Updated: December 4th, 2019

You cannot go wrong with MassMutual Whole Life Insurance. They constantly rank among the best in price, cash value, strength...


MassMutual is a Fortune 100 Company with very high quality ratings and a long history of performance. They have been around since 1851 and have never missed a dividend payment.

MassMutual is one of the 3 big mutual companies that remain from the old days.

They are committed to a small product base, and in particular to their best selling whole life insurance.

MassMutual Whole Life Insurance Review 

You cannot go wrong with a MassMutual whole life.

MassMutual has the #1 selling whole life products in the industry. In 2018 they reached $678 million in whole life sales.

In most of our rankings (Price, Cash Value Growth, Income at Retirement) MassMutual constantly ranks either #1 or #2. Their whole life product is the winner among the competition in so many areas, that you will be very happy with their whole life. 

MassMutual Whole Life Quote in Seconds

Company Strength 

Financial ratings are one of the most important metric you need to use when picking a life insurance company.

MassMutual has fantastic ratings throughout:

  •  A.M. Best Company: A++ (Superior; Top category of 15)
  •  Fitch Ratings: AA+ (Very Strong; second category of 21)
  •  Moody’s Investors Service: Aa2 (Excellent; third category of 21)
  •  Standard & Poor’s: AA+ (Very Strong, second category of 21)

These are fantastic ratings that can rival any company out there.

Also, MassMutual was recognized as the World’s Most Ethical Company by the Ethisphere Institute. 

One of Americas Larges Companies

It is important to work with a strong financial company. Also, the larger they are, the more likely they are to be there when you need your life insurance.

MassMutual Highlights


You may not be familiar with some of these highlights, but they are very impressive:

  1. Increased total adjusted capital to a record $17.4 billion — surplus grew to $15.7 billion.
  2. At year-end 2017, more than $13 billion in policy loans were outstanding, loaned to policy owners who utilized the accumulated cash value of their policies.
  3. MassMutual ended 2017 with $771 billion of assets under management.
  4. The company provided nearly $20 million in charitable contributions in 2017. They focused on financial literacy, education and economic development in our communities, and evolved our FutureSmartSM financial education program for middle- and high school students, offering an innovative digital curriculum that has already educated more than 1 million students across the United States.
  5. Issued more than $700 million of life insurance coverage since 2002 through MassMutual’s LifeBridgeSM Free Life Insurance Program. This program provides free life insurance to benefit the children of eligible working parents or guardians, and MassMutual pays the premiums. 


Participating companies pay a dividend on top of their guaranteed rate of return.

These dividends are paid out when there is a company surplus. This is primarily the result of favorable operating experience with respect to claims (death benefits paid), investment results, and expenses.

MassMutual has paid their dividend since

The current MassMutual dividend is among the highest from the Mutual Companies. With a current participating dividend of 6.40% they are one of the best in the whole market place. MassMutual’s dividend is only rivaled by a few like Penn Mutual and Foresters. Also, their commitment to return a significant dividend is one of their strong points.

Dividend History

The dividend history since 2000 is very impressive:

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
8.20 8.20 8.05 7.90 7.50 7.00 7.40 7.50 7.90 7.60


2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
7.00 6.85 7.00 7.10 7.10 7.10 7.10 6.70 6.40 6.40

As you can see that is a strong dividend, to see a complete historical analysis, you can read: Whole Life Dividend Rate Historical Analysis

MassMutual’s Investment Portfolio

A company’s investment portfolio is important because it shows how they invest their money. This is the money that helps the performance of the cash value in all of the policies.

They have a very diversified portfolio compared to their competition.

MassMutual’s Investment Strategy

The company says that they have a long-term investment philosophy, and their actions doreflect this. MassMutual’s goal is to generate long-term competitive results while maintaining the ability to weather downturns in financial markets.

With this strategy MassMutual has been able to achieve solid long-term investment returns for the benefit of their policyowners without exposing them to unnecessary risk, even in unpredictable markets and economic cycles.


The MassMutual Whole Life Insurance Performance numbers that we run at Top Whole Life show MassMutual among the top 5 constantly for Cash Value Growth and Income from Whole Life Insurance. 

MassMutual Financials
MassMutual Financials


The following is a list of MassMutual’s whole life insurance products:

Whole Life Legacy 100

This is their oldest product. It has been sold for more than 165 years. This product is designed to be contractually paid till Age 100 and is MassMutuals lowest premium level premium product.

Whole Life Legacy 65

This product is guaranteed to be paid up (no more premiums) at age 65. This is one of the best sellers, and it is often utilized when whole life is presented as an income stream at retirement. It is excellent if you are young and want to build long term cash.

Whole Life Legacy 20 Pay

A fantastic product with regards to cash value accumulation. You only need to pay premiums for 20 years. This is a strong option for someone who would like to accumulate cash values faster. It is an excellent product for people in the 40’s.

Whole Life Legacy 15 Pay

The Legacy 15 is a new product released in December of 2019. It is a great product for thoes who want a shorter windo then the 20 pay for cash accumulation. Parents and or grandparents may also like this product when buying coverage for there little ones to start thier own whole life policy at a young age. The 15 pay, 12 pay, and 10 pay are all great ways to give insurance to children so they have a fully funded policy with cash values.

