MetLife life insurance review 2018 | finder.com

MetLife life insurance review

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A large and recognizable life insurance provider offering workplace benefits and policies in a simplified manner.

You may recognize MetLife thanks to its former spokespeople: Snoopy, Charlie Brown and the gang. This life insurance provider offers policies through the workplace to help you find the coverage you need.

And if you’re looking for an individual policy, don’t be deterred, as MetLife’s spinoff company, Brighthouse Financial, can help you find the coverage that best suits your situation and financial goals. We discuss the different policies offered by the two providers below.

Minimum coverage $25,000
Terms available 10, 15, 20 or 30
Payment methods EFT, direct billing
Medical exam required Dependent on age and amount of coverage requested
Temporary underwriting coverage N/A

Pros

  • Simple application process.
  • Life insurance selector tool.
  • Low rates for even those with health concerns.

Cons

  • Phone interview is necessary.
  • High rates for those with good health.
  • Rider selection limited.
Metlife is not accredited by the Better Business Bureau (BBB) and receives a D- rating based on how the company is likely to interact with its customers. We found some negative reviews that highlight the difficulty in getting the benefits they were promised and processing claims. Though, these issues are common with many top insurance providers. There are several other more positive reviews for its life insurance products that highlight the simple process to purchase coverage.
MetLife ranks 42 on the Fortune 500 list with strong revenue and millions in assets. It has an A rating across all four of the top life insurance rating companies, citing strong financial stability and reliability with pay out on policyholder claims.
A.M. Best A+
Fitch AA-
Moody’s Aa3
S&P AA-

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What is MetLife known for?

In business since 1868, MetLife is one of the oldest life insurance companies in the US. It’s a global leader in the insurance market, offering a variety of life insurance products including term and universal life.

In 2017, it shifted the majority of its individual products to a separate company, Brighthouse Financial. MetLife shifted its focuses to benefits through the workplace. Its website provides support for insurance questions with answers, along with how-to articles to help you better understand your insurance, wellness and money.

Pros

  • Simple application process.Many customers highlight the simple application process.
  • Life insurance selector tool.Easy-to-use tool that asks a few questions and helps you choose the right life insurance policy for you.
  • Low rates for even those with health concerns.MetLife has been known to offer competitive rates to seniors with high blood pressure, those with diabetes and active military personnel.

Cons

  • Phone interview is necessary.You have to do a phone interview with an underwriter to be approved.
  • High rates for those with good health.If you’re in good health, you may be able to find a more competitively priced premium elsewhere.
  • Rider selection limited.MetLife doesn’t provide much information about their selection of available riders and add-ons.

What life insurance coverage does MetLife offer?

MetLife focuses on delivering benefits through the workplace. Check with your employer’s benefits administrator to see if it offers MetLife.

Standard policies offered by MetLife through the workplace include:

  • Term life. Affordable coverage offers guaranteed protection for 10, 15, 20 or 30 years. Basic, supplemental and dependent term life policies may be offered through your employer.
  • Universal life. These flexible plans allow for permanent coverage with flexible payments based on your accrued account value. Benefits include tax-deferred accumulation and income to use during retirement.

If you’re looking to find life insurance on your own, MetLife’s spinoff company, Brighthouse Financial, now carries all the life insurance policies MetLife has been long known for.

  • Guaranteed Level Term. Available for ages 18 to 75, the policy is level and coverage stays the same until the term ends. It’s available in 10, 15, 20 or 30 year terms.This is an affordable option for those looking for temporary coverage. A conversion option is available by the end of the term or age 70. You get to keep your same health rating, even if your health has changed.The policy offers disability waiver of premium and acceleration of death benefit riders.
  • Premiere Accumulator Universal Life. This universal life policy protects your death benefit. It’s different from normal whole life because it allows you to have greater control over how the policy’s cash value accumulation is invested.Use the cash value to provide yourself supplemental income in retirement. Your policy and the accumulated cash value is tax-free.In addition to the cash value accumulation, it offers three riders: acceleration of death benefit, waiver of specified premium and chronic and terminal care riders.

What’s not covered in my policy?

