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

Title
  • 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.

  • Cash Value Access The policy owner can access or borrow against the value of policy accounts.

  • Dividends The policy owner can receive periodic dividends based on account performance.

  • Dynamic Premium Amount You decide the amount and date of premium payments, subject to basic minimums.

  • Graded Premium Option The life insurance company offers a policy that starts with a low initial premium and gradually increases over time.

  • Guaranteed Level Premiums Premiums do not increase over time but remain constant for the entire life of the policy.

  • Interest Rate Guarantee You receive a guaranteed minimum level of interest in the contract.

  • Level Death Benefit A policy where the death benefit remains level is available.

  • No Exam Term Conversion The insurance company guarantees conversion of a term policy to a cash value or permanent policy offered by the life insurance company without a physical exam.

  • Paid-Up Additions You can purchase additional insurance with paid-out policy dividends.

  • Partial Surrenders You can withdraw funds up to a certain percentage of the policy value.

  • Tax-Deferred Growth The cash value of the policy grows tax-deferred.

  • Term Renewal Guarantee You are guaranteed a renewal option annually after term expiration.

  • Variable Death Benefit A policy where the death benefit increases or decreases with your policy account value is available.

  • Waiver of Monthly Deductions Future monthly deductions are waived in the event of disability.

  • Expiration or Lapse Guarantee The policy does not expire if premiums paid are insufficient.

  • Limited Premium Payments Whole life insurance premium payments can be limited to a fixed number of years.

  • Accelerated Benefit for Terminal Illness A rider which grants early access to the death benefit to defray the cost of a terminal illness is available.

  • Accidental Death Benefit A rider that pays an additional death benefit in the event of the accidental death of the insured is available.

  • Additional Insured Rider A rider that extends coverage to an additional person/spouse is available.

  • Child Rider An added rider that covers the death of your child is available.

  • Disability Income Rider An added rider that provides income in the event of a bodily injury that prevents you from working is offered.

  • Estate Protection Rider A rider that provides extra coverage to offset estate taxes if the policy is included in the insured's estate is offered.

  • Final Expenses Policy A rider or a policy that covers funeral expenses is available.

  • Whole Life Guaranteed Insurability Rider An option to guarantee future insurability at standard rates without further proof of insurability is available.

  • Long-Term Care Rider A rider is available that covers the cost of long-term care if needed during the policy term.

  • All Policy Types Term, whole, and universal coverage options are available.

  • Flexible Coverage Options Low initial coverage options below $100,000 are available.

  • Mortgage Life Option A policy in which the death benefit stays level for a fixed number of years but then decreases over the remainder of the term is available.

  • Return of Premium Option An option is available where the premiums paid over the life of the policy are returned at the end of the term less any deductions or loans taken.

  • Survivorship/Joint Coverage Option The policy covers two people and is paid when the first or the last of the two people covered in the policy dies.

  • Term Conversion Option Conversion to a cash value or permanent policy is offered by the life insurance company.

  • Whole Life Vanishing Premium Option A whole life policy whose dividends can be used to reduce future premium payments is available.

  • Cash Surrender Option Policyholders of lapsed or surrendered policies can request immediate cash disbursement or remaining balances.

  • Email/Ticket An email or ticket system dedicated to support is available.

  • Phone You can get support by phone.

  • Social Media You can contact the insurance provider with questions through social media websites.

  • Live Chat You can get support through live chat.

  • Assignment Clause The insurance policy is freely assignable to anyone.

  • Grace Period The insured has a grace period after missing a premium payment before the policy is cancelled.

  • Incontestable Clause After an initial period, the provider can no longer contest or revoke the policy.

  • No Medical Exam Required A medical exam is not required in order to qualify for a policy.

  • Waiver of Premium An option that waives the premium payment if the policyholder becomes disabled or otherwise unable to pay is available.

  • Automatic Premium Loan Provision The insurance provider can automatically pay an outstanding premium with a policy loan, preventing a lapse of coverage.

  • Interest-Free Cash Value Loan You can borrow against the cash value of the policy without paying interest.

  • No Maximum Age No maximum age for policy coverage is imposed.

  • No Maximum Coverage Level The provider does not impose a maximum coverage level.

  • No Minimum Age The provider does not impose a minimum age for policy coverage.

  • No Minimum Coverage Level The provider does not impose a minimum coverage level to start a policy.

  • No Minimum Premium The provider does not impose a minimum premium amount in the early stages of a policy.

  • Policy Discount A discount is offered if you hold additional insurance with the life insurance company.

  • FAQs You have access to a collection of relevant frequently asked questions and answers.

  • Glossary You have access to an online resource that explains commonly used insurance terminology.

  • Learning Resources You have access to online resources that explain the various types of life insurance.

  • Level of Coverage Calculator An online tool to determine the level of insurance coverage that you need is available.

  • Online Purchase You can purchase a new policy over the Internet.

  • Online Quotes You can obtain a term insurance quote online.

  • Policy Selection Guidance A tool or guide to help you select the best type of coverage is offered.

  • Claim Status and Management Death claims can be managed online.

  • Online Agent Contact You can forward the details of your online rate quote directly to an agent for review.

  • Bank Account Payment You can pay your premiums with a linked bank account.

  • Single Premium Payment An option to pay a single life premium payment up front for whole or universal life insurance is available.

  • Automatic Payments Premium payments can be automatically scheduled.

  • Credit Card Payment You can pay your premiums with a credit card.

  • Online Premium Payment You can pay your premiums online.

  • Phone Payments You can pay your premiums over the phone.

Comparable


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