Boston Mutual Life Insurance Review

Individual and workplace-sponsored life insurance focusing on permanent options

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Boston Mutual

Boston Mutual

Our Take

Boston Mutual Life Insurance Company offers a modest number of life insurance plans and riders, many of which are only available as group plans through a participating employer. Coverage limits are low on the individual whole life policies that are offered, and you’ll need to price out and purchase your coverage from a local participating agent. The company operates in every state but New York and offers a few policies with no medical exam requirement.

  • Pros & Cons
  • Key Takeaways
  • Company Overview
Pros & Cons
Pros
  • Individual and employer-sponsored coverage available

  • Medical exams not always required

  • Child rider coverage is convertible

Cons
  • Sold through local agents

  • Not available in New York

  • No online quotes

Key Takeaways
  • Boston Mutual offers term and permanent life insurance policies in all states except New York.
  • Coverage may be purchased as an individual or as part of a group plan through a participating employer.
  • Term life is only available as a group (workplace) option.
  • Medical underwriting is not required for certain plans and coverage limits.
Company Overview

Boston Mutual has been offering insurance solutions to Americans and their families since its founding in 1891. The mutual company is headquartered in Canton, Massachusetts, and has more than 1.3 million policies and certificates in force.

Geographical Restrictions

Boston Mutual underwrites life insurance policies in all states except New York. Not all policies, riders, or coverage limits may be available in all areas, however.

  • Year Founded 1891
  • Kinds of Plans Term life, whole life, AD&D
  • Number of Plans 5
  • Payment Plan Options Monthly, quarterly, semi-annually, annually
  • Customer Service Email (through a secure portal), phone (877-624-2249 from 8 a.m. to 5 p.m. EST, Monday through Friday)
  • Official Website www.bostonmutual.com

Boston Mutual is not one of our top-rated life insurance companies. You can review our list of the best life insurance companies for what we think are better options.

Pros Explained

  • Individual and employer-sponsored coverage available: Boston Mutual offers term and permanent life insurance options, which can be purchased by individuals (directly from local agents) or through participating employers. 
  • Medical exams not always required: Depending on which policy you’re buying and how much coverage you need, you may be able to bypass the usual medical underwriting requirements.
  • Child rider coverage is convertible: Child term rider coverage stays in effect through age 25, and can be converted into as much as $40,000 in individual whole life coverage without needing to provide evidence of insurability.

Cons Explained

  • Sold through local agents: Boston Mutual life insurance policies are not sold online or directly through the company. Instead, you’ll need to purchase coverage through one of their local partner agencies or through a participating employer.
  • Not available in New York: Life insurance coverage from Boston Mutual can be purchased in every state except New York.
  • No online quotes: Online quotes are not available from Boston Mutual.

Available Plans

Boston Mutual Life Insurance Company offers a few different plan options, depending on whether you buy as an individual or through an employer.

Group Term

The only term life insurance policies currently offered by Boston Mutual are employer-sponsored. Term life coverage can provide you with protection for a specific number of years, often at a much more affordable price than permanent life insurance options. When buying through the workplace, the amount of coverage you can buy is generally limited to a multiple of your salary. 

Infinite Life

Boston Mutual offers two different permanent life insurance policies to individuals, the first of which is the Infinite Life policy. With this policy, coverage is available from $2,500 up to $250,000, and can be issued to applicants between the ages of 15 days and 80 years. The policy builds a cash value, and coverage matures at age 121.

If you’re under 50 and applying for $100,000 or less in coverage, you may be able to bypass medical underwriting and the paramedical exam process. This policy includes three different forfeiture options, which can help you keep your policy in force even if you’re unable to pay premiums at some point. There are also different riders available, including child term coverage, accidental death benefit, and waiver of premium riders.

Legacy Life Express

The second permanent life insurance option is Legacy Life Select, which also offers up to $250,000 in coverage. The policy builds a cash value over time, premiums are guaranteed not to increase while the policy is in effect, and coverage matures at age 98. This policy can be issued to those ages 0 through 80.

If you’re working or in school, simplified issue may be available with only a few health questions required. Optional policy riders include child term, accidental death benefit, and waiver of premium coverage.

Legacy Life Select

Another permanent life insurance option, Legacy Life Select, is similar to Legacy Life Express except that it’s only offered to federal, state, and municipal employees as well as eligible family members (those actively working or in school). Like Legacy Life Express, this policy matures at age 98 and can be issued to those ages 0 to 80.

Legacy Life Select provides up to $250,000 in permanent protection, builds a cash value over time, and offers level premiums for the life of the policy. Available riders include child term coverage, accidental death benefit, and waiver of premium.

Group AD&D

Boston Mutual’s accidental death and dismemberment (AD&D) coverage is only offered through participating employers. This coverage protects your loved ones if you pass away or are dismembered as the result of an accident. With this policy, dependent coverage is available to both your spouse and children. It also offers waiver of premium and accelerated death benefit riders.

There is an additional seat belt benefit: If you pass away as the result of a car accident and were wearing a properly secured seat belt at the time, your beneficiaries will receive an additional 50% of your policy’s death benefit. The policy also includes a repatriation of remains benefit, where your loved ones will receive up to $5,000 to bring your remains home if the accident occurs more than 100 miles from your residence.

Available Riders

Some Boston Mutual riders are included with the policy at no charge, while others can be added for an additional cost. 

Children’s Term Insurance

With the child term insurance rider, you can insure all of your children between the ages of 15 days and 25 years for one price. Coverage can be converted to whole life with a death benefit of up to $40,000 per child, with no evidence of insurability needed.

