MassMutual Annuities Reviews

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Edited by: Ashley Eneriz

About MassMutual Annuities

Founded in 1851, MassMutual sells many types of annuities in addition to other types of retirement investments and life insurance. Annuities range from fixed to variable, and MassMutual also offers fixed index annuities and income annuities. Many of its annuities allow your savings to grow tax-deferred and offer peace of mind to those who don’t want to outlive their retirement funds.

Pros
  • Wide range of annuity options
  • Free initial consultation
  • Guidance from a financial professional
Cons
  • Lack of online application for annuities
  • Pricing is unavailable online

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Our editor’s take

Massachusetts Mutual Life Insurance Company and Subsidiaries, or MassMutual, sells annuities in addition to life insurance coverage and other investment products. Customers work with one of its thousands of financial professionals online and across the country.

Annuities are typically viewed as an additional source of income for retired people, not the primary source of retirement income. MassMutual’s wide range of annuity products means you can choose one that fits your lifestyle and risk tolerance. Annuities may earn a fixed or variable rate of interest. Income annuities require setting aside a sum of your accumulated funds and receiving regular payments from the annuity over time.

How does MassMutual work?

MassMutual sells a full suite of annuities and helps customers set up other retirement accounts like IRAs, mutual funds and ETFs. Annuities are accounts in which you pay premiums in exchange for income payments that you typically receive in the future to supplement other retirement funds.

When you’re shopping for an annuity, you’ll work with a MassMutual financial professional to determine what type of annuity, if any, would complement your current financial plan for retirement. Then, you pay either a single premium (for an immediate income annuity) or start paying monthly premiums for a period of time until your income payments begin.

MassMutual retirement and investment products

For those looking to supplement their retirement income, MassMutual offers annuities including deferred fixed annuities, variable annuities, fixed index and income annuities. You can also select from investment brokerage products including exchange-traded funds, mutual funds and 529 plans.

  • Annuities: MassMutual sells a wide range of annuities that can provide supplemental lifetime income in retirement.
  • Fixed deferred annuities: These annuities offer tax-deferred growth and fixed interest rates to provide guaranteed retirement income and death benefits.
  • Variable annuities: MassMutual provides variable annuities, which provide tax-deferred growth and also function as an insurance policy. Your policy may increase or decrease in value.
  • Fixed index annuities: A fixed index annuity offers lifetime income with returns based on its connected market index, such as the S&P 500 Index.
  • Immediate income annuities: Income annuities provide guaranteed income, and immediate income annuities begin issuing payments within 13 months of the contract start. They are also called single premium immediate annuities.
  • Deferred income annuities: Policyowners begin receiving payments no sooner than 13 months after policy issue, and the beneficiary usually receives a return of purchase if you die before payments begin.

MassMutual costs

The cost to buy an annuity with MassMutual depends on several factors. You pay premiums, typically over a term of a specific number of years. You’ll need to ask your financial professional for specific details on how premiums will impact your payout in the future. With annuities, be sure to also factor in the cost of taxes and to inquire about other fees. While many annuities grow tax-deferred, you’ll pay taxes on distributions from your annuity.

MassMutual FAQ

What kinds of annuities can you get with MassMutual?

MassMutual sells virtually every type of annuity. You can buy fixed annuities, variable annuities, or income annuities, each with its own pros and cons.

Are taxes deferred with a MassMutual annuity?

For most annuities, you defer taxes on accumulated funds until you begin taking income withdrawals. With income annuities, however, the focus is on income needs either now or in the future, rather than on tax benefits.

Do all MassMutual annuities pay a death benefit?

Most MassMutual annuities include a death benefit. However, immediate income and deferred income annuities don’t always pay death benefits, and it’s possible that a variable annuity won’t have a death benefit because the value can decline. Clarify with your financial professional before enrollment.

Does MassMutual offer registered index-linked annuities?

Registered index-linked annuities, which are tailored to retail investors, are available through MassMutual Ascend, a wholly-owned subsidiary of MassMutual. These aim to increase earning potential while limiting risk to your investments.

Is MassMutual worth it?

If you already have a retirement account like a 401(k) but seek added security, you can purchase an annuity through MassMutual. The broad range of annuity products means you can find the right type of annuity to provide income during retirement.

You’ll need to work with a financial professional to purchase an annuity with MassMutual. Although it’s not as convenient as buying online, for such a big financial decision, it’s likely better for you in the end. MassMutual has over 7,500 financial experts available to guide you.

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MassMutual Annuities Reviews

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    Customer ServiceContract & TermsStaff

    Reviewed April 3, 2025

    Per financial advisor, I signed up with MassMutual Annuity RetireEasy, so far it is anything but EASY, and monthly payment late. I would NOT recommend this company to anyone. Called them and it appears their support rep are used to these type of calls and immediately said it is clearly stated in the contract. She said could be anywhere from 2-4 four business days for direct deposit.

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    Staff

    Reviewed March 21, 2025

    They could not care less about their clients (like me). I had a tremendously incompetent agent who screwed so much up that it created a significant IRS issue for me. And, in the middle of the chaos, the agent “left.” So bad that I filed a complaint with Banking in their state as well as the consumer watchdog group.

