When shopping for life insurance as a senior, you’ll quickly discover that not all companies are created equal. Some focus on small, simplified policies for final expenses, while others specialize in higher‑coverage products that require more robust underwriting. Massachusetts Mutual Life Insurance Company (MassMutual) falls into the latter category. Founded in 1851, MassMutual is a Fortune 500 mutual insurer known for financial strength, dividend‑paying whole life policies and a wide suite of insurance and investment products.
This guide explains why life insurance remains important for seniors, outlines MassMutual’s primary life‑insurance products, provides sample rates and cost considerations, evaluates the pros and cons of choosing MassMutual, offers recommendations for different scenarios and ends with a call to action to work with Liberty Financial Group to find the best policy for your needs.
Why seniors still need life insurance
Entering your 60s doesn’t eliminate the need for life insurance. In fact, many seniors purchase coverage to:
- Pay funeral and medical bills – Final‑expense costs can be substantial. A life‑insurance policy ensures your family doesn’t struggle to cover burial, cremation or hospital bills.
- Provide for a surviving spouse – If your partner relies on your Social Security or pension income, a death benefit can replace lost income.
- Pay off debts – Mortgages, credit‑card balances or personal loans may persist into retirement. Life insurance can eliminate these obligations.
- Leave an inheritance or charitable gift – A policy allows you to pass on money to children, grandchildren or charities.
- Access living benefits – Some policies permit access to a portion of the death benefit if you are diagnosed with a terminal or chronic illness.
Because premiums rise with age and health problems, it’s crucial to understand which types of policies are available and what they cost.
MassMutual’s life‑insurance products for seniors
MassMutual sells a broad range of life‑insurance policies. While the company does not market a dedicated “final expense” or simplified‑issue plan, its term, whole and universal life products can be used for seniors who can qualify medically. Below is an overview.
Term life insurance
Eligibility and coverage – MassMutual offers term life policies in durations of 10, 20 or 30 years, with death benefits starting at $100,000. Applicants can be between ages 18 and 75. The company also offers a DirectTerm policy that provides up to $3 million of coverage on the same day you apply, with no medical exam in some cases.
Premium structure – Term life premiums are level for the chosen term, meaning they remain constant until the policy expires. Policies may include a conversion option, allowing you to convert all or part of the term coverage to permanent coverage without a medical exam before a certain age.
Rates – Sample rates from LifeInsurance.org show that a 50‑year‑old man in good (but not excellent) health might pay $65.78 per month for a 20‑year $300,000 term policy. A 60‑year‑old woman pays about $34.20 per month for a 10‑year $100,000 term policy. Actual rates vary based on health, smoking status and coverage amount.
Pros – Term life provides high coverage at relatively low cost, making it ideal for replacing income or covering a mortgage during retirement. The conversion option adds flexibility if your needs change. MassMutual’s term policies are often competitively priced for healthy applicants.
Cons – Term policies expire at the end of the term; if you outlive the policy, there is no payout. Seniors above age 75 are ineligible to apply.
Whole life insurance
Permanent coverage and cash value – MassMutual’s whole life policy provides lifetime protection and builds cash value. It is available to applicants from birth up to age 90, with death benefits starting at $25,000. As a mutual company, MassMutual pays policyholder dividends on participating whole life policies, which can increase the death benefit or cash value. The company boasts strong financial ratings: AM Best A++, S&P AA+, Fitch AA+ and Moody’s Aa3.
Premium structure – Premiums are level for life and generally higher than term premiums for the same death benefit. Because the policy accumulates cash value, part of your payment goes toward savings. You can borrow against the cash value to supplement retirement income.
Riders – MassMutual offers several optional riders, including accelerated death benefit, additional coverage, guaranteed insurability (allowing purchase of more coverage without medical exams) and waiver of premium (waives premiums if you become disabled). These riders enhance flexibility but increase cost.
Pros – Whole life provides lifelong coverage, guaranteed premiums and cash value. MassMutual has a long history of paying dividends and enjoys high customer‑satisfaction ratings.
Cons – Premiums are significantly higher than term premiums, especially if purchased at older ages. MassMutual’s minimum death benefit of $25,000 may be more than some seniors need for final expenses. Underwriting can be strict: seniors with health issues may be declined or charged higher rates.
Universal life and variable universal life
Flexible premiums and death benefits – MassMutual’s universal life (UL) policies provide permanent coverage with adjustable premiums and death benefits. Standard UL policies accumulate cash value based on interest rates credited by the insurer, while indexed universal life (IUL) and variable universal life (VUL) link cash value growth to market indexes or investment subaccounts.
Use for seniors – Universal life can be appealing for those who want flexible payments and the potential for greater cash‑value growth. However, these policies are more complex and require careful management. Under‑funding the policy can cause it to lapse, and investment‑linked versions carry market risk.. Seniors should weigh the benefits against the potential volatility and complexity.
Final expense (burial) insurance with MassMutual
MassMutual does not market a distinct “final expense” product with simplified underwriting, as some insurers do. While its whole life policies can be used to cover final expenses, they start at $25,000 and may require a medical exam or detailed health history. Many seniors looking for $5,000–$15,000 of coverage to cover burial costs may find MassMutual’s minimum coverage excessive. Carriers specializing in final‑expense insurance (such as Mutual of Omaha, AIG or Gerber) offer lower coverage amounts and simplified applications.