Accelerated Benefit Option

The accelerated death benefit (ADB) rider allows policyholders to access a portion of their coverage while living if diagnosed with a terminal illness and given 12 months or less to live. Any funds withdrawn using the ADB will be subtracted from the policy’s overall value.

Accidental Death Benefit

If the policyholder dies as the result of a covered accident, the accidental death benefit rider will double the policy’s original death benefit. 

Waiver of Premium

If you are permanently and totally disabled during your policy’s coverage period, the waiver of premium rider can allow you to keep the policy intact while waiving any future premium payments.

By buying convertible life insurance coverage for your minor children, you can ensure that they always have access to a policy no matter what conditions or health concerns may arise that would impact insurability.

Customer Service

If you have questions about your policy, want to update information, need to file a claim, or are interested in buying coverage, there are a few ways to contact Boston Mutual. 

Since policies are sold through local agents, you can always reach out to your representative if you have questions about an existing policy. You can also log in through the company’s online portal and send secure emails to Boston Mutual directly. 

If you prefer a phone call, customer service representatives are available at 877-624-2249 from 8 a.m. to 5 p.m. EST, Monday through Friday. 

Complaint Index

Each year, the National Association of Insurance Commissioners (NAIC) provides insurance carriers with what’s called a complaint index. This number, which is adjusted to each company’s size and market share, demonstrates how many consumer complaints they received compared to what was expected.

The complaint index is adjusted to a baseline of 1.0, which represents the expected average for that company. A complaint index below 1.0 means that they had fewer complaints than predicted; a complaint index above 1.0 means they received more. This can be useful when it comes to comparing different carriers and even watching year-to-year trends of each carrier.

In 2020, Boston Mutual received an overall complaint index of 0.90, which is below the industry average. This number represents six total complaints for the company as a whole that year.

Third-Party Ratings

Knowing how a carrier is viewed by third-party rating companies can help you gauge whether it’s the right carrier for you and your life insurance policy.

AM Best is one of the most trusted ratings platforms, offering a glimpse into each company’s projected financial stability. This allows you to feel confident that the carrier will still be around and solvent if and when your loved ones need to file a claim.

According to AM Best, Boston Mutual’s financial strength rating was recently upgraded from an A- to an A (Excellent). This is the third-highest financial strength rating offered by AM Best.

Another trusted grade comes from J.D. Power, in the form of the annual insurance survey. This survey evaluates each of the top carriers in terms of customer satisfaction, product availability, and pricing, to name a few.

Boston Mutual was not included in the 2020 U.S. Life Insurance Study put out by J.D. Power. This is likely due to the company’s small size and market share, but still worth noting. 

Cancellation Policy

If you choose to cancel your Boston Mutual life insurance policy, the process is fairly straightforward. 

Cancelling an accidental death policy can be done via email, mail, or fax, simply by sending a letter of intent. This letter will need to include your name, policy number, signature, and your intent to cancel.

If you’re looking to cancel permanent coverage, the process is a bit more involved. This carrier offers online cash surrender forms that can be downloaded and returned. Once approved, your applicable surrender fee will be deducted from the policy’s cash value, and any funds due back to you will be sent by check within four weeks. 

Price

The cost of life insurance coverage is different for everyone, as it relies on so many personal factors. The amount you’ll pay for a policy depends on things like your age, gender, location, health and medical history, and tobacco use. The type of policy and amount of coverage will also dictate price. 

Applicants who are non-binary or transgender will not be denied life insurance coverage based on gender alone. However, please note that some life insurance companies will base their underwriting on birth biology, rather than the applicant’s stated gender.



Boston Mutual does not offer online quotes, so you’ll need to work with a local partner agency in order to get pricing and purchase a policy. Coverage is also available through participating employers, so you may be able to buy group coverage for even less if your workplace sponsors it.

Competition

To help you get an idea of how Boston Mutual measures up against some of the best life insurance companies, we have compared it to Northwestern Mutual. Both carriers are mutual companies that sell policies through advisors or partner agents and both have strong consumer satisfaction ratings. 

Northwestern Mutual, however, is available in all 50 states as well as Washington, D.C., whereas Boston Mutual is not offered in New York. Northwestern Mutual also has an extensive list of plans and riders available—including term, whole life, and universal—while Boston Mutual only offers a few different plans, some of which can only be purchased through a participating employer.

If you’re looking for coverage in all 50 states; want to be able to choose individual term, whole, or universal life coverage; or are interested in earning dividends on whichever policy type you choose, Northwestern Mutual is the stronger choice.

  Boston Mutual Northwestern Mutual
Market Share Unranked, 0.01% U.S. market share Largest in the U.S., 8.5% U.S. market share
Number of Plans  12 
Dividends for 2020  $1.7 million  $6.2 billion 
Service Method  Partner agents  Financial Advisors 
AM Best Rating  A++ 
Price Rank  Not Disclosed  Above Average
Complaints Trend  0.90 Very Good  0.50 Excellent
Final Verdict

Boston Mutual’s life insurance options can seem a bit slim, especially to individual purchasers who will not be buying group coverage. The lack of online quote tools and purchase options may be inconvenient to many, though the company does operate in almost every state and has above-average ratings and reviews.

Methodology

In order to provide readers with a trusted review of each company, we employ a comprehensive methodology. This involves looking at each carrier’s history, third-party ratings, and consumer satisfaction reviews. We also consider their product availability, pricing, coverage options, and customer service accessibility.

Article Sources

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  1. NAIC. "Boston Mut Life Ins Co National Complaint Index Report." Accessed May 20, 2021.