MetLife Life Insurance Review for 2024

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If you’re looking at the best life insurance companies, it’s likely that MetLife is on your list. This Metlife Life Insurance review will give you the details you need to make an informed decision. We’ve gathered everything you need to know about MetLife’s life insurance rates, ratings, and insurance products.

To help you streamline your research, we’ll go through a thorough overview of MetLife and take a comprehensive look at each of the policies that they offer before you buy MetLife life insurance.

Before you make a decision about MetLife life insurance, compare your options by entering your ZIP code in our free comparison tool above. For more information about MetLife life insurance quotes and other essential details, continue reading.

How much does MetLife life insurance cost per month?

Your MetLife life insurance quotes depend on your age, the type of policy, gender, and health. Your payments will start after you’ve been approved for a life insurance policy.

We found some MetLife life insurance rates when you want a policy without a medical exam. Also, we’ll compare MetLife life insurance company to other competitors.

Comparing MetLife No Medical Exam Term Life Insurance Rates to Competitors

As you can see, non-smokers have access to more affordable MetLife life insurance, while smokers can pay over $500 per month.

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MetLife’s Life Insurance Policy Options

Having concluded that MetLife is a reliable company with good credit ratings, it’s now time to look at the individual life insurance policies that they offer. Outlined below are each of the policies that you can purchase through MetLife:

Term Life Insurance

For those who favor simplicity, MetLife’s term issue basic life insurance policy is the way to go. So long as you are taking out a policy with a face amount of less than $100,000, you can acquire the policy without undergoing a medical exam. (For more information, read our “Does MetLife require a medical exam to get life insurance?“).

There are situations where a person might want to streamline the life insurance application process, such as if they are in the middle of a divorce and want to protect their alimony. In these cases, it might be prudent to skip the exam and sign a policy agreement as soon as possible.

However, a term-issue life insurance policy’s coverage has a pretty low face value that may not be ideal for everyone. To acquire a policy with a higher face value and lower your rates, you will need to go through the entire process of having a medical exam and supplying MetLife with some concrete medical data.

Permanent Life Insurance

For those wanting to take out a life insurance policy that will cover them for the rest of their lives, a permanent life insurance policy through MetLife is an excellent choice to consider.

Permanent life insurance policies offer several advantages and are ideal for several situations. One way that permanent life insurance policies are used is for business succession agreements.

If several stakeholders in a business want to transfer their respective stakes in the industry to its business partners while at the same time converting their stakes into cash to supply to their families, permanent coverage is an ideal solution.

Permanent life insurance policies will accrue value over time, making them especially desirable for cases such as this, where long periods are expected.

Given the nature of permanent life insurance policies, you will certainly want to purchase them through a company with a considerable size and reputation, and MetLife fits the bill.

MetLife offers face amounts for permanent life insurance policies that range from $100,000 to $1 million, and you may be able to get more depending on what you qualify for.

As a bonus, the Enhanced Rate Plus Program that MetLife offers allows you to take out a permanent life insurance plan by just filling out a web form and speaking with an underwriter on the phone – no medical exam is required.

You may need to create a MetLife life insurance login to get access to any forms on the web. Ask customer service about the specific location so you can get access faster.

Whole Life Insurance

Whole life insurance comes with several unique advantages. For one, whole life insurance is guaranteed to accrue value as time goes on. Whole life insurance guarantees benefits upon the policyholder’s death, and it ensures that its premiums won’t go up over the life of the policy.

Here’s a list of exclusive MetLife whole life insurance policies:

• MetLife Promise Whole Life Select 10℠
• MetLife Promise Whole Life Select 20℠
• MetLife Promise Whole Life Select 65℠

These exclusive policies “front-load” your life insurance policy, which means you will pay monthly premiums based on the years selected for your policy. After ten, 20, or 65 years of paying premiums, you won’t have to make payments after paying after that particular term.

In addition to these advantages, a whole life insurance policy from MetLife pays dividends out over the policy’s life. These dividends can be taken as cash payouts or used to reduce your premium payments.

