Consumer Reviews and Complaints
I have a 401K account with MassMutual. When I left my employer I wanted to have the money transferred to individual IRA. I and my husband together called up and customer care executive was nice; he took all our details. Also explained that since we have both traditional and Roth, they shall issue two checks and will charge $40 for each. He took the name of company we intend to transfer to so he can accordingly make the checks payable. He also explained that it should take 1 to 2 business days and gave us approximate amount for both the checks.
Since I didn't notice any change to my account on 3rd day (when the markets had started going down), I called up and to my amazement the customer care executive told that they have not received instruction from us about what we want to do with our Roth Account. Hence they didn't process any of our checks while the market is going down and so does our account balance. They should pay us according to market closing on 2nd business day. But these people are just outright crooks. It's people like these that normal regular people are so afraid of accountants and stay away from investing in stock markets. All these calls are recorded as per them, why don't they go and listen to them when they have doubt? I think because they don't want to. How shall they get to harass otherwise if you are leaving them. I also have a feeling that they delay such transactions to appropriately hedge in their favour.
As long as we deposited money, Mass Mutual was all about good customer service. When we took withdrawals, we were totally disappointed in the lack of communication and executing the withdrawals according to our wishes. Poor service. We'll be seriously considering a new fiduciary company when we retire.
Customer service was as expected. Any issue I may have had was solved in a quick and efficient fashion. I couldn't be happier with the way my issues were handled. The experience was great because of the number of option available. You have two choices: Fixed rate annuity and variable annuity. With a variable annuity you have more freedom, as you get to decide how to invest your money. The payout options were as follows: Life-only, Joint-only, Fixed period, Life with period certain, and a few others that I can't think of.
Very helpful and concise, thorough group of people to work with, giving new many options to consider, and review unlike others. Process are very reasonable and cheap with lots of options. Very quick and painless with enough thought and foresight to give one a comprehensive idea of what they are embarking on with regards to financial security. Patriot options are nice and bundled with telecom and internet and hybrid electricity and gas from natural disasters that reoccur throughout time and space.
They have ways to contact as well as manage your accounts online or through call. If you need more face to face contact, they also have a way to not only look up a local office but to make an appointment. They have different ways to withdraw. You make a request through forms of different types: governmental withdrawal or hardship withdrawal. It's up to the customer to decide which way to get the money and handling the penalty. With an income annuity, the contract owner decides how often and when to receive income. Most important, income annuities can provide income that is guaranteed, no matter what happens in the financial market. They have ways to put money into annuity. It's helpful to the point that it's getting tougher for certain people to get certain types of annuities. Just make sure to pick the tight one to put your money into.
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Customer service at MassMutual has always been fine. I have dealt with MassMutual for a while and have always been happy with customer service. They are professional and very patient with me. I have heard this from other people as well. Withdrawal options at MassMutual are typical of the industry. I have not used the withdrawal options but I am aware of them. I have seen the forms. I believe when the time comes, withdrawal will go smoothly. Of course I have happy with the funding options or I would not have chosen MassMutual. There is a wide variety of choices and information about them is available. I am happy with my choice of MassMutual.
This highly rated company has excellent customer service and will go out of their way to make sure you are happy with how your annuity needs are being met. This company provides options on how and when to withdraw your annuity and will make the transaction as smooth as possible. It is a great company that stands behind their name and policy. This company allows several payout options that allow the consumer to get their funds in a safe and reliable manner. The transactions will be handle discretely and calmly in a timely manner. The company of MassMutual provides many funding options to suit the needs of their consumers which allows for a good experience. Imo it was amazingly easy to understand and receive the desired results.
The rep was very nice and helpful. I couldn't have been happier with the experience. They answered all my questions and made sure I knew all my options front and backwards. There are plenty of options for withdrawal. They are better than others that I have dealt with. Payout options are decent enough. They give you a personal as well as a business option. So it's really a matter of what you need the money to be paid out for. There are lots of great funding options offered here. Whether you're funding a team, an organization, a business, a campaign, anything... there are great options.
I only have to take a yearly payout which is mandatory until I retire. I don't have to worry about a monthly payout.
