Provider Overview – MassMutual Annuities


MassMutual was originally founded in 1851 by George Wolf. By Rice. Rice was an insurance agent for a Connecticut life insurance company that wanted to open a similar business in Massachusetts. He started Massachusetts Mutual Life Insurance Company, which became a real mutual company – a company owned by his insurers – shortly after launching it.

Today the company is based in Springfield, Massachusetts and Anfield, Connecticut and has grown from a personal insurer to an international financial services firm. It has approximately thirteen million clients worldwide and over $ 500 billion in active management. In addition to its operations in the United States, MassMutual has subsidiaries in Hong Kong, Japan, Aponia, Taiwan, China, Macao, Argentina, Chile, Bermuda and Luxembourg. The total number of offices for the company exceeds 1200, and the & # 39; full marketing name is MassMutual Financial Group.

MassMutual still operates to the benefit of its members and insurers. They include life insurance, disability income insurance, long-term care insurance, retirement / 401 (h) plan services, mutual funds, money management, and trust services in addition to their client annuities.

Although dividends are not guaranteed, MassMutual is proud of its financial strength and has paid dividends to insurers every year since the 1860s. The company is also known for charitable giving in the places where they are located. They often contribute to programs promoting education, art, culture or economic development in the local community.

In terms of annuities, MassMutual offers five different products – two deferred variable annuities, one deferred fixed annuity and one immediate annuity. Individual products are:

Delayed variable annuities.

o MassMutual Transitions Select
o MassMutual Evolution

Deferred Fixed Annuities:

o MassMutual Odyssey and Odyssey Plus

Immediately fixed annuities.

o MassMutual RetireEase

Some of MassMutual's annuity policies can be initiated through death and life insurance benefits. The death benefit option means that the beneficiary will receive the full amount of the benefit or the guaranteed minimum amount upon the death of the insured person. Improved death benefits are also available, which may allow the beneficiary to pay a higher fee. Subsistence benefits include the minimum benefits of accumulated guarantees, income benefits and withdrawal benefits.

Like many insurers, MassMutual offers additional payments for its annuity products. These include administration and management fees. There may also be a mortality risk charge and an expense risk charge, often known as a "PC" charge. In addition, surrender fees may apply if the annuity is terminated prematurely or part of the annuity is withdrawn.

When considering an annuity company, it is important to understand the financial strength of the organization. One of the best ways to do this is to review the company's financial ratings. Independent ratings companies gave MassMutual the industry's highest ratings. Below is the current ratings of MassMutual (as of July 2009).

AM The best company. (Preferred 1 of 15 categories)
Fitch Ratings: (Extremely strong, 1 out of 21 categories)
Moody & # 39; s: (Excellent, 21st grade 2)
Standard and Poor. (Extremely strong, 1 out of 21 categories)