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MassMutual Annuities Reviews
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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.
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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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.
MassMutual bought my annuity from Great American. They lowered interest rates to 2%. When my financial advisor suggested moving the funds to a different company, I agreed. Mass Mutual then dragged their feet. Now 1 month later, Mass Mutual is still 'processing.' This is an obvious scam to hold onto money after the owner wants it transferred. Remember: we live in a world where millions and billions are instantly zipped around the world.
What Mass Mutual promised us, we would come to find out was a series of lies that would leave us owing them hundreds of thousands of dollars, instead of them owing us that. I cannot stress how important it is that when you are looking for life insurance, you RUN away from Mass Mutual as fast as you can. My husband and I set up life insurance plans over two decades ago.
During our initial conversations, they showed us what our projected income would be at retirement. In addition, they showed us what our guaranteed cash surrender value would be and that we would not have to pay premium, because our dividends would cover it (which we have on recording). Now, I’m 70 and ready to retire and cash out on our policy, but Mass Mutual is coming back to us saying that we owe THEM close to half a million dollars, because we didn’t pay our premium, even though we have it on record that this was them who told us to do it. Moreover, the guaranteed cash surrender value was ¼ of what was promised at the time of sign up. So, now not only have LOST what we thought we had to retire with, but they are saying we need to pay them.
If you are looking for a life insurance plan, look elsewhere. You won’t find out how crooked they are until it’s too late. If you are currently using Mass Mutual, look at your plan NOW, do not wait. Do not let them screw you over the same way that they did us. They are doing nothing to work with us or try to rectify their mistakes. They would not return my calls. It’s absolutely crushing for myself, my husband and for my family. WE are currently reporting them to all state and Federal agencies.
I was trying to get an allowable withdrawal from an annuity electronically transferred to my bank. For over 3 weeks, 5 calls the company would say that everything was fine and the money would be in my account. I am building a house and needed to pay contractors. The money was taken from the annuity but not showing up in my account. I called again 45 business days later and they told me the scan was blurry and they had sent it by mail. No communication, they actually had a voided check that was not blurry. I had specifically asked them not to send it because I live in a very rural area and mail service is poor. Don’t give these people your business.
In 2017 I informed the firm handling my mother's investments of her near death episode. After 3 months of rehab I voiced my concern of her declining heath issues and dementia, as well as potential abuse by a caregiver. They used that information to quickly annuitize her account within 6 months, guaranteeing a monthly income to a frail 79 year old, destroying her lump sum pay out option, erasing options for burial expenses and death benefits. The financial group that sold her the annuity in 2007 was a family friend and trustee of her account.
When someone quits or retires it takes a month the get them to close out account or to pay out. As that money still sits you lose money. Not right at all. After one week the customer should be getting the money, not having to wait and lose what they put in there.
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.
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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