MetLife Life Insurance Review
- Full-featured term, whole, and universal policies offered through employers
- Individually-sold Rapid Term Life Insurance with no medical exam required
- Industry-leading financial ratings and customer satisfaction
- January 12, 2018 - We’ve updated this review with the most recent financial strength scores and customer satisfaction ratings for MetLife. It remains among the highest-scoring life insurance companies in both categories. We’ve also taken a deeper dive into MetLife’s policy parameters and riders to give a better analysis of its life insurance offerings.
Our MetLife Review
Although most MetLife policies aren’t sold on an individual basis, they can easily be tailored to individual needs. If you enroll through your employer, Metlife offers a wide range of policies — you can choose from whole, universal, or between 10 and 30 years of term coverage. MetLife also brings important riders to the table. Options like a Disability Income Rider, Accidental Death Rider, and more will strengthen your policy against anything life can throw at you.
MetLife promises soundly-backed policies, with top financial strength ratings from three independent agencies. It also has exemplary customer satisfaction ratings, which means your insurance won’t cause extra hassle during a time of need. The downside? We’re not entirely impressed with MetLife’s online learning and support tools — first time shoppers unfamiliar with the ins and outs of life insurance may find the experience less than accommodating. But if you’ve done your research and know what you need prior to signing up, you’ll likely be able to build a great policy with Metlife.
Metlife boasts comprehensive group life insurance at an affordable price. Although this company relies on employers to bring its product to you, it claims to offer policies that are still highly individualized. MetLife also highlights its stand-alone option, Rapid Term Life Insurance, as being ultra fast to apply for and easy to get.
Is it True?
We’re impressed with the wide variety of coverage and policy add-ons provided through MetLife. For a company that generally deals in group policies — with the exception of Rapid Term Life for individuals — it offers plenty of leeway to individualize your coverage. Customizable term lengths, convertible policies, and additional riders mean that your insurance will be flexible enough to accommodate changes in your life.
If you’re unlikely to pass a medical exam or need insurance immediately, MetLife’s Rapid Term Life Insurance is also a great option — and the only one sold on an individual basis (read: not through employers). You can apply for these policies online or over the phone, and they take effect quickly — you won’t have to wait around for lab results before your coverage kicks in. And whether you choose a rapid life or a group life policy, your MetLife insurance will be backed by the company’s strong financial security and excellent customer satisfaction ratings.
A Closer Look at Features
|A.M. Best: A+
Standard & Poor’s: AA-
“Better than most”
|Offered through employers:
Offered on an individual basis:
Rapid Term Life Insurance
|10 - 30 years
(in increments of five years)
|Guaranteed Level Premiums*
Accelerated Death Benefit Rider
Disability Income Rider
Accidental Death Rider
|Convertible and Renewable Options Rider (allows conversion within five years of purchase)|
|Instant quotes for term life insurance
Basic life insurance FAQ
*With term life insurance policies
Our Deep Dive
- Customizable Policies: MetLife insurance is highly customizable — it offers almost every policy feature and rider common in the industry. Permanent life insurance customers will have access to cash value and loans, an interest rate guarantee, partial surrenders, and policy dividends with optional paid-up additions. Those who purchase term life insurance can choose from a wide range of term lengths (between 10 and 30 years), and have the option to convert to a whole life policy. However, conversion must happen within five years of purchase; we prefer providers that allow you to convert from a term life to a permanent at any time.
- Diverse Riders and Features: In terms of policy riders, MetLife hits nearly all the right notes. It offers the most important options, like an Accelerated Death Benefit Rider, a Disability Income Rider, and an Accidental Death Rider — all of which provide added protection against unforeseen circumstances like disability and illness during your term. MetLife also offers Waiver of Monthly Deductions and Waiver of Premiums features, which provide some relief if you’re injured at work and can’t afford to pay your premiums.
- Instant Term Quotes: MetLife is one of the few major life insurers that offers access to instant quotes for term life policies. This feature makes it easy to explore your coverage and pricing options and see how they stack up against the competition. Although you’ll likely be purchasing MetLife insurance through your employer (making it your only choice) this is still a great tool for understanding your coverage. Hands-on shoppers will appreciate the chance to take control of the life insurance process and work through their policy options independently.
- Rapid Term Life Insurance: Outside of its employer-based group plans, MetLife also sells individual Rapid Term Life Insurance policies. Rapid Term Insurance can be purchased without taking a medical exam. This is an important option for individuals whose poor health could cause them to be denied coverage. Bear in mind, though, that no-exam insurance always carries much higher premiums than insurance that does require an exam. If you’re in good health, it’s definitely worth it to go through the examination process — even though it can be a bit of a hassle.
- Disappointing Mobile Capabilities: MetLife does have a mobile app, but it’s hardly a useful tool. It 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. Its best capability is providing access to the company’s instant quote tool for term life policies, but that function no longer serves a purpose once you become a policyholder. On the whole, MetLife’s App is just a fancy way to look at their website.
- Lackluster Learning Materials: Life insurance policies can be complex and hard to understand. We love it when insurance providers take this into consideration and offer lots of learning tools along the way. We found MetLife’s online learning materials too limited — they don’t offer the kind of information we needed 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 other insurance companies like New York Life. Even the online quote tool offers only limited information beyond a policy price.
- Limited Payment Options: As far as we can tell, MetLife only lets you pay your premium by mailing a personal check or setting up a bank transfer. This is pretty old-fashioned, considering that most insurance premiums can be paid for online with a debit or credit card. 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 that 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.
The Bottom Line
If your employer offers life insurance through MetLife, you and your family will be in good hands. In order to get the most out of your MetLife policy, make sure that you do your research — learn all that you can about what riders, term lengths, and conversion options you may need prior to signing up. Although you may have to do some self-teaching (like we said, their learning tools aren’t great), your work will pay off in the end with a robust policy.
We also recommend considering MetLife’s Rapid Term Life Insurance if you’re unlikely to pass a medical exam. It offers the same sound financial backing and great customer service as MetLife’s group policies — just be warned that no matter what provider you choose, no-exam insurance will carry much higher premiums.