MassMutual

About MassMutual

The Massachusetts Mutual Life Insurance Company, best known as MassMutual, was founded in 1851. As a mutual company, they do not have shareholders. The company’s members and participating policy owners are entitled to vote for the Board of Directors and share in any dividends MassMutual declares.

According to MassMutual’s website, the company focuses on the long-term interests of their participating policyowners to help them achieve financial and retirement security. MassMutual’s main business line is selling various life insurance products, including term and whole life insurance, though they also provide retirement products including annuities and IRAs.

On May 28, 2021, MassMutual acquired the annuities business of Great American Life Insurance Company. MassMutual’s chairman, president and CEO Roger Crandall stated in a press release, “This acquisition immediately broadens our product offerings, further diversifies our distribution capabilities and generates additional earnings — enabling us to help even more people secure their future and protect the ones they love.”

With an AM Best financial strength rating of “A++, Superior,” MassMutual is regarded as having a best-in-class ability to meet its insurance obligations, which include life insurance payouts and annuity income streams.

Thomas J. Brock, CFA®, CPAInvestment, Corporate Finance and Accounting Professional

Thomas Brock, CFA®, CPA, is a financial professional with over 20 years of experience in investments, corporate finance and accounting. He currently oversees the investment operation for a $4 billion super-regional insurance carrier.

Credit Ratings

An annuity provider’s financial strength ratings, also called credit ratings, give potential customers a snapshot of the company’s overall financial stability. When you purchase an annuity, it’s best practice to ensure that the company will be able to deliver on its end of the deal. If a company has strong scores from reputable credit rating agencies, you can feel confident that your annuity will be paid out as promised.

As of April 2022, MassMutual holds high ratings from the four largest credit rating agencies in the country, and each of these agencies reported the company’s outlook as stable.

MassMutual Credit Ratings

Annuity Products Offered by MassMutual

MassMutual offers four types of annuities to supplement customers’ retirement income with a guaranteed income stream for life. The product options include deferred fixed, fixed index, variable and income annuities.

Deferred Fixed Annuities

Deferred fixed annuities allow you to grow your retirement savings on a tax-deferred basis without the risks associated with investing your money in an equity market. These annuities pay a fixed rate of interest that continues to accumulate over the contract period.

MassMutual’s deferred fixed annuities feature a free withdrawal amount available to annuity holders each year of the contract period. This means that you can withdraw a certain amount of your contract value annually without having to pay a traditional surrender charge. These annuities also offer a death benefit. If you pass away before you start receiving annuity payments, the payments will pass to your beneficiaries.

Fixed Index Annuities

With a fixed index annuity, the growth of the annuity’s value is directly tied to the growth of an index like the S&P 500. The principal investment is still protected, so even if the index shows a loss, the annuity won’t lose value. Fixed index annuities pay out periodic income for the lifetime of the annuitant.

According to MassMutual, this type of annuity product is best for someone with long-term financial goals. The moderate asset growth and principal protection offered by fixed index annuities make them an ideal, low-risk way to generate guaranteed income.

Variable Annuities

A variable annuity offers the potential for tax-deferred growth on your retirement savings. When you purchase this type of annuity, the lump sum you pay is professionally managed and invested into a broad range of asset classes, including mutual funds, stocks and bonds.

Because a variable annuity is held in an investment portfolio, the value of the annuity can increase or decrease over time. But, since it is still an insurance product, a variable annuity from MassMutual can offer key benefits like guaranteed lifetime income, a death benefit and optional living benefits.

MassMutual EnvisionSM is a flexible premium deferred variable annuity allowing annuity holders to accumulate retirement assets in a variety of investments, including specialty funds designed to provide owners with a sense of control and confidence in their retirement planning.

Income Annuities

Income annuities differ from other types of annuities because the money used to purchase an income annuity is converted to payments immediately, instead of accumulating interest over time. MassMutual offers two types of income annuities: a single premium income annuity (SPIA) and a deferred income annuity.

MassMutual’s RetireEase SPIA provides guaranteed income within 12 months of the purchase payment. These payments can be guaranteed for life, for a chosen amount of time or a combination of both, depending on the terms of the contract.

With a deferred income annuity, you can make a single payment or pay over time to build a guaranteed stream of income starting at a specified future date. If the annuitant passes away before the income payments begin, a deferred income annuity will usually offer a death benefit to the annuitant’s beneficiary.

Lock In Fixed Annuity Rates as High as 6.4%

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Client Resources

MassMutual customers can access their account details and relevant annuity forms online.

MassMutual allows customers to complete annuity processes on their website. Actions include:

• Starting a claim
• Submitting Required Minimum Distribution (RMD) forms
• Designating payees
• Updating tax withholding elections
• Changing the annuity date on a contract
• Requesting a partial withdrawal on an annuity contract

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