If you would prefer to skip the medical exam, MetLife offers a low-cost whole life insurance policy that doesn’t require any medical exam called Guaranteed Acceptance Whole Life insurance.

This policy doesn’t have extensive coverage ($2,000 to $20,000), but it does guarantee acceptance for anyone under 75, making it ideal for older individuals or those with a pre-existing condition.

Universal Life Insurance

Universal life insurance from MetLife is similar to their whole life insurance, except that it offers you greater control over how the policy’s accumulating value is invested. For example, with a universal life insurance policy from MetLife, you could invest the policy’s cash value as part of your retirement portfolio.

One distinct advantage of MetLife’s universal life insurance policy is that it is age-specific rather than term-specific. This means that you get to specify how long you wish to be covered.

After you reach that age, you are still free to adjust the premiums you pay, withdraw money from the policy’s cash value fund, or alter the policy’s face value. Since a universal life insurance policy can extend coverage beyond the age of 80 while others can’t, it is an ideal choice for people who expect to live that long.

In addition to these advantages, other benefits of a universal life insurance policy from MetLife are that it is suitable for applications such as forming a charitable trust, covering estate taxes and fees, and covering outstanding medical bills.

Final Expense Life Insurance

For those who want to avoid saddling their family with funeral costs, a final expense life insurance policy from MetLife is a great choice to consider.

This policy covers funeral expenses up to a pre-determined amount. It does not require you to have a medical exam or even answer any health questions, but the policy does have to be in place for at least two years before it will pay out the full face amount.

Final expense life insurance from MetLife is best-suited for terminally ill individuals who expect to live at least two more years. For individuals who do not fit this description, a small whole life insurance policy might be a better way to cover your final expenses.

Other Available MetLife Life Insurance Products

You may be able to find these life insurance services at MetLife, also.

• Supplemental Term Life
• Dependent Term Life
• Group Variable Universal Life (GVUL)
• Group Universal Life (GUL)
• Voluntary Accident Death & Dismemberment (AD&D)

MetLife has a strong life insurance program with a lot of choices you can choose. To learn more about MetLife, contact MetLife’s life insurance customer service at 1-800-638-5000.

MetLife Life Insurance Riders

Riders are optional benefits that will supplement gaps in life insurance and give you more options. Every life insurance company has riders, or at least they should. Here’s a list of riders that are available at Metlife.

• The Enricher®
• Accelerated Death Benefit for Chronic Illness Rider
• Acceleration of Death Benefit
• Disability Waiver of Premiums Benefit
• Accidental Death Benefit Rider
• Dependent AD&D

The Enricher is one of the exclusive benefits at MetLife. Another life insurance company may have something similar, but The Enricher is a name specifically for the MetLife brand.

How do I cancel a MetLife life insurance policy?

You can cancel your MetLife life insurance policy by contacting the company by phone. The phone number of MetLife’s cancellation department is 1-800-422-4272.

Read more: Cancelling Your Selected Funeral and Life Insurance Company Life Insurance Policy

Who benefits the most from MetLife life insurance?

Before we go into the benefits, let’s examine the pros and cons of MetLife life insurance company.

MetLife Life Insurance Pros & Cons

Every life insurance provider offers certain benefits and features that make them especially well suited to specific individuals. Individuals who are best positioned to benefit from a MetLife life insurance policy include:

It’s important to note, though, that even if you fall into one of these categories, it does not mean that a MetLife policy is automatically going to be the right fit for you. There are still several other important factors that must be considered.

MetLife Life Insurance Customer Reviews

Despite MetLife’s financial strength rating, it’s not an accredited business under the Better Business Bureau (BBB) or Consumer Affairs. Currently, MetLife has a “B-” with the BBB with a 1.17-star rating from customer reviews.

On the J.D. Power U.S. Life Insurance Study, MetLife is ranked eighth.

However, Consumer Affairs has rated MetLife as a four-star company out of 470 reviews. The National Association of Insurance Commissioners (NAIC) has a similar rating for MetLife.

The latest complaint index from the NAIC rated MetLife with a complaint index of 1.06, which is about the average number of complaints about an insurance company in 2020. 