Whole Life Legacy 12 Pay

Another new product offering by MassMutual in late 2019 the Legacy 12 is a really stong option for a short pay whole life policy. Only fund the policy for 12 years and then the policy is fully funded. You now have flexability to choose between 10, 12, 15, or 20 years when considering a limited pay design.

Whole Life Legacy 10 Pay

One of the best cash value accumulation products in the market place. You only pay premiums for 10 years. This is one of the best-limited pay whole life products.

Whole Life Legacy HECV

Utilized in business insurance frequently. This product will have 90% of the premium in cash in the first year. We have a complete article dedicated to this product: High Early Cash Value Life Insurance. This is a product that most likely your agent will not show, as it pays the lowest commission of all.

Survivor Whole Life 20 Pay

This product is unique to all the rest. The suvivor 20 pay priduct is designed to insure two people with a whole life policy. The policy will be a more afordable option when planning for whole life costs. Keep in mind that the policy pays on the second-to-die.

All the previous whole life products from MassMutual are second to none. If you are thinking about whole life insurance you will not go wrong choosing this company.

See Whole Life Quote 

Convertable Term Insurance

If you are not ready to take the leap and start a whole life policy yet MassMutual also has a wide selection of term products to chose from.

Vantage Term 30 & 30 Extended Conversion Peroid

MassMutual released their 30 year level convertable term product in 2019. This is a fantastic option for someone who is looking to lock in coverage for long time and then decide if they want whole life in the future. There is also an option to pay more for an extended conversion window. The standard is 10 years and the extended window would be 20. If you are on the fence about whole life you will want to consider the Vantage term 30.

Vantage Term 25 & 25 Extended Conversion Peroid

The Vantage 25 is similar to the 30 above but you are not locking in as many years. This will provide you the coverage you need at a lower price than the 30 year level product. You can aso choose to buy up the extended conversion option.

Vantage Term 20& 20 Extended Conversion Peroid

The Vantage 20 is one of the most popular options prior to the 25 and 30 options were released. If you only need protection for the years your kids are in college of the remainder of your mortgage this is an afordable policy. If you decide this is the right policy and are considering converting later down the line you can also add the extended conversion option on this product as well.

Vantage Term 15 & 15 Extended Conversion Peroid

The vantage 15 has been a great alternative to the annually renuable term and the 10 year term options. MassMutual has age restrictions for when you can buy some of their products. All the other product we have reviwed so far have a max purchase age but the Vantage 15 can be locked in untill age 70.

Vantage Term 10

Looking for a cheep short term term coverage? The Vantage 10 is going to be a great choice. This is a level premium for 10 years and is convertable fo the full 10 year windown.

Vantage Term Annually Renuable (ART)

If the Vantage 10 pay is to costly the the Vantage ART policy is the absoult cheepest policy to buy. If you plan to convert in the first 3 years this policy is a better buy then the Vantage 10 pay.

See Term Quotes 


One of MassMutual’s most intersting offerings going into 2020 is that you can now research, quote, and apply for convertable term insurance and the suite of whole life products above completly online. This is a massive breakthrough and is going to be a game changer for consumers. Check out our Coverpath Review.


The company has very strong growth and is our performing the competition for whole life insurance sales.

As we mentioned before, Mass Mutual ranked #1 in whole life insurance in sales in 2018 (source MassMutual).

Sales of whole life insurance2 reached $678 million, an increase of more than $20 million, marking the 12th consecutive year of record sales, continuing a growth rate that has outpaced the industry over the past decade, and solidifying MassMutual’s position as the number-one writer of whole life insurance in the U.S.3

One of the reasons for the rapid growth is that they acquired MetLife’s field force.

Now MassMutual has a field force of more than 9,500 agents.

The only reason this is relevant is that you should have no trouble finding a local agent.

Lapse Ratio

A lapse is when someone decides to cancel their policy. Lapse ratio is almost a measure of customer satisfaction.

Policyowners who are satisfied with the value and service they receive might tend to be less likely to lapse their life insurance policies.

MassMutual drastically outperforms the competition in this metric.


You will have a tougher underwriting process with MassMutual than your average company. If you have average health or better, you will not have any issues; otherwise, they will be tougher than normal.

However, if you do have health issues, there may be better choices for you.

We have seen cases that MassMutual declines, but they get a great rating with Foresters or Penn Mutual

Health Ratings

Here is the list of ratings that MassMutual uses from best to worst:

  • Ultra Preferred
  • Select Preferred
  • Standard
  • Select Preferred Tobacco
  • Tobacco

As we mentioned before, they have better underwriting for healthier clients.

MassMutual Whole Life Strong Points

Our Whole Life Insurance Calculator software gives these as MassMutual’s strong competitive advantage:

  • Cash Value accumulation after 10-15 years
  • Income at Retirement from Cash Value
  • You can apply online with the help of an agent and e-sign your application.

So don’t waste any time and get a quote now to compare.

The Bottom Line

Finally, their dividend of 6.40% makes MassMutual whole life insurance one of the best whole life insurances in the market place. They have fantastic ratings and track record.

Even though they had a substantial drop in their dividend rate from 7.10% from 2016, it is still among the best in the industry.

MassMutual always ranks high in our Top 7 Whole Life Insurance Companies For Cash Value

MassMutual Whole Life Quote in Seconds

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