Metlife Life Insurance Review


Rating: 9.2 / 10 (Excellent)
Disclosure: We receive advertising revenue from this partner. Learn more.
How is Metlife rated?
9/10
Financial Strength
9/10
Customer Experience
10/10
Policies
9/10
Flexibility
10/10
Help and Support
9/10
Online Presence

Background-MetLife

MetLife has been in operation for almost 150 years. To date they are one of the largest financial organizations in the world with 90 million customers in over 60 countries. As of 2015, with approximately $11 billion in premiums and over 7% market share, MetLife is the largest issuer of life insurance in the United States and one of the few American life insurance companies with a significant international presence. When making the major financial decision of which life insurance provider to go with, you don't get much bigger and financially stable as MetLife.

The company offers a vast array of different types of policies including term, whole and universal life. They provide specific coverage items and rider options that give people flexible options for life insurance planning. Aside from its standard life insurance policies, MetLife also offers Variable Life Insurance that has an investment component.

Company Reputation

MetLife has established leading market positions the world over. Headquartered in New York City, the company serves 90 Fortune 500 companies and sports very high financial ratings.

Standard and Poor’s

AA-

Moody’s Rating

Aa3

A.M. Best FSR

A+

Fitch Ratings

AA-

Customer Experience

The National Association of Insurance Commissioners gave MetLife a complaint ratio of .40 for 2015. This is below the median score of 1.00 for the life insurance industry as a whole. In the 2015 US Household Insurance Study, JD Power gave MetLife a score of 769 which placed the company basically dead in the middle of the pack. This was a customer satisfaction index score out of 1000. The survey rated customers' feelings on billing and payment, price, policy offerings, and interaction.

MetLife will provide customers with basic quotes online, but to obtain coverage you'll have to leave your information or contact the company directly by phone. 

Policies

MetLife offers a wide variety of life insurance policies including term, level term, whole, guaranteed acceptance whole, and universal. The company also offers extensive group coverage plans provided through employers. Below are two simple policies MetLife offers online that have no medical exam required and approval in as little as 24 hours. To see the full list of the company's life insurance offerings see here.

Simplified Issue Term Life Insurance

 

Issue Age

18-90

Terms

5 years

Coverage Limits

$10,000-$100,000

Guaranteed level premiums

Yes, for initial term. Rates will increase every five years up to age 90 after you reach an age that ends in 1 or 6.

Guaranteed renewal rates

Yes

Guaranteed Renewability

Yes, until age 90

Medical Exam

Not required, but you will have to answer 2 health questions.

 

Guaranteed Acceptance Whole Life Insurance

 

Issue Age

50-75

Terms

Lifetime

Coverage Limits

$2,000 - $25,000

Guaranteed level premiums

Yes

Guaranteed renewal rates

n/a

Builds $ Value

Yes

Medical Exam

Not required

 

Additional Features

MetLife can offer some of the following features depending on the term, whole, or universal policy you select:

Policy Options

Plan Riders

Guaranteed no premium increase

Accidental death

Access to cash value

Child rider

Interest rate guarantee

Disability income

Term renewal

Funeral expenses

Flexible payment options

Additional insured

Graded premiums

Estate protection

Buy online, phone

Accelerated benefits

 

Death benefit guarantee

Help and Support

MetLife is reachable by phone during business hours and email.

MetLife Life Insurance - Final Thoughts

MetLife is the largest provider of life insurance products by volume in the United States so you can be rest assured you are going with a corporation that can fulfill its financial obligations far into the future. The company's Simplified Issue Term Life Insurance and Guaranteed Acceptance Whole Life Insurance were designed to keep pace with the changing landscape of the life insurance marketplace where consumers are increasingly looking to circumnavigate traditional agents and purchase their life insurance online as quickly as possible with no medical exam. These policies, however, offer limited coverage and are more restrictive than the company's traditional policies. If you want to go with policies with higher coverage limits and level terms of 10-30 years you're going to have to go through an advisor and complete the usual life insurance application process. 

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