MetLife Life Insurance Review

MetLife has a long history in the life insurance industry, dating back to its origins as Metropolitan Life Insurance Company in 1868. The company’s industry experience and financial stability ratings make it a sound financial choice for entrusting your life insurance needs. The company also pays dividends to eligible policyholders, and claims are paid as agreed once proper documentation has been submitted. The quality of customer service provided with MetLife is questionable, however. NAIC reports lower-than-average complaints with the company, but other metrics at BBB show a history of unsatisfied customers.

MetLife offers both term life insurance, including basic, supplemental, and dependent coverage, and permanent life insurance, through either group universal life or group variable universal life policies. Individual policies sold through an agent are no longer available for new customers.

The average cost of life insurance with MetLife varies based on a number of factors. Since MetLife life insurance policies are only offered through your workplace, costs differ based on the size of your employer and the percentage of premiums covered by your employer.

Additionally, life insurance costs are affected by your age, gender, overall health status, occupation, and smoking status. Your premiums for a policy generally increase as the death benefit increases, and permanent policies are more expensive than term policies at the same benefit level.

Yes, MetLife pays out dividends to both common and preferred stockholders each quarter. Many of the company’s policyholders are also stockholders and receive direct benefits from these dividends. MetLife dividends are competitive for the industry, and MetLife most recently announced that it would increase the common stock dividend by 4.5% for the second quarter of 2020. The company historically offers dividends on common stock at an average 10.7% compound annual growth rate each year.

Since MetLIfe policies are now offered only through employer-sponsored plans, medical exams are typically not required. Employees can usually obtain standard levels of term or permanent life insurance through their employee benefits offerings without the need for a separate medical exam, although, coverage levels that exceed certain amounts may require a separate medical exam before the higher coverage levels can be approved, depending on the company.

Since MetLife policies are coordinated through employee benefits plans, changes or cancellations can be made each year during an employee’s open enrollment period or when a qualifying life event occurs. Employee eligibility for life insurance coverage may vary based on the employer’s policies