MetLife Life Insurance Review
MetLife is the largest life insurance provider in the United States by market share and offers life insurance through the workplace. The insurer’s life insurance offerings include term life, universal life, and variable universal life, though the specifics of your plan depends on your employer. Employers can opt for supplemental coverage for their employees, like accidental death payouts, disability insurance, long-term care, disability insurance, and more. Because insurance is offered through the workplace, the application process is simple; applicants can receive a decision in as soon as one business day.
That said, MetLife’s exclusive offerings are also its biggest drawback. Your satisfaction with the company may depend on what your employer chooses to offer, since price and policy options hinge on your workplace plan. MetLife’s online support and web resources could also use improvement. Employees with questions or doubts are better off discussing questions with their workplace administrator or calling MetLife.
Strong financial rating
Limited online resources and support
The Life Insurance Factors We Analyzed
MetLife received a score of three out of five in J.D. Power’s Life Insurance Study, but it fell below the industry average and well behind big names like State Farm, Liberty Mutual, and New York Life. The survey asked customers to rate their insurer’s product offerings, price, statement clarity, interactions, communication, and application process. MetLife scored about average in all categories, but the area in which it fell short was product offerings — meaning customers may not be happy with the plans their employers offer.
The subpar experience continues to MetLife’s online tools and resources, which are limited to simple FAQs. The mobile app does not include access to life insurance policies, and customer support is only available via phone call. Better Business Bureau customer reviews of the company are poor — the insurer received only one star on average out of 90 reviews — but keep in mind that low ratings are not uncommon in the industry, and the complaints also address MetLife’s auto and home insurance options.
Coverage and rider information
MetLife’s coverage depends on what your employer chooses to offer, but it makes available a good range of options. Some potential add-ons for its term life insurance are supplemental term life and dependent term life, which allow you to purchase additional coverage for yourself or for dependents. It also has a unique one-year term option if you’d like to purchase extra coverage during a crucial period of life. Unlike regular term insurance, it doesn’t lock you in for multiple years, so you can make a cheap, one-time payment for enhanced protection.
Its two permanent life insurance policies are known as Universal and Variable Universal Life. The Variable Universal Life plan allows policyholders to choose from a variety of investments like stocks, bonds, and mutual funds to grow their cash value. The Universal policy’s cash value is limited to an interest-bearing savings account, but it’s a less risky investment, as your cash balance is guaranteed to never drop below a set minimum.
Life insurance coverage features
|Insurance types offered||Term, Whole Life, Universal|
|Term lengths offered||5-30 years depending on your employer’s program selection|
|Term life insurance coverage limits||Varies|
|Whole life insurance coverage limits||Varies|
|Standout coverage features|| Guaranteed level premiums for term insurance|
Accidental Death Benefit rider
Chronic and Terminal Care riders
MetLife Life Insurance Overview: Financial Strength, Availability, and History
MetLife is the largest life insurance provider in the U.S. by market share, and it backs up its reputation with excellent financial strength: A+ from S&P Global and A.M. Best, plus an Aa3 from Moody’s. All of these ratings mean that you can count on MetLife to pay out on claims, which is particularly important when it comes to life insurance. If your employer partners with MetLife, know that you’re likely in good hands.
- In business since: 1868
- S&P Global financial strength rating: A+
- Moody’s financial strength rating: Aa3
- A.M. Best financial strength rating: A+
- States served: 50
All information accurate as of December 20, 2019.
The Bottom Line
MetLife offers life insurance through employers, so you likely don’t have a lot of choice in your policy options. The good news is that it holds great financial strength ratings from all of the major insurance rating agencies, meaning it is financially solvent. In order to get the most out of your MetLife policy, be sure to do your research and learn all that you can about what riders and term lengths are available with your plan before signing up. Although you may have to do some digging — MetLife’s learning tools aren’t conducive to easy research — your work will pay off with a robust policy.
MetLife Life Insurance FAQ
Yes. The company is financially stable and is rated highly by independent ratings agencies, with an A+ from S&P Global, an Aa3 from Moody’s, and an A+ from A.M. Best. The company does score below industry average in a survey conducted by J.D. Power, but customers’ dissatisfaction could be due to the policies their employers make available, not necessarily with MetLife itself.
MetLife offers term, universal, and variable universal life insurance. Employers can choose to make available supplemental coverage options, as well, which include an Accelerated Death Benefit rider, disability insurance, long-term care, and more.
Your premium depends on many factors, including the size of your company and the amount of coverage you select. If you’d like an idea of how much a life insurance policy would cost outside of your employer-selected plan, we recommend gathering quotes from a few top-rated companies like New York Life, State Farm, and Northwestern Mutual.
Yes; while a dividend payout is never guaranteed, MetLife has a history of passing along some of its dividends to eligible life insurance policyholders.
Because MetLife is only issued through the workplace, you are guaranteed a certain level of coverage without the hassle of a medical exam or questionnaire, but you may have to undergo an exam or health questionnaire for certain types of policies or levels of coverage.