MetLife’s term life policy offers an accelerated death benefit at no additional cost. With this, you can receive a portion of your death benefit if you’ve been diagnosed with a terminal illness and have 12 months or less to live. You can claim up to 100% of the policy’s death benefit.

For those seeking additional coverage, MetLife and Brighthouse Financial policies have the opportunity to add additional riders.

  • Accidental death rider. Pays an additional death benefit on top of your policy if you die in an accident.
  • Disability waiver of premium rider. You’re not required to pay the premium if you’re disabled because of a serious injury.
  • Chronic and terminal care rider. If you’re diagnosed or chronically or terminally ill, it will provide access to a portion of the death benefit.

How can I get the best rate?

There’s coverage available for everyone ages 18 to 85, depending on your health status. Though, to get the best possible rate it helps to be in good health. Here are some of the key factors that will influence your rate:

  • Age. The younger you are, the less likely you are to file a claim, thus the lower your premium will generally be.
  • Drinking or smoking. Whether you have a history of substance abuse or have smoked cigarettes in recent years will have an impact on your rate.
  • Family health history. If you have a history of cancer or other qualifiable illnesses, you’ll likely be seen as more of a risk to insurance companies.
  • Driving record. A history of DUIs will usually mean a higher premium, as you’re considered more of a risk.
  • Occupation and lifestyle. Those with high-risk occupations, like pilots, or individuals who have adventurous hobbies like scuba diving or hang gliding are likely to see a higher premium for added risk to the insurer.

However, MetLife has been known to offer competitive rates for those with:

  • Type 1 or Type 2 diabetes
  • Seniors with high blood pressure
  • Active military personnel

Speak with a MetLife or Brighthouse Financial agent to learn more about how you can qualify for the lowest rates you’re eligible for.

How do I file an insurance claim with MetLife?

Claims for both MetLife and Brighthouse Financial are managed through the MetLife brand and customers should head to MetLife’s website to download the claim form.

1. Go to MetLife’s website and click Menu in the top-left corner.

How to file an insurance claim with MetLife step 1

2. Click File a Claim under the “Support & Manage” header.

How to file an insurance claim with MetLife step 2

3. Click Start a Life Insurance Claim under the “Life Insurance Claims” header.

How to file an insurance claim with MetLife step 3

4. Under the “Need to File a Claim?” header, click Claim Form.

How to file an insurance claim with MetLife step 4

5. Fill out the form and mail it to the address listed along with the original policy and a certified copy of the death certificate. Once all information is received, claims are processed in five to seven business days.

For questions about the claim process, you can call 800-638-5000, Monday through Friday from 9:00 a.m. to 6:00 p.m. EST.

What other services does MetLife offer?

  • Auto insurance. Offers comprehensive and collision coverage. You can get a quote, buy and manage your policy entirely online.
  • Home insurance. MetLife offers renter, condo and home insurance to protect your personal belongings and space against unexpected events.
  • Dental insurance. You may be eligible for dental insurance at a group rate through your employer. It even offers TakeAlong, a plan where you can purchase dental insurance and take it with you even when you change jobs.
  • Vision insurance. Available through the workplace, you can take care of your eyesight with a group plan. VisionAccess plans focus on savings specifically for glasses, frames and laser vision correction.
  • Disability insurance. Available through your employer, this type of insurance helps to cover expenses if you become unable to work due to illness or injury.
  • Accident and health insurance. This insurance obtained through your employer can help you pay for expenses that may not be covered by your health plan in the event of an accident or serious illness.
  • Annuities. Helps provide an income source during retirement.

Bottom line

MetLife is a long-running provider in the life insurance business. Its focus has long been on making life insurance accessible and simple. MetLife life insurance policies are now only available through the workplace. It shifted most of its independent insurance policies to its spinoff company, Brighthouse Financial, which offers many whole life and short term policies to fit your needs. If you’re a senior with high blood pressure, have diabetes or are an active military serviceperson, you may be able to find more competitive rates through MetLife than other insurance providers.

Find a life insurance policy today

Use our magical comparison tool to find the best rates in your area.

Your information is secure.

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