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      Contract & TermsStaff

      Reviewed Jan. 18, 2025

      I called their company and would like to withdraw my money when the contract is mature. I signed the contract sometime 1/7/2020 with Great America and they sold it to MassMutual and mature this month. I am not sure exactly what date it is mature. So I called them and they sent me forms to fill out. I filled out the forms and stated that I want to surrender in full when mature. Today, they sent me a check and stating that there is 5000 early withdrawal penalty. I called my agent when I signed the contract 5 years ago to see if she can fix this ridiculous transaction. I hope I don't have to resort to legal action. After 5 years my investment on 100K is 110K. However, they charged me early withdrawal for 5000. I have a check of 105000. I wish there is negative star on the review!!!

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      Verified purchase

      Reviewed Dec. 4, 2024

      I would avoid MassMutual Annuities. I bought one 6 years ago and chose the EFT payment option for the first of the month. Since then each month it has been a guessing game as to when I am going to get my annuity payment. It has never come on the 1st, that is when they send the payment. And if the 1st is a Saturday, then it is not sent until the 3rd. Then it takes 2-3 days for the money to show up in your account. I have another annuity through Transamerica Life. They send the annuity payments before the weekend if the 1st falls on Sat or Sunday. Plus they seem to be able to move money within 24 hours whereas MassMutual takes 48-72 hours. This month it is the 4th and I am still waiting!

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      Customer ServiceOnline & App

      Reviewed Jan. 2, 2024

      I did not receive my Pension Check 1/1/2024. I tried contacting MassMutual but all phone numbers are busy or not connected therefore I have no way of contacting them. Email won't work because they want a account number which I don't have. Their website says they paid January but my bank said there was no notice of deposit from them. There is no way of contacting them. I'm stuck without a pension check, can't get an explanation as to why. Not even a main corporate phone number that I can find. I live from paycheck to paycheck and this is going to affect me seriously. Not happy.

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      Price

      Reviewed Aug. 28, 2023

      MassMutual is one of the least technically savvy companies I have ever dealt with and they do not live up to their fiduciary responsibilities. I purchased an annuity through this company. When the annuity matured and I wanted to cash out it took three weeks for them to send me a check! By USPS mail! Meanwhile they continued to earn interest on my money. Do yourself a favor and invest with companies that do money transfers electronically. Don't be fooled by the fake 5 star reviews posted six or seven years ago. The company had a incentive program for customers to post glowing reviews.

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      Customer ServiceContract & TermsStaff

      Reviewed June 27, 2023

      My family aided our 90 year old uncle with his annuities. His TIAA Creff annuities were coming due to annuitize. He wanted to roll them over. Mass Mutual had a product for a 90 year old at 4.25%. He signed the contract. A month later he got a confirmation for the contract but it was at 3.6%. He noticed it and called immediately. Meanwhile I noticed that the original contract failed to mention any % rate anywhere in the contract. Customer service agreed that they saw no % in contract. We may have to litigate to clear this up. Their"BEST" ratings are for having plenty of money. I now question how they obtain such impressive assets.

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      Customer ServicePunctuality & SpeedOnline & App

      Reviewed March 3, 2023

      I received a response to a letter that I sent to MassMutual Ascend on 31 January 2023. However, the response was dated 13 September 2022, and was a copy of a letter I received from their previous company, Great American Life. I tried to call the customer service number 800-854-3649, but after working through multiple prompts, was told that I would receive a callback. Three hours later, I tried again and was told by an automated response that I would have a five minute wait. Thirty-five minutes later, I gave up. I then attempted to go to their website for help, but to establish an account required two factor authentication, which can only be done thru the same customer service phone number that I cannot get a response! I believe my only recourse is snail mail.

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      Customer Service

      Reviewed Jan. 31, 2023

      I bought a 3 year annuity through my fidelity account. I requested a free withdrawal. There was a problem. They withdrew the money from my account. The check may be lost and 12 k $ is missing. Calling them has been an exercise in aggravation and futility. Meanwhile, they have the money with no statement or transaction showing it has not been paid and they have retained the money.

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      Customer ServicePriceStaff

      Reviewed Jan. 27, 2023

      We have a MassMutual annuity with a withdrawal feature. The ability to periodically withdraw funds was the primary reason for our purchase. Unfortunately, like some other reviewers, we found that when we attempted to withdraw funds, MassMutual would do everything in their power to delay payment. We recently experienced a situation whereby MassMutual debited the annuity account and then failed to deliver the funds for over five (5) weeks. This unethical and unscrupulous business practice no doubt allows MassMutual to retain millions in interest each year. MassMutual’s Customer Service representatives were rude, unhelpful and unprofessional. Instead of rectifying their mishandling of funds, they suggested that the payment delays were due to a failure on our part to provide the appropriate documentation, a suggestion that was (and is) patently false, as proven by our own records.

      With about a quarter trillion in invested assets, MassMutual couldn’t care less about individual customers, even those with substantial investments with their company. Six or seven figure account holders are treated like bothersome annoyances. In our experience, MassMutual’s products are good to excellent. Their service and their business practices, however, are not worth enduring. There are numerous other financial services companies who are financially strong and service-oriented and will treat customers respectfully and honestly, unlike MassMutual.

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      MassMutual Annuities Company Information

      Company Name:
      MassMutual Annuities
      Year Founded:
      1851
      City:
      Springfield
      State/Province:
      MA
      Country:
      United States
      Website:
      www.massmutual.com