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MetLife Life Insurance History

MetLife was founded in 1868, making it one of the oldest providers of annuity, insurance, and employee benefit programs still in operation today. The company is listed in the 42nd spot on theFortune 500 list, with a little over $900 billion in assets earning them this spot.

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Without a doubt, MetLife – a company with a 150-year history that Fortune magazine once proclaimed was the “world’s most admired company – is one of the premier providers of life insurance on the market today.

Still, this doesn’t mean that they are necessarily the best fit for everyone.

It is essential to consider a variety of metrics when looking at MetLife or any life insurance provider. These metrics include their policies, their track record, history of payouts, and more.

Combined, all of this data will help you determine whether MetLife and the policies they offer are the best fit for you.

MetLife is a diverse company that provides a wide range of insurance products. For the sake of this review, though, we are only going to focus on the company’s life insurance policies.

Before we begin, it’s important to understand that some of MetLife’s life insurance policies are offered by a company named Brighthouse Financial.

How are Brighthouse’s financial ratings related to MetLife?

Brighthouse is a spin-off company of MetLife entrusted with all of MetLife’s retail insurance products, and the two are the same.

One of the first and most important factors to consider when looking at an insurance provider is to analyze their credit rating and solvency. Below is the credit rating and solvency for Brighthouse Financial according to several of the top rating agencies:

So what do these ratings mean?

By and large, they are used to determine whether or not a company is on solid ground financially speaking. Insurance companies must have enough assets – namely liquid assets – to pay out life insurance claims without creating cash flow issues.

According to the ratings assigned to Brighthouse MetLife, it can be determined that the company has financial stability and can, therefore, be trusted to pay out the policies that they offer without having a difficult time.

Metlife Life Insurance Effortless Claims Process

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

Metlife offers multiple convenient options for filing a life insurance claim. Policyholders can choose to file a claim online through Metlife’s official website. Alternatively, they can file a claim over the phone by contacting Metlife’s customer service. For those who prefer mobile apps, MetLife also provides a user-friendly mobile app that facilitates the claims process.

Average Claim Processing Time

The average claim processing time with Metlife varies depending on the complexity of the claim and the documentation provided. However, Metlife strives to process claims as quickly as possible, and many straightforward claims are typically processed within a few weeks. The exact processing time will be communicated to the policyholder during the claims submission process.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback on Metlife’s claim resolutions and payouts is generally positive. Policyholders appreciate the efficient and hassle-free claims process offered by Metlife. The company’s commitment to transparency and prompt communication during the claims process is often cited as a strong point.

Metlife’s reputation for fair and timely claim settlements has earned the trust of many customers.

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Unveiling Cutting-Edge Digital and Technological Features by Metlife Life Insurance

Mobile App Features and Functionality

Metlife’s mobile app provides policyholders with a range of useful features and functionality. Users can easily access their policy information, make premium payments, and even file claims directly through the app. Additionally, the app offers financial tools and calculators to help users assess their insurance needs and plan for the future.

Online Account Management Capabilities

Metlife’s online account management platform allows policyholders to have full control over their insurance policies. Users can log in to their accounts to review policy details, update personal information, and track their premium payments. This online portal provides a convenient and secure way to manage insurance policies from the comfort of one’s home.

Digital tools and resources

Metlife offers a variety of digital tools and resources to help policyholders make informed decisions about their life insurance coverage. These resources include online calculators to estimate insurance needs, educational articles, and access to customer support via chat or email.

Metlife’s commitment to providing digital resources ensures that policyholders have access to valuable information and assistance whenever they need it.

MetLife Life Insurance: The Bottom Line

All told, MetLife and its policies provide an excellent array of options for those searching for life insurance. The company is reputable and established, and its policies are often a fantastic deal for many individuals and circumstances.

Be sure to do your research, consult an insurance expert and broker, and choose the provider and policy that is best suited for you. With that said, though, MetLife is a provider well worth considering.

Before you commit to MetLife life insurance, enter your ZIP code in the free comparison tool below to compare quotes from multiple companies.

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