MassMutual Annuities Reviews

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.

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.

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.

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.

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.

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.

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.

I have paid $40 for an expedited service to remove my funds from this company, as they are ill-managed. I have been waiting now over 5 days, and still do not have my funds. I call, and customer service has no idea. They also tell me I don't have the expedited service. I cancelled my first request after learning it would take over 10 days to process. I was advised to resubmit it with the expedited service so the funds would go direct deposit. I did exactly that, and am 100% certain I selected the expedited service. That was the entire reason for me cancelling and resubmitting the request. I see my account has been charged the fee, but the customer service rep says I didn't apply for that. It does seem like they are trying to weasel an extra $40 out of me without providing the service.

I have called MassMutual lots of time regarding my annuity, (which I did not even know that I had) until I started getting a small check each month. Upon calling them, I asked to surrender it or cash it in. They absolutely refused to discuss that and said that I could not do that. Now, after 10 years, I have read up on annuities and know that I am allowed to surrender it or move it to another kind of annuity. The customer service there would not give me any information. I am 72 yrs old trying to survive on ss benefits and could use it! After all, it is my money! Not theirs!!! I did not know about having this annuity in the first place, and no one ever explained to me, anything about it. I feel cheated!!!

Called and spoke with different people who answered phones-none could do more than look at policy number and state "it is in process" even though I had a time sensitive issue. They would not say more than "you will have to wait your turn". No response to emails and even though I indicated on form the I would like text updates as to status, I never received one. Would not recommend this company at all.

My father died in August of 2015 and it took a year to get a check from MassMutual. At this time we changed the beneficiaries of my mother's policy. My mother died in December of 2018. The agent told us the paperwork was processed on February 28 and the checks would be mailed after 10 days. It's been 22 days and still no checks.

This past Feb 25th my case was referred to the tax and legal departments. I was promised they would get back to me promptly. Yesterday I contacted them, talked with tax department, and nothing had been done. Meantime my tax filing situation awaits their poor and uncaring action. They filed the wrong Tax Form and still have not corrected it. I have been their customer for over 20 yrs but they still don’t care. I even sent a message to their Chairman Roger Crandall, still nothing. HELP.

Opened an annuity and indicated date of monthly direct deposit. There is a delay from the time they release the payment to the date the bank posts the transaction to my checking account. The "certified financial planner" that sold me the policy should have warned me about that but he did not so I could make adjustments to the date accordingly. I wanted to change the date of the direct deposit to compensate for the lag time in posting to my account. MassMutual said no. Nowhere on any of the applications or forms I completed did it say the date could not be changed. This is the new face of doing business in the U.S. where once they have your money they make the rules. Buyer beware of unethical practices.

After leaving employment I attempted to rollover my balance to my IRA. They quickly informed me that there would be a $200 fee to perform this electronic transfer! WTF? Why? For an account that your employer automatically enrolls you into, that is a ridiculous fee to get your money rolled over! Never use this company! Reading reviews this one sounds very shady.

I have an annuity with MassMutual due to a previous employer ending their pensions and replacing them with annuities. My annuity was supposed to start Nov 1, 2018 and I have not received either the November or December payments. They have stated that they have all my paperwork and are still processing it and will not provide any guarantee of when I will receive my money. Note that I have been very responsive to provide the requested information and I have called many many times.

UNABLE TO GET AN EMAIL ADDRESS: Unable to have funds rolled over as per my direction. Unable to locate plan document. MassMutual brokers unable to provide plan contact. Next step file complaints. Proof the next stock market crash is days away.

When I started the policy monthly direct debit was established. MassMutual never sent yearly statements, which should show any fee saved if the premium is paid in full. I realized that there must be savings if I pay full yearly amount in one go. I called and I was told by their rep that there are NO savings in paying full amount. Year later at the beginning of the policy period I called again, asked same question and told the date and details of the previous conversation. When the managers were listening to that recording they kept transferring me from one rep to another for over an hour. One lady said she will email me, after noticing their blunder. A rep called me thousands miles away from my home at my daughter's house (God knows where they got the phone # from). Their reps always call before replying emails. When I ask for the copy of their calls, they tell me it is MassMutual's property.

Have a annuity with MassMutual. Payments were to start three years ago. To date 8/2018 have not received anything. I have called several times, each time I am told five days, ten days or shortly. All lies. Never sent anything. Keep in mind this is my money. DO NOT EVER DO BUSINESS WITH THIS COMPANY!

I have contributed to MassMutual for several years now but will not ever do it again. The reason why is that my son that is 29 years old just found out he has cancer with no insurance. He has already had to major surgeries that total 202000 dollars. Now he needs chemo and radiation but doctors won't start without payment. So I sent all bills and info in to MassMutual to withdraw money thru hardship but all I have got from MassMutual for the last 2 weeks is the runaround. Seems like to me is they are trying to steal my money. I am very disappointed with them and will never send them another penny. If anybody is looking to start a retirement plan your best bet is to stay away from MassMutual.

Unhappy with Rollover Process - MassMutual had to reissue my check three times. Three different representative said they would be mailing the check to my home address and would receive it in 10 business days. After 32 business days and 3 reissued checks I called in again. They said that they were actually mailed to my past employer. When I called my past employer they said that they did not receive any of the three checks. I finally got on a three way call with my new retirement account manager. MassMutual said they could once again reissue the check. It would go to my former employer.