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Last updated on Apr 09, 2020

MetLife Life Insurance Review

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MetLife

  • Customizable workplace plans
  • Strong financial ratings
  • Group policies for term, universal, and variable universal life insurance
Similar Products

How We Reviewed MetLife Life Insurance

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4 companies compared

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2 features evaluated

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5 ratings analyzed

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.

Pros
Cons
One-year term option
Quick application
Guaranteed issue
Strong financial rating
Policies determined by workplace
Limited online resources and support

The Life Insurance Factors We Analyzed

Customer experience

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
Long-term care
Disability coverage
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

The Competition

A.M. Best Financial Strength Rating
J.D. Power 2019 U.S. Life Insurance Study Score
NAIC Customer Complaints
MetLife
A+
3/5
Fewer complaints than average
Colonial Life
A
N/A
More complaints than average
State Farm
A++
5/5
Fewer complaints than average
Northwestern Mutual
A++
5/5
Fewer complaints than average

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

About the Authors

Cynthia Paez Bowman is a finance, real estate and international business journalist. Her work has been featured in Business Jet Traveler, MSN, CheatSheet.com, Freshome.com, Bankrate.com and SimpleDollar.com. Besides writing, Cynthia owns and operates a small digital marketing and public relations firm that works with select startups and women-owned businesses to provide visibility and growth.