MassMutual

MassMutual helps its customers achieve financial and retirement security through its range of life insurance and annuity products. The company provides several types of annuities to consumers looking to accumulate assets for retirement with minimal risk.

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APA Schell, J. (2022, April 28). MassMutual. Annuity.org. Retrieved May 29, 2022, from https://www.annuity.org/annuities/providers/massmutual/

MLA Schell, Jennifer. "MassMutual." Annuity.org, 28 Apr 2022, https://www.annuity.org/annuities/providers/massmutual/.

Chicago Schell, Jennifer. "MassMutual." Annuity.org. Last modified April 28, 2022. https://www.annuity.org/annuities/providers/massmutual/.

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We pride ourselves on partnering with professionals like those from Senior Market Sales (SMS) — a market leader with over 30 years of experience in the insurance industry — who offer personalized retirement solutions for consumers across the country. Our relationships with partners including SMS and Insuractive, the company’s consumer-facing branch, allow us to facilitate the sale of annuities and other retirement-oriented financial products to consumers who are looking to purchase safe and reliable solutions to fill gaps in their retirement income. We are compensated when we produce legitimate inquiries, and that compensation helps make Annuity.org an even stronger resource for our audience. We may also, at times, sell lead data to partners in our network in order to best connect consumers to the information they request. Readers are in no way obligated to use our partners’ services to access the free resources on Annuity.org.

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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 policyowners 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.”

Existing Great American Life or MassMutual annuity customers can access their account information by calling MassMutual’s customer service line: 800-854-3649

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
Credit AgencyRatingOutlook
AM BestA++ Superior Stable
FitchAA+ Very Strong Stable
Moody'sAa3 High Quality Stable
S&P Global RatingsAA+ Very Strong Stable
Source: MassMutual

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 indexed, 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 Indexed Annuities

With a fixed indexed 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 indexed 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 indexed 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.

Interested in Buying an Annuity?
Learn about the different types of annuities and find out which one is right for you.

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

 


About Annuity.org

Annuity.org has provided reliable, accurate and trustworthy financial information to readers since 2013. We partner with professionals like those from Senior Market Sales (SMS), a market leader with over 30 years of experience in the insurance industry, to offer personalized retirement solutions for consumers across the country.

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Please seek the advice of a qualified professional before making financial decisions.
Last Modified: April 28, 2022

8 Cited Research Articles

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  1. MassMutual. (2022, February 1). Financial Performance and Insurance Ratings. Retrieved from https://www.massmutual.com/about-us/massmutual-financial-summary
  2. MassMutual. (2021, May 28). MassMutual Completes Acquisition of Great American Life Insurance Company. Retrieved from https://www.massmutual.com/about-us/news-and-press-releases/press-releases/2021/05/massmutual-completes-acquisition-of-great-american-life-insurance-company
  3. MassMutual. (n.d.) About Us. Retrieved from https://www.massmutual.com/about-us#history
  4. MassMutual. (n.d.) Deferred Fixed Annuities. Retrieved from https://www.massmutual.com/retirement/annuities/fixed-annuities
  5. MassMutual. (n.d.) Fixed Index Annuities. Retrieved from https://www.massmutual.com/retirement/annuities/index-annuities
  6. Mass Mutual. (n.d.) Forms. Retrieved from https://www.massmutual.com/forms?query=&type=annuities&page=1
  7. MassMutual. (n.d.) Income Annuities. Retrieved from https://www.massmutual.com/retirement/annuities/income-annuities
  8. MassMutual. (n.d.) Variable Annuities. Retrieved from https://www.massmutual.com/retirement/annuities/variable-annuities