Assurity vs. MassMutual: Best Life Insurance Company in 2021
If you’re considering Assurity or MassMutual life insurance, both companies offer great benefits to their customers. Assurity has options that require no medical exams as well as options for youth policies. MassMutual life insurance has several options for any set of needs. In addition, both companies offer a great selection of riders – or add-ons – to increase the value of your future plan.
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UPDATED: Oct 6, 2021
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- Both MassMutual and Assurity have a good A.M. Best rating and offer coverage in all 50 states
- Assurity offers simple plans for people looking for a life insurance policy without going through a medical exam
- MassMutual tends to be slightly cheaper than Assurity, but their policies run higher than average for smokers
Finding the right life insurance can seem like such a daunting task that some people skip it entirely. However, life insurance is one of the best ways you can protect your family’s future.
If you’ve narrowed your choices for life insurance to Assurity vs. MassMutual, there are a lot of factors to consider. Both companies offer a wide range of policies, from term life insurance to permanent plans.
If you’re trying to decide whether to buy Assurity or MassMutual life insurance, read on to learn about both companies. Enter your ZIP code in our free tool to start getting quotes to see what each company can do for you.
Assurity vs. MassMutual: Types of Life Insurance
There are two main types of life insurance: term and whole (or permanent). Additionally, there’s universal life, which is another type of permanent insurance. Assurity and MassMutual offer both kinds with several different policies.
Founded in 1851, MassMutual is one of America’s oldest insurance providers, and they have the selection to match such longevity. Assurity, on the other hand, was founded in 1890. It sets itself apart by offering many policies that require no medical exam.
Assurity Term Life Insurance
Assurity offers term life in periods of 10, 15, 20, or 30 years. While they have plans similar to its competitors, Assurity sets itself apart by offering simple plans that don’t require medical testing.
There’s another way Assurity stands out from the crowd. Generally, most companies cap their term life coverage around $2 million. Assurity, however, offers a staggering $10 million coverage cap.
For term life without a medical exam, coverage is maxed out at $500,000 for people aged 18-50 and $350,000 for adults 51-65. Certain things exclude you from this, however: if you’ve filed bankruptcy or had a DUI within two years, been convicted of a felony, or engage in high-risk activities.
You can easily start the process of getting a term policy without a medical exam with an Assurity life insurance login. It’s simple – fill out the forms and wait for approval. Assurity even offers temporary coverage while you wait for your policy to go into effect.
While a term policy can be bare bones, you can usually add riders. A rider is an add-on that you can elect to purchase for your insurance policy to better meet your needs. Assurity offers several riders, including:
- Children’s term
- Critical illness
- Return of premium
One of the advantages of term life is that it’s cheaper, but the policy is terminated after the period ends. However, Assurity offers customers the chance to convert a term policy into a permanent one.
MassMutual Term Life Insurance
MassMutual has similar options for term life insurance: 10, 15, 20, 25, and 30 years. As with other insurance companies, the specifications of a policy with MassMutual depends on your unique circumstances.
Term life with MassMutual starts at $100,000 and is available for adults aged 18 and over. Adults up to 75 are eligible for a 10-year policy. For longer policies, you can expect to subtract five years from the maximum eligibility age for every five years you add to the term.
MassMutual requires that you speak to an agent to buy most of their policies, but the company does offer MassMutual Direct Term online. You can get temporary coverage while you wait for approval of any medical tests needed.
MassMutual also allows customers to convert a term life policy to a permanent policy at the end of the period.
Assurity Whole Life Insurance
Assurity has three options for whole life: whole life with accelerated underwriting, single premium whole life, and children’s whole life.
Whole life with accelerated underwriting offers a policy you don’t need a medical exam for. This policy is for anyone 18 to 85 and offers coverage up to $250,000.
Single premium whole life offers coverage for people under 60 up to $700,000. If you’re between the ages of 61 and 85, coverage is maxed at $450,000.
Finally, children’s whole life is a permanent plan you can buy for a child after they’re 15 days old.
