provides coverage for a specific period, generally between 10 and 30 years. The company offers two term life insurance products: MassMutual Term Life and Haven Life Term. MassMutual Term Life offers coverage ranging from $100,000 to $10 million, while Haven Life Term is available for individuals up to 64 years old, with coverage ranging from $250,000 to $3 million.

Whole Life Insurance

Whole life insurance is a permanent life insurance policy that provides coverage for the policyholder's entire life as long as premiums are paid. MassMutual offers several whole life insurance policies, including Whole Life 100, Whole Life 65, Whole Life 10/15/20-Pay, Whole Life High Early Cash Value, and MassMutual Universal Life. These policies offer flexible coverage options, with premiums payable up to a certain age or for a set number of years.

Universal Life Insurance

Universal life insurance is another type of permanent life insurance that offers flexible premiums and the potential to build cash value. MassMutual offers three universal life insurance policies: Universal Life Guard, Apex Variable Universal Life, and Survivorship Universal Life Guard. Coverage amounts start at $50,000 per person, and various add-ons and riders are available depending on the chosen policy.

Variable Universal Life Insurance

Variable universal life insurance provides policyholders with control over how their premiums are invested. It offers flexible premiums, the potential for account value accumulation, and investment options. MassMutual's Apex VUL policy combines permanent life insurance protection with stock market investments.

Additional Insurance Products

In addition to life insurance, MassMutual also offers disability income insurance, which provides coverage if you become injured or too sick to work. This can help ensure you have enough income to cover your living expenses during difficult times.

MassMutual provides online calculators for life insurance, retirement savings, disability income, and college savings to help individuals estimate their insurance needs and financial goals.

MassMutual's financial performance

The company has a prudent investment strategy that has delivered solid long-term investment returns, even during challenging economic times. This strategy is built on diversification, prudent security selection, and value. MassMutual's well-diversified General Investment Account focuses on high-quality core assets, aiming for competitive long-term results while being able to weather downturns in financial markets. The company's mutual business model has allowed it to maintain its exceptional financial strength and make long-term financial decisions that benefit both the company and its policyowners.

In 2023, MassMutual's surplus and capital grew to record levels, with a surplus of $28.9 billion and total adjusted capital of $34.5 billion. The company has consistently paid dividends to eligible participating policyowners every year since 1869, with an estimated dividend payout of $2.2 billion for 2024. This marks the third consecutive year of record payouts and the 18th year of industry-leading dividends.

MassMutual's customer reviews

MassMutual Customer Reviews

MassMutual has a broad range of term and permanent life insurance policies and is one of the largest life insurance providers in the US. It has been selling insurance since 1851 and is based in Springfield, Massachusetts.

As a mutual company, MassMutual is owned by its policyholders, who are also entitled to annual dividends. The company has paid out dividends every year since 1869. MassMutual has more than $950 billion of protection in force as of the end of 2022.

MassMutual has received positive reviews for its customer service and has drawn fewer complaints than expected for a company of its size. However, some customers have complained about poor customer service, increased premiums, and difficulty in processing claims.

> "I have contacted the number given with the ID case number. The company took my response by voicemail. The past two days I have tried to resolve this account issue in a proper manner with my family, my team, and the MM customer relations call center. Two days ago MM said this account is still suspended, but under review by the escalation section. MM acknowledged in an overnight letter that they ask please accept our sincere apology when we inadvertently processed the payment of death benefit proceeds as a physical check and not via ACH as originally requested."

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> "This is an unscrupulous company. They will use every tactic to refuse payment including delayed responses; stating they didn’t receive information; requesting exorbitant amounts of paperwork while you are dealing with a life-threatening illness. And creating so much stress for the policyholder that it can worsen their condition. I don’t know how the government allows this type of company to exist."

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> "I have an Annuity through * , purchased by Mass Mutual. I am retired from in the Brokerage Business of 30+ years. I have NEVER had such poor service in my life. Between my husband and myself, we have held on the phone for over a total of 3 hours to no avail! I have tried to access my contract online, not an option due to the original * policy not being in the companies Secure online system. I have tried to deal with Online Chat, the same problem."

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> "MassMutual is a company that will do unauthorized actions - send a check to the wrong address without authorization, stop payment on a check without authorization, stop a wire transfer without authorization, tell the customer that they called when they did not to inform them of important matters. I have been trying to access an account for more than a year that I had the legal right to have access to, and there have been more mistakes than a financial institution of their size should have."

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> "What Mass Mutual promised us, we would come to find out was a series of lies that would leave us owing them hundreds of thousands of dollars, instead of them owing us that. I cannot stress how important it is that when you are looking for life insurance, you RUN away from Mass Mutual as fast as you can."

MassMutual's competitors

MassMutual is one of the oldest and most stable insurance providers in the US, offering a wide range of policy options and high marks for customer service. The company offers term, whole, and universal life insurance policies, as well as retirement planning, investment management services, and financial wellness expertise.

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Lincoln Financial Group

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Frequently asked questions