I had all my concerns and problems answered by customer service in the 2 times that I have called. Very helpful and always very speedy. The withdrawal options are numerous and varied. I have been satisfied with the options though I have not yet made any withdrawals. Despite this, I believe it looks very diverse and useful. There are a lot of payout options, but I have not yet done into very detailed analysis. Since the service is already quite good I'm not too worried about the payout options. From what I've seen there are a lot of funding options and I think it will overall help the life of this annuity. I believe I would be satisfied if I took a much deeper look at it.
The customer service was quick to get ahold of. Seemed concerned about my situation and were very helpful from application to approval. I'd recommend MassMutual to anyone who's interested in helpful financial services. IT was fast easy and painless and I received the cash I needed in a matter of a couple of days. We told them to send 2000 a month and we received it as told. I chose to get a monthly payout and it was very easy. I had options to receive money from diverse ways like stocks and bonds but I trusted the firm to do what was most beneficial.
The customer service seemed more better towards customers who had a larger amount invested, rather than a lower amount invested. Hence, more attention towards a higher portfolio, so the customer service does not seem equal. The options seem limited due to a penalty being applied for early withdrawals. The monetary penalty defeats the purpose of using the annuity for emergency funds, even though the main idea is to save money in an annuity. The payout options seem limited, due to that a penalty is incurred for early withdrawal. However, the payout options for direct deposit, ACH, or via check are all very good options. The funding options seem limited or not entirely a fast gain. However, where the funding comes from seems more of a stable conservative, and slow safe growth, which has far less risk than the opposite.
When you sell with MassMutual they are very professional. They have excellent and knowledgeable individuals that work in all areas of their company whether I need to discuss changing plans or if I needed to make a withdrawal. They explained the information and documents I would need to sign and explained the tax implications. They are always courteous, helpful and professional and I would recommend them to anyone.
I was presented many options for an annuity based on the monthly outcome at retirement, one time investment or regular investments over time. The man helped me select the one that was most affordable for me and provided a good income at retirement. I was very pleased when I purchased it. I get regular statements and they show I am on target for what is expected at my retirement. I have recommended this investment to friends and coworkers. I am very pleased and have no regrets in my decision to purchase the annuity.
Very low monthly payment so that it will stretch out over more years. Sounded good at the beginning then I needed more but cant restructure without losing more than I care too.
I found that MassMutual was very helpful in making my decisions. I was well guided through the process and the service was well above what I expected.
It is my only experience and I did not know much. MassMutual was very patient and helped me learn all I need. Customer support is excellent. I have no other experience with other companies, but I will not leave.
I get annual notices about my annuity with the statement showing how much it's currently worth. Don't have to do much with it/to it. There is an annual management fee that is deducted from the annuity.
Simple and safe investment which provided multiple options across several categories. I would recommend MassMutual as a good place to start your research.
I chose this company upon recommendation from colleagues. The customer service is excellent. I did not know much about annuities and they made it very simple for me. I have never had a problem with mass mutual and would recommend them.
MassMutual is a long time and very established and reputable firm. It was recommended to my family as a safe way to face retirement. We have a deferred payment option which we found to be the best available for our needs. I am uncomfortable to get too personal with any account information.
No problem with any issues with regards to any annuities. Extremely satisfied with customer service and all aspects for this financial institution.
Very professional and intelligent. Many options to invest in and pay options are reasonable and helpful. Customer service is also very available and courteous and helpful.
They have been very helpful and have answered all of my questions and have given me good advice. I would recommend this company. I have been with them for a while now and have been given great advice.
ConsumerAffairs Research Team
The ConsumerAffairs Research Team believes everyone deserves to make smart decisions. We aim to provide readers with the most up-to-date information available about today's consumer products and services.
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: Mass Mutual 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.
- Most ethical company: In 2014, MassMutual was named the World's Most Ethical Company by the Ethisphere Institute.
- Network of advisors: MassMutual maintains a nationwide network of financial professionals who are continually trained, especially in a needs-based financial assessment technique.
- Enhanced customer portal: Through the MassMutual customer account site, customers can view account details, make fund allocation changes, and request forms.
- Service Center: Annuity holders can contact the Annuity Service Center via toll-free number, email, or by requesting a call-back.
- Best for Savers, savers plus income generators, retirees and Social Security recipients.
MassMutual Annuities Company Profile
- Company Name:
- MassMutual Annuities
- Year Founded:
- United States