MassMutual Annuities

MassMutual Annuities Reviews

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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 & Cons

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.

MassMutual Annuities Reviews

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    Page 1 Reviews 0 - 10
    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.

    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.

      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.

      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.

      Sales & MarketingPricePunctuality & Speed

      Reviewed Jan. 13, 2023

      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.

      Customer ServiceCoverage

      Reviewed Nov. 4, 2022

      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.

      Customer ServiceStaff

      Reviewed June 16, 2022

      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.

      Reviewed June 10, 2022

      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.

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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