Founded in 1851, MassMutual is still going strong and has become one of the nation’s leading insurance carriers. In addition to long-term care and other types of insurance, they also offer retirement and investment products, including annuities and 401(k) plans. These products and policies are backed by MassMutual’s solid reputation, extensive experience in the insurance industry, and wide network of more than 9,000 advisors. MassMutual delivered $5 billion in benefits to their customers in 2016 alone.
Long-Term Care Insurance Policies
Reviews.com rated MassMutual the best company for those looking to buy coverage for an extended period of time. This choice was based on a combination of MassMutual’s phenomenal financial strength, its coverage of independent home caregivers, and the especially long benefit period that it offers. However, it should be noted that MassMutual does have fewer policy options in other areas that some of its chief competitors, and some features that are standard with plans from other companies are optional extras with MassMutual. While they do not offer the widest range of features and riders, their prices are competitive and their plans are reasonably customizable, making them well worth consideration.
Reputation and Financial Strength
MassMutual has outstanding financial strength and long-term stability, as reflected by the scores awarded to it by the top independent rating agencies: A.M. Best gave it an A++ (superior), Standard & Poor’s and Fitch both gave it an AA+ (very strong), and Moody’s Investors Service gave it an Aa2 (excellent). These ratings are important because a company’s financial strength helps to determine its ability to pay out future claims. Customers have also given the company reasonably good reviews. However, it should be noted that many long-term care insurance companies have had to raise their rates in recent years, and while MassMutual held off from doing so longer than many others, they did recently have to raise rates on a substantial number of their long-term care policies.
Be sure to take a look at our other articles to learn more about insurance companies offering long-term care policies. Remember – every policy and every company is different, and it pays to do your research and shop around.
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