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MetLife Review

Offering lots of great policy riders and features, MetLife life insurance makes a solid choice for shoppers who want a customizable policy at a good price. However, the company's limited selection of resources may leave first-time buyers a little disappointed. Get Quotes

Fletcher Wilson

Fletcher Wilson

Life Insurance Expert

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Updated: March 19, 2014

The Good

Instant term quotes:

MetLife is one of the few major life insurers that offers access to instant quotes for term life policies. This is an incredibly convenient feature that makes it easy to evaluate MetLife's policy coverages and prices and compare them with other companies in the market. Hands-on shoppers will definitely appreciate the chance to take control of the life insurance process and work through their policy options independently. The company also offers whole life and universal life quotes, though you have to speak to a company representative to complete the quotation process.

Reasonably competitive pricing:

MetLife life insurance offers prices that rank close to the middle of the market. Though bargain shoppers can find cheaper policies from other discount insurers, MetLife is often a better value when you consider the coverage options, policy features, and riders that are offered. In the final analysis, MetLife is a decent option for deal seekers and well worth looking into.

Diverse policy and rider features:

MetLife offers almost all common policy features found in the industry, including cash value access, an interest rate guarantee, partial surrenders, and policy dividends with a paid-up additions option. MetLife's waiver of monthly deductions and waiver of premiums features provide protection in the event that you are injured at work and can't afford to pay your premiums. In terms of policy riders, MetLife hits nearly all the right notes, offering disability income and accidental death riders, final expense and estate protection riders, and even a guaranteed insurability rider.

The Bad

Limited payment options:

You can only pay your premium by mailing a personal check or setting up a bank transfer, which is relatively old-fashioned given the prevalent use of debit and credit card online payments as well as telephone payment options. Access to convenient and fast payment options is especially important in light of the fact that MetLife doesn't provide a lapse guarantee to ensure a late payment doesn't lead to the loss of your policy. This means that MetLife life insurance customers need to be extra careful when scheduling a bank transfer or mailing a check in order to make sure payment arrives safely before the due date.

Weak mobile tools:

The MetLife mobile app doesn't offer access to your personal account, so you can't use it to view your policy, edit your account details, or pay your premium. Although the app does provide mobile access to the company's instant quote tool for term life policies, that function no longer serves a purpose once you become a policyholder.

Mediocre learning materials:

MetLife life insurance provides online learning materials that are limited and not quite designed to provide the kind of information you need to make a strong policy decision. Though you can find basic policy descriptions, FAQ pages, and glossaries, they pale in comparison to the comprehensive beginner's guides and interactive learning tools offered by the best insurance companies in this category. Even the online quote tool offers only limited information beyond a policy price.

The Details

Details
A.M. Best FSR Rating A-
A.M. Best ICR Rating aa-
Moody's Rating Aa2
Policy Offerings Term, Whole, Universal
Standard & Poor's Rating AA-

Features

Financial Strength

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  • A.M. Best "Excellent" or Better - The insurance company has an A.M. Best rating of "A-" or better.
  • ICR Rating "Stable" - The insurance company has an A.M. Best Credit Rating of "Stable" or better.
  • Moody's "Very Strong" - The insurance company has a Moody's rating of "Aa3" or better.
  • S&P Rated "Very Strong" - The insurance company has an S&P rating of "AA-" or better.

Policy Features

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Policy Riders

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Coverage Options

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Customer Support

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Contract Provisions

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Online Tools and Materials

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Payment Options

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