About MassMutual Annuities
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We bought life insurance from Mass Mutual when we were young. We made payments for years so we would have money when we retire. They gave completely false projections of what we would have when we retire! We have less than 5% of what they claimed. Their guaranteed cash surrender value was 1/2 of what it said as our GUARANTEED amount. If we put our premiums in a bank account we would have a lot more. RUN FROM THEM! They charged us twice one month and would not even credit us. Just dishonest company. It was so hard to find a company to give them a review. They must block sites.
MassMutual Annuities is legitimately one of the worst companies I have ever worked with. I rolled over a 401K from a previous employer and was never informed of a multi-year contract that kept me from enrolling and combining with my current employers 403B retirement account without paying a large separation fee just to get away from their management of my account. Oh and don't forget about their exorbitant fees and deceptive financial products.
The financial consultants are constantly pushing services that are mostly not needed and when used, charge such high premiums that most financial gains from the services are wiped out. So when I finally reached the end of my contract they deliberately slowed the process of allowing me to withdraw my funds and roll my annuity over to my employer at one point even trying to have me notarize part of insanely complicated separation paperwork to release me from their financial services agreement. This company in my view is unreasonable, unethical, and would advise anyone to avoid using their financial services.
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MassMutual does NOT verify that an individual's SSN matches up with the correct name and DOB. They've allowed a stranger to go on using MY personal SSN, which means I can't access my own account online. They just trust that employers have properly vetted all of their employees and take no responsibility for fraud. What would stop someone from opening a 401k in their cat’s name with whatever random SSN they punch in? Nothing. Because MassMutual doesn’t think it’s their responsibility to prevent FRAUD. Their customer service sucks... They keep you on hold forever just to say whatever they *think* you want to hear, but don't actually do anything to help. These people are CROOKS!
Employer-sponsored 401(k). First of all, the management fees they charge are so high they would have completely cancelled out my employer match, so I went with a fixed-interest fund. When I needed to roll over after leaving the employer, they will NOT roll over into a traditional IRA - you are REQUIRED to open a rollover. Not that THEY will deposit it themselves -- in fact, they charge you $50 to mail you your own money! I asked if I could have the check mailed to a different address (since I am quarantined elsewhere) and they said the only way to do that would be to have the check overnighted for an additional $40! Also, there is absolutely NO online customer service, phone only, and you MUST sit through a +2-minute menu to even be put on hold to speak to someone. All in all, I will be avoiding Mass Mutual like the plague in the foreseeable future.
Customer service agents are not trained properly. I was given inaccurate information, called to check because information online did not reflect information I was provided! The agent was very unprofessional, kept me on hold for 20 minutes to only come back to the line and tell me his supervisor was not available. He was not empathetic at all! Chris (the agent) would not provide me the name of the individual over his Director. I called back and got Genasis, she was just as rude, talking over me, speaking without taking a breath and very much unhelpful. If an agent of mine treated someone this way it would ultimately lead to termination.
They were very difficult and unpleasant to work with. They took 6 months to set up a 401k with my company. The service was terrible following and it took me 8 months to get rid of them and set up the 401k with a better company who was very easy and a pleasure to work with. I recommend John Hancock over MassMutual any day. They also charged me $500 to separate from them. Unethical company.
I requested a Hardship Request for an unforeseen medical emergency that was not covered and cost over 2500 out of pocket. I sent all pertinent information as requested. They would wait 5 days and then email me to tell me the documents were no longer valid after 5 days. Went back and forth with them for a month, even got a letter from the Dentist himself and they waited... per usual and emailed and said it was not valid, even though on letterhead and dated in the body of the letter but it was not accepted because he didn't put a date at the top of the letter. I was in real financial duress by the next month and the dentist office had stopped returning my calls because they had exhausted all sources of verification that could be sent on my behalf. At that point I was out of 800.00 down for the dentist and behind on my rent.
An eviction notice did ensue so I resubmitted my paperwork for a hardship to avoid eviction. I called and asked what was needed. Was told the eviction notice, dated and from the property manager would suffice. I ended up with a 3 Day notice to vacate. They of course waited 5 days later and then told me it was expired. Had I not done personal and payday loans I would be homeless. I managed to scrape by that month but was still in financial woe and in further debt. I called and asked why the eviction paperwork was not enough as stated on their guidelines and was told I needed a letter stating if I had a due date for the due date I will get an eviction notice in advance, so I sent them the lease.
They came up with every excuse under where the devil sunbathes and still are denying it two months and another eviction notice later. For all of the documentation I have send and am near homeless still. These people refuse to grant me 1,000 to get back on track. Never have I ever experienced anything like this. I have called in tears pleading with them and praying over this but they keep coming up with unwritten "new" guidelines.
The company I used to work for used MassMutual for their retirement plans. After I left the company I decided to cash out my plan, I was partially vested in my employer contributions. Somehow when I took my disbursement my vesting became zero percent for that portion of my account. After getting the run around several times by several different people at MassMutual it had now been about a month and I'm still short about $5000 from my account with no explanation from anyone.
MassMutual is apparently the custodial company of my former employers 401k benefit. I received a letter from MassMutual a year after I had left said company regarding my 401k plan. The letter stated I had a small amount in a 401k that I needed to either cash out or transfer over to a traditional IRA account. I called to make sure I knew what all was needed then obtained the check payable instructions from my financial advisor. I mailed in all the necessary paperwork and assumed MassMutual also did their part in having the funds transferred.
Several months later I received another letter stating they still had my funds and it had never been transferred. I called and spoke with a Supervisor who informed me that the paperwork had Indeed been sitting there and that I was supposed to also go into my former employers office to gain their signature of release. I had never been informed of this additional step or I would have completed it months ago. She also (rudely) informed me that she would now be charging me a $200.00 fee in order to handle my account! Which of course is ridiculous because it negates the entire account itself. MassMutual was unethical in not giving me the correct information and allowing my money to be squandered. There should be laws in place to prevent shady companies such as this from stealing people’s money. Shame on them.
They misspelled my name, put in the wrong address several times, had wrong info given by several customer service reps, website was glitchy and wouldn't let me login or link account. Had to speak with a supervisor to get what should have been minor issues resolved. Very disorganized and poorly run company.
MassMutual Annuities author review by Jim Blankenship
MassMutual has been in business for over 160 years and is a mutual company. Members and policy owners have voting rights, and participating policy owners may share in dividends.
Goal-based planning: MassMutual offers a goal-based approach to financial planning with annuities. Goals include protecting finances from the unexpected, planning for long-term care, and managing income in retirement. Customers can select from a variety of annuity options, including deferred-fixed, variable, income and fixed-index annuities. Traditional and Roth IRAs are available.
Long-term care insurance plans: The company provides coverage for long-term care required because of illness, impairment, accident and injury. The policies have lengthy benefit periods to protect your assets and maximize care options.
Life insurance options: With long-term care and life insurance combinations, you can pay long-term care expenses. Policies come with standard death benefits and opportunities to earn dividends. Whole life, term, universal and variable life insurance policies are available.
Employer workplace benefits: MassMutual provides retirement plans and voluntary insurance products for businesses. Retirement plans include a range of tools and educational materials.
MassMutual Annuities Company Information
- Company Name:
- MassMutual Annuities
- Year Founded:
- United States
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