MetLife Rates Versus Massachusetts Mutual Life Insurance Quotes

Apr 20, 2010
Daniel Workman

Life Quotes for Non-Smokers in Excellent Health - lisasolonyko (morguefile)

Which blue-chip life insurer offers cheaper quotes for a million-dollar term life insurance policy, MetLife or Massachusetts Mutual?

MetLife and Massachusetts Life Insurance are 2 of America’s largest life insurance companies. MetLife is the biggest U.S. stock life insurer (stock companies are owned by their shareholders). Massachusetts Mutual Life Insurance ranks as the 4th largest U.S. mutual life insurer (mutual companies are owned by their policyholders).

MetLife generated revenues of US$55.1 billion in 2009, while Massachusetts Life Insurance’s tally was $18.8 billion.

This analysis compares average term life insurance quotes for a $1-million policy from both companies. The highly popular 20-year term life product was used for the rate comparisons below.

All rates shown are for non-smokers, based on sample quotes drawn from Term4Sale’s rate comparison website.

Term Life Quotes for Male Non-Smokers in Average Health

The quotes shown below are for 20-year level term life insurance, also called 20-year guaranteed life insurance because rates remain fixed for 20 years after the starting age shown. The average health rate comparison also assumes that applicants are non-smokers.

Age 20 … $950 annual premium for Massachusetts Mutual (12.8% less than MetLife’s $1,089)
30 … $1,119 for MetLife (0.1% less than Massachusetts Mutual’s $1,120)
40 … $1,819 for MetLife (7.8% less than Massachusetts Mutual’s $1,960)
50 … $4,220 for Massachusetts Mutual (4.5% less than MetLife’s $4,419).

Massachusetts Mutual Life Insurance has the lowest quotes at ages 20 and 50, while MetLife sells a $1-million policy for cheaper rates at ages 30 and 40.

Term Life Rates for Female Non-Smokers in Average Health

Below are the results from the rate comparison for women non-smokers in average health.

Age 20 … $750 annual premium for Massachusetts Mutual (9.5% less than MetLife’s $829)
30 … $469 for MetLife (15.1% less than Massachusetts Mutual’s $540)
40 … $880 for Massachusetts Mutual (1% less than MetLife’s $889)
50 … $1,489 for MetLife (4.1% less than Massachusetts Mutual’s $1,550).

The greatest cost savings was MetLife’s 15.1% advantage for female applicants at age 30.

Term Life Quotes for Non-Smoking Men in Excellent Health

For male non-smokers in excellent health, MetLife quoted lower annual premium rates for 3 of the 4 ages below. Massachusetts Mutual did have a significant 10.6% cost advantage at age 40.

Age 20 … $539 annual premium for MetLife (13.2% less than Massachusetts Mutual’s $610)
30 … $629 for MetLife (0.1% less than Massachusetts Mutual’s $630)
40 … $1,090 for Massachusetts Mutual (10.6% less than MetLife’s $1,219)
50 … $2,189 for MetLife (18.8% less than Massachusetts Mutual’s $2,600).

The largest percentage difference in the term life insurance comparison is 18.8% at age 50 in favor of MetLife.

Term Life Rates for Female Non-Smoking Women in Excellent Health

MetLife also won the term life insurance rate comparison for women non-smokers in excellent health, although at different age bands than the men. This time Massachusetts Mutual’s quote was slightly more competitive at age 30.

Age 20 … $479 annual premium for MetLife (4.4% less than Massachusetts Mutual’s $500)
30 … $540 for Massachusetts Mutual (1.6% less than MetLife’s $549)
40 … $759 for MetLife (15.9% less than Massachusetts Mutual’s $880)
50 … $1,749 for MetLife (1.2% less than Massachusetts Mutual’s $1,770).

MetLife quotes were moderately lower than Massachusetts Mutual’s rates.

Term Life Insurance Comparison for Non-Smokers

In general, MetLife had a slight advantage over Massachusetts Mutual Life Insurance for 20-year life quotes. MetLife had cheaper rates in 10 of the 16 age categories compared.

Massachusetts Mutual and MetLife split the price advantages for non-smokers in average health. Massachusetts Life won the rate comparison for non-smoking men age 20 and 50, as well as for female non-smokers age 20 and 40.

For non-smokers in excellent health, Massachusetts Life only had 2 lower rates – at age 40 for men and age 30 for women.

What this comparison shows is that there is no predictable rate advantage for MetLife or Massachusetts Mutual. It depends on a host of factors, a few of which are: age, gender and the applicant’s health.

Consumers are best advised to do their own rate comparisons, soliciting quotes from a number of reputable and financially sound life insurance companies.