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MetLife is one of the oldest life insurance companies in the U.S. and is currently the second-largest life insurance provider in the country. Although MetLife previously offered a range of individual and corporate life products, the company spun off its individual retail business to Brighthouse Financial in 2017. Currently, MetLife’s life insurance products are only offered as workplace-sponsored group insurance plans in the form of term or permanent group life plans.
MetLife Life Insurance Overview: Financial Strength, Availability, and History
As evidenced by multiple independent rating agencies, MetLife has a long and recognized history as a reputable and financially sound insurance company, both in the U.S. and across the globe. Each agency awarded MetLife their highest rating available, and all ratings are currently reported as stable with no foreseeable downgrades.
In addition to the traditional financial strength ratings, MetLife has earned several other honors and awards. It was most recently named one of Fortune Magazine’s “World’s Most Admired Companies,” mentioned in Bloomberg’s Gender-Equality Index for the fifth year in a row, and counted in the 100 Best Companies list for the 21st year in a row for its initiatives in support of working families.
According to popular ratings site YouGov, MetLife is the 17th most popular and the 12th most famous insurance brand. MetLife also received an A- rating from Better Business Bureau (BBB), although the BBB also reports an average of customer ratings below 1.5 out of 5 stars and nearly 300 complaints in the past 12 months, as of May 2020.
- In business since: 1868
- S&P Global financial strength rating: AA-
- Moody’s financial strength rating: Aa3
- AM Best financial strength rating: A+
- States served: 50
MetLife best for: Eligible employees with workplace-sponsored plans
Pros:
- Strong financial stability ratings
- MetLife Advantages workplace benefits suite available to most policyholders
Cons:
- Life policies can only be purchased through an employer-sponsored plan
The Competition
| AM Best Financial Strength Rating | J.D. Power 2019 U.S. Life Insurance Study Score | NAIC Customer Complaints | |
| Northwestern Mutual | A++ | 5/5 | Fewer complaints than average |
| State Farm | A++ | 5/5 | Fewer complaints than average |
| Nationwide | A+ | 4/5 | Fewer complaints than average |
| New York Life | A++ | 4/5 | Fewer complaints than average |
| Mutual of Omaha | A+ | 4/5 | Fewer complaints than average |
| Principal | A+ | 4/5 | Fewer complaints than average |
*All information accurate as of 05/12/2020.
The Bottom Line
While you can no longer purchase MetLife policies individually, if your employer offers life insurance through MetLife, you should review your options. The company’s long history and reputable business practices make its life policies a sound financial investment, and the additional MetLife Advantages program can provide helpful tools for planning your family’s financial future.
MetLife Life Insurance FAQ
About the Authors
Julia Taylor is a freelance writer based in Nashville, TN. She takes complex business, financial, and technical topics and makes them easy to understand. She worked in the insurance industry for several years as a licensed agent in Tennessee. You can find her work published on a variety of business blogs, including Paychex, Kapitus, Sanford Brown, Fortis Educational Institutes, American University of Antigua, and Interest.com. She also earned her bachelor's degree in business from the University of Tennessee and her MBA from Tennessee Tech University. When she's not working on her next writing piece, you can find her working in the yard or spending time with her three teenaged children.
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