New York Life and MassMutual are both financially strong mutual insurers with 150-year dividend histories and A++ ratings from AM Best.
June 24, 2026
New York Life and MassMutual are two of the largest mutual life insurance companies and have consistently paid dividends over the last 150 years.
New York Life is a great pick if you’re looking for customizable whole life insurance, while MassMutual has a better overall digital experience and more disability riders. Both companies require customers to work with a financial professional to get a quote and purchase a policy.
In this article, we’ll compare NY Life vs. MassMutual side-by-side based on factors like dividend history, policy options, riders, and customer satisfaction ratings.
New York Life vs. MassMutual: Comparison at a Glance
New York Life | MassMutual | |
Best For | Customizable whole life insurance | Disability riders |
Financial Strength (AM Best) | A++ | A++ |
J.D. Power (Customer Satisfaction) | 656/1,000 | 671/1,000 |
Better Business Bureau (BBB) Rating | A+ | A+ |
Total Market Share | 7.4% | 4.35% |
Year Founded | 1845 | 1851 |
Mutual Status | Yes | Yes |
Dividends (2026) | $2.8 billion | $2.9 billion |
New York Life and MassMutual are both mutual life insurance companies, which are owned by the policyholders, rather than shareholders. When the insurance company performs well financially, policyholders receive a portion of the profits in the form of dividends.
Most life insurance companies pay dividends during your annual policy renewal period. There are multiple ways to receive your dividends, depending on your needs:
New York Life is the biggest life insurance company in the U.S., with 7.4% of the total market share. As of 2025, New York Life had more than $15.5 billion in direct life insurance premiums written. The company was founded in 1845 and is headquartered in New York, New York.
Pros:
Cons:
Read our full New York Life Insurance review
MassMutual is the sixth-largest life insurance company, with 4.35% of the total market share. The company had over $9.1 billion in life insurance premiums written as of 2025. MassMutual was established in 1851 and is based in Springfield, Massachusetts.
Pros:
Cons:
Read our full MassMutual Life Insurance review
When selecting a life insurance company, it’s important to do a comparison of whole life insurance dividends.
In 2026, New York Life and MassMutual announced record-breaking dividends to policyholders—$2.8 for New York Life and $2.9 for MassMutual.
Although dividends aren’t guaranteed, New York Life and MassMutual have both paid dividends every year since the mid-1800s. Life insurance companies only pay dividends when they exceed their expected financial performance for the fiscal year.
New York Life and MassMutual have similar policy offerings (term life, whole life, universal life, and variable universal life). However, New York Life offers more policy options, including customizable whole life, which allows you to limit your premium payments to a certain period of time.
Both life insurers offer riders that provide more tailored financial protection. MassMutual stands out for its disability riders, including a disability waiver of premium rider and a disability benefit rider. It also offers an optional long-term care rider on its whole life policies.
Some life insurance riders are automatically included, while others cost extra to add. The tables below show which riders are offered on New York Life and MassMutual life insurance policies.
Term life | Whole life | Universal life | Variable universal life | |
Spouse paid-up purchase option rider | x | x | ||
Paid-up additions rider | x | |||
Disability waiver of premium rider | x | x | x | x |
Terminal illness rider | x | x | ||
Chronic illness rider | x | x | x | |
Accidental death benefit rider | x | x | x | |
Money back option rider | x | x | ||
No-lapse guarantee rider | x | x | ||
Overlaid protection rider | x |
Term life | Whole life | Universal life | Variable universal life | |
Paid-up additions rider | x | |||
Disability waiver of premium rider | x | x | x | x |
Disability benefit rider | x | |||
Renewable term rider | x | |||
Terminal illness rider | x | x | x | x |
Chronic illness rider | x | |||
Long-term care rider | x | |||
Guaranteed insurability rider | x | x | ||
Surrender value enhancement rider | x | |||
Other insured rider | x | x | ||
Substitute of insured rider | x |
New York Life and MassMutual stand out for having impressive financial strength, with high ratings from AM Best and S&P.
In terms of customer satisfaction, MassMutual performs slightly better than New York Life. However, both companies are rated above average in the J.D. Power 2025 U.S. Individual Life Insurance Study.
Both companies have fewer complaints for individual life insurance than expected from the National Association of Insurance Commissioners (NAIC). New York Life’s complaint index is 0.16 and MassMutual’s complaint index is 0.06.
Neither insurer has great reviews from the Better Business Bureau (BBB). New York Life reviews and MassMutual reviews are largely negative, with frequent complaints about things like poor customer service, difficulty surrendering a policy, and high premiums.
New York Life | MassMutual | |
AM Best | A++ | A++ |
S&P | AA+ | AA+ |
J.D. Power | 656/1,000 | 671/1,000 |
New York Life and MassMutual are two of the best-known mutual life insurance companies, with the highest financial stability rating from AM Best. Which company is better depends on your individual circumstances, financial goals, and preferences.
In general, MassMutual is a good option if you want to take advantage of the company’s strong disability and long-term care rider options. If you want a customizable whole life insurance policy, New York Life is a great pick. MassMutual has a slightly better digital experience, while New York Life offers more policy options.
Because MassMutual and New York Life both require customers to work with a financial professional to buy a policy, you should also consider your relationship with local agents. Choose an agent that understands your situation and can help you select a life insurance policy that fits your needs.
New York Life isn’t necessarily more reliable than MassMutual. Both companies have an A++ financial strength rating from AM Best, which is the highest rating possible. New York Life has slightly better ratings from Fitch and Moody’s.
No. MassMutual and New York Life both require an agent consultation to get a quote and purchase a term life insurance or permanent life insurance policy.
Elizabeth Rivelli is a business finance and insurance expert at BestMoney.com with over five years of experience covering car, home, life, and health insurance. She has contributed to major outlets such as Investopedia, Forbes, CNN Underscored, U.S. News & World Report, and Bankrate. Elizabeth also partners with insurance companies to provide readers with practical insights into industry trends.
