MassMutual Whole Life Insurance Review (2018)
Top 5 Reasons to Choose Mass Mutual Whole Life Insurance
Advanced Guide and Insider Tips [Rate Charts]
Mass Mutual Whole Life Insurance sets itself apart from the bunches. It has a variety of features and is backed by an industry Goliath. It can create returns superior to its competition.
With that being known, does it really matter? Should you even care?
I say yes, you should.
When does it make sense to purchase whole life insurance? Is whole life insurance even the best option?
Mass Mutual whole life insurance has never seemed to generate to much negative feedback over recent years. Whole life insurance in general has gone through many periods of love and hate with consumers and life insurance agents over the years. It can be and will be a topic of debate on when whole life insurance is truly beneficial.
Most of the arguments, I can understand from both sides of the fence. The truth is, Whole Life Insurance is not always the best option. It shouldn’t be pushed or forced into consumers laps. If it’s used in the wrong circumstances it can end up just being an unnecessary debit against your checking account.
Times do exist when whole life insurance can be extremely beneficial. If it comes down to which company to pick when the iron is hot to purchase whole life, Good Life Protection recommends MassMutual Life Insurance.
We want to point out the top 5 reasons and times to purchase whole life insurance.
More specifically, why to purchase whole life insurance with MassMutual. Which brings us to Reason #1.
Mass Mutual Whole Life Review (2018)
Reason #1 Why to purchase Mass Mutual Whole Life Insurance
Buy it for the Babies!
Can whole life insurance be expensive? Yep, it sure can. As we said earlier, is it always worth it? Nope, it’s sure not. However, purchasing whole life insurance on a newborn or young child can be a very good investment.
This holds especially true if it’s with a company such as MassMutual. MassMutual currently offers some of the best whole life products Good Life Protection has worked with.
What are some of the top benefits of purchasing whole life for your newborn or young child?
- Savings Vehicle for College- Whole life insurance allows for cash withdrawals from the policy. If structured correctly, tax-free withdrawals. This can be a huge savings help for those costly college expenses that are bound to pop up in the future.
College cost is showing no sign of slowing down now or in the future. The cost continues to rise past what most people such as me or you can save without eating ramen noodles every night.
How much are we talking exactly?
According to CNBC, the cost of college by the year 2030 will look something like this.
Yes, that’s the truth. Yes, we know that’s no good for anyone. Inflation is a killer in today’s economy. Will whole life with MassMutual solve this problem? No, it will not but it certainly could help.
How so exactly? Let’s look at some examples of how MassMutual whole life could step in to put a dent in these costs.
MassMutual Whole Life Legacy 10 Pay– In the whole life legacy 10 pay with MassMutual you will only pay premiums for 10 years. After that time is up, you’re done. It grows cash and a death benefit. You pay nothing further. Plain and simple. These premiums condensing into this short span, helps the cash growth accelerate.
Why? Because the mortality cost is so low on a newborn that most of the policy is going toward cash savings after funding the death benefit.
Good Life Protection knows that everyone’s budget is different. With that being said let’s break it down based on different budgets.
We are going to break this down by budget on a 1-year old newborn child. The goal of this whole life will be to repay some student loans at the age of 22. This is assuming your child graduates at 22 after completing a 4-year degree.
Mass Mutual Whole Life Legacy 10 Pay (2018)
1 Year Old Newborn- College Savings Technique
Now, if you don’t mind paying in for a few more years, you accelerate this even more.
Let’s look at if we increase the pay period into another Mass Mutual Whole Life Product.
We will use the same scenario. This time you will be paying the premium for 20 years instead of 10.
I know, not nearly as fun to think about, but let’s give it a chance and see what it does for our next Harvard graduate.
Mass Mutual Whole Life Legacy 20 Pay- (2018)
1 Year Old Newborn- College Savings Technique
I’m sure you’re probably thinking, why would my child need this much death benefit. The answer is, he or she most likely doesn’t.