MassMutual life‑insurance rates and cost considerations
Rates for MassMutual policies depend on age, health, gender, tobacco use and coverage amount. Because the company does not provide an online quote engine for seniors, below are sample monthly premiums from LifeInsurance.org for individuals in “very good” health:
| Age | Gender | Term length | Coverage amount | Monthly premium |
| 50 | Male | 20 years | $300,000 | $65.78 |
| 60 | Female | 10 years | $100,000 | $34.20 |
These examples illustrate that term policies are relatively affordable for healthy individuals. Whole life and universal life premiums are higher, and rates vary widely based on face amount and selected riders. MassMutual’s focus on larger policies means seniors seeking final‑expense coverage may find better rates with other carriers.
Factors affecting price
- Age and health – The older you are, the higher your premiums. MassMutual requires medical underwriting for most applicants; serious health issues can lead to surcharges or declines.
- Coverage amount and term length – Higher death benefits and longer terms increase cost. Shorter terms (10–15 years) may be sufficient for seniors whose primary goal is to cover remaining mortgage or income needs.
- Smoking status – Smokers pay substantially more because of shortened life expectancy.
- Gender – Women generally pay lower premiums than men, as they have longer average lifespans.
- Riders – Adding riders such as accelerated death benefits or waiver of premium increases the cost but enhances coverage.
Comparing MassMutual to other insurers
Advantages – MassMutual is a financially strong mutual company with a history of paying dividends. It offers a broad selection of products and riders, including universal life options that many final‑expense carriers do not provide. Rates for healthy seniors can be competitive, and the ability to convert term coverage to permanent life provides flexibility.
Drawbacks – MassMutual lacks a simple, low‑face‑amount policy tailored specifically for seniors who want $5,000–$15,000 of coverage. Minimum death benefits of $25,000 for whole life and $100,000 for term may exceed what some seniors need or can afford. Underwriting is more stringent than guaranteed‑issue plans, and premiums can be high for older applicants or those with health conditions. MassMutual’s universal life policies require careful monitoring to avoid lapse.
Recommendations for typical senior scenarios
“I need a modest policy to cover funeral costs”
MassMutual is not the best choice for seniors seeking $5,000–$15,000 of coverage to pay for burial or cremation. Its whole life policies start at $25,000 and may involve medical underwriting. Instead, consider final‑expense specialists like Mutual of Omaha, AIG or Gerber, which offer simplified, lower‑face‑amount policies. Liberty Financial Group can help you compare these options.
“I’m healthy and want to leave $100,000–$300,000 for my spouse or heirs”
A MassMutual term policy could be ideal if you’re between ages 60 and 75 and in good health. For example, a 60‑year‑old woman could purchase a 10‑year $100,000 policy for around $34.20 per month, providing affordable income replacement for a surviving spouse. If you want coverage for longer than 10 years, compare a 20‑year term from multiple carriers to find the best rate.
“I need lifelong coverage and appreciate cash value”
If you want permanent protection and a savings component, MassMutual whole life may be appropriate. Whole life provides a guaranteed death benefit, builds cash value and may pay dividends. Purchase as early as possible to lock in lower premiums; applying at age 70 or later results in high costs. Consider using dividends to purchase paid‑up additions and increase your death benefit. A licensed advisor can help you evaluate whether the premium fits your retirement budget.
“I have irregular income and need payment flexibility”
In this situation, universal life may appeal to you. MassMutual UL policies allow flexible premiums and adjustable death benefits. This can be useful if you expect income fluctuations or want the opportunity for cash‑value growth linked to market indexes (IUL) or investment subaccounts (VUL). Keep in mind that these policies are more complex and carry potential for lapse if underfunded. A financial advisor can help you decide whether UL suits your risk tolerance.
“I have health issues and need coverage with no medical exam”
MassMutual’s products require medical underwriting for most seniors. While the DirectTerm policy may waive an exam in some cases, acceptance is not guaranteed. If you have significant health issues, a guaranteed‑issue policy from another insurer (Gerber, AIG) may be your only option. Liberty Financial Group can show you quotes from these companies.
Tips for obtaining the best deal
- Apply early – The younger you are when you buy, the lower your premiums. Lock in your rate before age 65 if possible.
- Improve your health – Losing weight, quitting smoking and managing medical conditions before applying can lead to lower rates.
- Select the right amount and term – Don’t over‑insure; choose a coverage amount and term length tailored to your obligations (e.g., mortgage payoff or income replacement period).
- Work with an independent broker – MassMutual may be competitive for some, but other carriers might offer better rates or products for seniors. A broker like Liberty Financial Group can compare quotes across many insurers.
- Consider riders carefully – Riders add valuable benefits but increase cost. Evaluate whether you truly need riders such as waiver of premium or guaranteed insurability.
- Review your policy periodically – Life circumstances change. Reassess your coverage every few years to ensure it still aligns with your goals.
Work with Liberty Financial Group
📞 Call Liberty Financial Group at 888.414.3873
📩 Or click here to request a free quote
Choosing life insurance as a senior can feel overwhelming. MassMutual offers robust, financially solid products that can be ideal for healthy individuals seeking larger coverage amounts, but they may not be suitable for all seniors. Liberty Financial Group is an independent brokerage that partners with dozens of top insurers. Their licensed agents can compare MassMutual policies with final‑expense plans and other term and whole life products to find the best fit for your age, health and budget—all at no cost to you.
Contact Liberty Financial Group today for a personalized life‑insurance review. Whether you need a large policy to protect your spouse, a small policy to cover final expenses or flexible universal life coverage, Liberty can help. Visit https://libertyfingroup.com/ or call to schedule your free consultation.
About Liberty Financial Group
Liberty Financial Group is an independent insurance brokerage based in Boynton Beach, Florida. They work with seniors nationwide to compare life‑insurance options from major carriers, including MassMutual. Because Liberty is a broker—not an insurer—their services come at no cost to you. Visit their website or contact them to get started.