MassMutual Whole Life Insurance
When it comes to whole life options, MassMutual shines. There are several plans to choose from:
- Legacy 100
- Legacy 65
- Legacy 20
- Legacy 15
- Legacy 12
- Legacy 10
- Legacy High Early Cash Value
- Survivor Legacy 100
- CareChoice Select Hybrid
- CareChoice One Hybrid
Most of these plans allow you to accumulate cash value (the CareChoice plans being the exception). You can also select your death benefit to be paid in a lump sum.
The minimum coverage you can start with is $25,000 or $100,000, depending on the plan you pick.
There are several options for age eligibility. For most, you can get a non-qualified plan between birth to 90, while qualified plans are available for people 17 to 90 years old.
The only way to get a whole life plan from MassMutual is to contact an agent.
MassMutual Universal Life Insurance
MassMutual offers three distinct universal plans: Universal Life Guard, Survivorship Universal Life Guard, and Universal Life Navigator.
Universal Life Guard and Survivorship are very similar plans. Guard has a minimum coverage of $50,000, and anyone from 0 to 85 years of age is eligible. Survivorship’s minimum is $100,000. Both insured parties must be between the ages of 18 and 65.
Guard and Survivorship offer the same death benefit options. Guard offers the following riders: waiver of specified premium, estate protection, and a policy split option.
Universal Life Navigator has the same minimum coverage and age requirements as Guard, but comes with a wider variety of riders. These include:
- Substitute of insured
- Waiver of specified premium
- Waiver of monthly charges
- Accelerated death
- Guaranteed insurability
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Assurity Vs. MassMutual Life Insurance Rates
Once you’ve decided on the type of insurance that will work best for your needs, the next thing to look at is cost. You can get an idea of what your insurance will cost, but keep in mind that your actual quote will depend on your unique circumstances.
|Age and Gender||MassMutual Monthly Cost for 10 Year Term||Assurity Monthly Cost for 10 Year Term|
|Male, 25 years old||$11.10||$13.92|
|Female, 25 years old||$10.23||$9.79|
|Male, 35 years old||$11.30||$13.92|
|Female, 35 years old||$10.45||$11.96|
|Male, 45 years old||$19.80||$23.71|
|Female, 45 years old||$17.83||$19.58|
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As you can see, MassMutual averages a little less than the typical Assurity policy. However, reviews of MassMutual state that insurance rates are above average for cigarette smokers.
Next, look at the average monthly price of a $250,000 whole life policy for men ages 50 through 65.
|Age||MassMutual Monthly Cost||Assurity Monthly Cost|
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If you’re you’re looking for affordable Assurity or MassMutual life insurance, the latter tends to run cheaper. Of course, your price depends on how much life insurance you need. If you buy additional riders, the price will be higher.
Assurity vs. MassMutual Reviews
MassMutual and Assurity both have good ratings with A.M. Best. MassMutual has an A++, while the much smaller Assurity has an A-.
MassMutual receives very few complaints for a company its size. Similarly, Assurity has lower complaint ratings than could be expected for a company of its size.
MassMutual proves that they care about people by offering free life insurance through their LifeBridge program. This insurance is meant to cover the education expenses of children. Since Covid-19, they’ve provided frontline healthcare workers with free life insurance through HealthBridge.
One unfortunate drawback for both companies is that they have a small online presence. Once you have MassMutual life insurance, login to start a claim – there’s not much else you can do.
Assurity has one other aspect that customers don’t like. Assurity plans come with yearly policy fees of up to $70.
Assurity vs. MassMutual Life Insurance Plans
Whatever your insurance needs, you can find what you’re looking for with Assurity or MassMutual life insurance. If you’re interested in finding the perfect whole life plan, MassMutual might be for you. If you’re looking for term life without a medical exam, go with Assurity.
Hopefully we’ve provided everything you need to know to choose either Assurity or MassMutal life insurance. Enter your ZIP code into our free tool below to see quotes for life insurance that can fit your unique needs.