But, he or she may need it. You see, you just never know what’s going to happen. Until the child reaches an age that the policy can become his or hers, the parent or you will be the beneficiary of the policy.
I know that seems unnatural to consider something may happen to your child and no one wants to ever think about it. It does happen. Every day in the United States. For the time being, this would-be protection for you or for the parents of the child.
You can also see from our illustrations that, some can go a long way with Mass Mutual. The whole life legacy 20 pay does an excellent job providing funds for college by age 22.
In addition, nothing says the money must be used in this manner. You may opt to keep the funds growing because it can extremely powerful in later years of the policy.
What if you decided to wait until your baby boy or baby girl was ready to purchase a home?
Let’s look at the Mass Mutual Whole Legacy 20 Pay-
This time let’s view it at age 30 on the $500.00 per month budget.
Age 30- $500.00 per month on the MassMutual Whole life legacy 20 would net you $251,872.00 cash value. That’s much more than your typical 20% down on a home. That’s basically the payoff for most.
Additional perks of the Mass Mutual Whole Life on Newborns
You Never know when health conditions may arise
Health conditions or the occurrence of a disease or serious issue could hinder your child’s ability to ever gain life insurance coverage on his or her own. Locking in a policy for your newborn ensures you have the power in your court in case that situation ever arises in the future.
The Mass Mutual whole life policy will allow you to take structured loans against the cash value. If structured as a loan when you withdraw it, you can typically keep this cash tax free. This is a huge added benefit that beats out other investment related products.
Ability to Overfund
Cash gifts or extra capital can be pushed into Mass Mutual whole life products up to a certain limit. Be careful not to overfund the policy as it will cause it to become a modified endowment contract (MEC). This would hurt some of those awesome tax benefits that made you want the policy in the first place.
Reason #2 to Purchase Mass Mutual Whole Life Insurance
To keep the business moving along.
Many businesses hit a point where they are in big trouble. If a business is running between you and a best friend and one of you dies, what happens? Well, several things but for the sake of this argument, the biggest issue, you either must sell the dead person’s share or deal with someone else taking over.
With a Mass Mutual whole life, you can condense the payments, experience nice dividend returns and when the first of you meet your maker….
Use, the whole life funded buy-sell agreement to keep the business moving along and you not working for the next horrible boss.
Why not just use Mass Mutual Term Insurance or any companies term insurance to do the same thing? 2 Reasons.
- If you outlive the term and someone becomes not insurable, you’re still in deep water.
- Mass Mutual offers another whole life product that’s outstanding for these business plans. It’s known as the…
Mass Mutual Whole Life- HECV (High Early Cash Value)
The MassMutual HECV (High Early Cash Value) can provide quick accelerated cash growth that will help businesses maintain liquidity needs while gaining protection.
It’s a policy that set’s MassMutual apart from the competitors when it comes to buy-sell agreements or other business planning life insurance techniques.
Reason #3- To Purchase Mass Mutual Whole Life Insurance
Having a child with special needs or a strong possibility that your child may end up being special needs.
So, here’s the issue with buy term and invest the rest in this situation. A special needs child may not have an expiration for how long they need you to have coverage on yourself. Could a term policy take care of the protection needs if something happened to you?
Sure. Is that guaranteed though? No. Is the savings on term worth the lack of protection in the later years in your child’s protection and future? Probably not and you will probably lose some sleep over it going in that direction.
Having a child with special needs can be very expensive over the course of the years.
Not being able to work and often using financial resources toward special needs care or programs can deplete a family’s financial security quickly. A whole life plan may be just what the doctor ordered for a situation like this.
It does, however, need to be structured properly. A Special Needs Trust (SNT) is always recommended to protect the assets inside the trust. Life insurance has become the most popular funding source regarding Special Needs Trust.
Even if you face financial setbacks in the future, you can rest assured that assets will be available to take care of your family member with special needs.
Mass Mutual has plenty of options you could choose to fund a Special Needs Trust with whole life insurance.
