MassMutual Annuities

MassMutual currently offers a strong array of annuities that includes fixed, fixed index, RILA and immediate products.

MassMutual sells a deferred fixed annuity called the Premier Voyage. It advertises this product, available in terms of two to seven years, as having no fees.

The annuity also includes useful features such as a death benefits, nursing home and terminal illness riders and an annuity payment increase rate.

Another offering is the Stable Voyage, which is a deferred product as well. It operates comparably to the Premier Voyage, with similar rules and riders, but does not include a market value adjustment.

MassMutual sells several different fixed index annuities, each with different term lengths.

One option is the American Landmark 3, which comes with a term of three years. It offers several different indexing strategies, including an S&P 500 one-year point-to-point with cap option as well as several other less common choices.

The American Landmark 5 operates similarly, but with a five-year term length and additional indexing options available.

MassMutual also sells the American Legend 7, which has a seven-year term. It includes a number of different indexing options, including four different S&P 500 strategies and nine different total strategies to choose from.

Both deferred and immediate income annuities are available through MassMutual. You can fund the deferred product, MassMutual RetireEase Choice, with existing retirement savings and use it to establish pension-like payments for you in retirement.

MassMutual RetireEase is a single premium immediate annuity you can customize to fit the payment schedule, length and amount of coverage that makes sense for your situation.

MassMutual sells two RILAs: the Index Summit 6 and Index Summit 6 Pro.

The Index Summit 6 includes 50% protection against loss and advertises no upfront or recurring fees in the contract.

A wide range of crediting strategies are available, including 15 S&P 500 options that range from one year to six years.

The Index Summit 6 Pro does include an annual 0.75% fee that is deducted daily from each strategy.

MassMutual currently advertises a new variable annuity: the MassMutual Envision. It is a deferred annuity with flexible premium features.

The product, which has a seven-year surrender schedule, includes a solid amount of flexibility and add-on features to customize your contract.

One of these is RetirePay, a benefit that offers you access to guaranteed income and helps offset some of the risk associated with variable annuities. You can also set up an Automatic Investment plan or enroll in an Automatic Rebalancing Program.

With more than $7 billion in annual direct premiums sold in 2022, MassMutual is consistently one of the biggest providers in the annuity space.

In recent years, there has been notable growth in this area, largely due to the establishment of MassMutual Ascend. This company was previously known as Great American Life before MassMutual purchased it in 2021 and rebranded it as MassMutual Ascend in 2022.

The range of products offered exceeds that of many competitors. While even very popular providers typically sell just a handful of well-crafted products.

MassMutual surpasses that with its extensive array of options.

MassMutual, a company with over 150 years of history, is highly regarded for its superb financial strength and credit ratings, which outpace much of the rest of the industry.

MassMutual Ascend, its annuity subsidiary, is highly regarded in the industry for its diverse and high-quality offerings.

MassMutual’s customer satisfaction among annuity clients has seen marked improvement in recent years.

In the 2023 edition of the J.D. Power Overall Customer Satisfaction Index for annuity customers, the company ranked second in the industry behind F&G. In 2024, MassMutual’s rank decreased to eighth overall in the ranking.

When looking at any annuity carrier, the product or company that makes the most sense for you will depend on your personal circumstances and financial situation.

MassMutual is one of the industry leaders for a reason, as there are many pros to opting for a MassMutual annuity.

It is a subsidiary of a strong, massive and stable company. Its vast number of products appeal to a wide audience and allow you to compare different choices and paths all under the MassMutual umbrella.

The company also maintains high customer satisfaction ratings, highlighted by a favorable NAIC Complaint Index Score, indicating fewer than expected annuity customer complaints relative to its size.

One aspect to monitor with MassMutual is that, although its customer satisfaction scores are presently high, this is a relatively recent trend.

It will be important to track how well it maintains its high scores over the next couple of years.