- MassMutual Whole Life Legacy 10 Pay– Fund the policy in a short ten years and sit back and rest assured that you have provided protection for your family
- Mass Mutual Whole Life Legacy 20 Pay– Same scenario as the 10 pay but would require payments paid into the policy for 20 years.
- MassMutual Whole Life Legacy 65– Pay premiums toward this policy till the age of 65. At this time, you would have a paid-up policy and lifelong protection.
- MassMutual Whole Life Legacy 100– This will be the cheapest monthly option available to you, but you will pay for the longest duration of time. This policy will require payments into the policy till age 100 unless you use “PUA” or paid-up additions to begin funding the premiums.
Reason #4- Why to buy Mass Mutual Whole Life Insurance
You’re not a Risk Taker
Whole life insurance has always been under the publics eyes. Typically, it can be viewed as a low return investment that can easily be beaten.
Is this true?
You bet it is. We are not here to convince you to invest everything into a whole life policy. It’s a bad strategy and you shouldn’t do it. However, many low return investments are low return for a few main reasons.
- They are safe
- They have other cost associated with the investment
Both are true of whole life insurance. Mass Mutual has consistently dumped dividends into policies for longer than I can remember. Even during some of the worst economic times this country has seen.
However, you also aren’t getting returns in the high single or low double digits on these policies. Sometimes that’s okay because some people just don’t like taking risk. Plain and simple.
Whole life insurance even with a company like Mass Mutual also has a cost associated with the policy that can take a portion of the returns.
The first and most obvious is the cost of insurance. The death benefit doesn’t come free with these policies. To have the additional protection in the event you meet your maker. It comes at a cost.
Secondly, you will often have policy fees associated with the policies which can also dip into your returns.
All of this shouldn’t be too surprising to most of you. Fees come with just about any form of investment. The reason Good Life Protection recommends a company such as Mass Mutual for a whole life investment is it’s about as safe as it comes and still yields decent returns.
Mass Mutual is a financial goliath and has the financial strength ratings and reputation to back it up. If you aren’t a risk taker and want to further diversify your portfolio, Good Life Protection believes a Mass Mutual whole life could be a good fit for you and your family.
Reason number 5- Why to consider Mass Mutual Whole Life Insurance
For no other reason except Good Life Protection believe it’s the best of the best.
So, let’s assume for a moment that I’m done convincing you that you may have a good reason to consider whole life insurance.
No more comparing rate of returns or being convinced that it may be a fit for your life. Now it’s just time to make a move on it. This brings us to reason #5.
It’s hard to beat MassMutual Whole Life Insurance. MassMutual offers other products that can beat such as Term Insurance and the MassMutual Long-Term Care lineups.
We are strictly talking about whole life for this debate.
Who knows when another company will release a product showing heavy returns or crazy performance. In this competitive industry, it’s bound to happen sooner or later.
It probably won’t be MassMutual though. Why? Well, because that doesn’t have to. They have already won this battle.
- Financial Strength
- Strong Dividend History
- Strong Dividend Performance throughout history
- And, A Strong Product Lineup
Has already solidified them in the industry as a leader in whole life insurance. If you can maintain the stronghold on the industry that they have for this stretch of time (100 plus years) than you begin to reach a point where people just trust the name and fall for the “sticker shock” of the branding of the company.
And you should. It’s a fantastic, durable and safe life insurance carrier to consider.
Whole life isn’t for everyone. It doesn’t always fit. You should always weigh your options before making a final decision. Good Life Protection isn’t trying to scream from the rooftop that whole life is the best investment you can make. We are simply trying to inform consumers that it sometimes has a nice fit in a family’s financial portfolio.
If it does fit, you need a company you can trust. A company that can deliver strong performance for a product usually laughed at for overall performance compared to other avenues.
If you have decided that whole life is a fit than we believe no better options currently are available than Mass Mutuals whole life products. The Mass Mutual Legacy series of whole life is an outstanding product lineup for the whole life market. To learn more about whole life with MassMutual never hesitate to reach out to Good Life Protection.
May the best price and policy win.
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