MetLife Life Insurance Review
- Learn more about MetLife's 150+ year reputation and vast array of life insurance options. Get information about group policies and supplementary accidental death benefits.
MetLife’s diverse mix of products and services includes everything from dental and disability to home and auto insurance — and, of course, life insurance. Despite its policies only being available via employers, MetLife boasts value in its wide range of life insurance policies.
About MetLife
Metropolitan Life Insurance Company, better known as MetLife, was founded in 1863 by a group of New York City businessmen who raised $100,000 with one goal in mind: to establish an insurance company for wounded and disabled Union soldiers and sailors. It's since grown to become one of the largest global insurance providers, ranked #43 in the 2018 Fortune 500 list of largest U.S. corporations by total revenue.
In 1976, MetLife founded its own independent charity and grant-awarding foundation. On top of providing over $650 million in grants by January 2015, its extensive history of partnering with or donating to organizations such as Habitat for Humanity and the Martin Luther King, Jr. National Memorial Project has earned it a reputation of financial inclusion. It has heavily invested in implementing educational programs on personal financial management for disadvantaged children and services aimed at relieving low-income communities.
What Life Insurance Products Does MetLife Offer?
Whether you need a term policy for a predetermined period of time, a group policy that accrues cash value or just accidental death coverage, here’s a closer look at each type of policy MetLife offers.
Term Life Insurance
Term life insurance policies provide coverage for a contractually predetermined period of time (typically in increments of 10, 20 and 30 years) and are most effective for replacing lost income due to the passing of the household breadwinner. This policy provides your family with a guaranteed death benefit in the event of an unforeseen tragedy.
MetLife’s term policy offers flexible, affordable coverage to secure your loved ones’ financial future. The death benefit is paid directly to a beneficiary to help with funeral costs and ongoing obligations pertaining to daily living expenses. If you have financial dependents whose well-being would be immediately impacted by your death, a term policy is the best option for ensuring their needs continue to be met.
Group Universal Life Insurance
Group universal life coverage has the benefits of two policies in one: comprehensive life insurance and a tax-deferred savings component. You’re free to adjust your coverage levels and premium amounts. A tax-deferred savings feature also helps you supplement retirement income.
Group Variable Life Insurance
If you’d like to keep investment options open in the future, a variable policy may be ideal for you. Variable life insurance protects your family’s financial future while letting you invest portions of your policy’s cash value in stock market subaccounts. A portion of your premium payment goes into a savings component, which you can withdraw from and take out loans against for prospective investments. This account has a guaranteed, fixed interest rate with no early withdrawal fees or surrender charges.
A MetLife group variable policy also lets you start or stop additional premium payments at any point or make a lump sum payment at your convenience throughout the year
Accidental Death Insurance
Accidental death and dismemberment coverage can be a cost-effective way to safeguard against unexpected events that result in loss of life, sight, speech, hearing and paralysis. MetLife offers several forms of accidental death insurance, including:
- Basic Accidental Death and Dismemberment: This employer-paid coverage option provides a benefit equal to the employee’s basic term insurance amount.
- Supplemental Accidental Death and Dismemberment: This employee-paid option complements the value of supplemental term life with added coverage.
- Dependent Accidental Death and Dismemberment: This employee-paid option pays a death benefit directly to your spouse or dependent(s).
- Voluntary Accidental Death and Dismemberment: This is a stand-alone employee-paid coverage option.
- Business Travel Accident (BTA): This employer-paid option includes a death benefit covering accidents that result in death or serious injury for traveling employees on company business.
The Pros and Cons of MetLife Life Insurance
While MetLife has established a reputation for its simple application process and special attention paid to high-risk individuals, it may or may not be the best option for your needs. Here’s what you need to know.
PROS:
- Simple application process
- Discount for groups
- Everyone is eligible for low rates, regardless of preexisting health conditions
CONS:
- Mandatory phone interview
- Unusually high premiums, even for healthy individuals
- Riders are limited in availability
- All life insurance policies are only available for purchase via employment
MetLife Reviews: What People Are Saying
Unfortunately, most online reviews for MetLife life insurance are overwhelmingly negative. Reviewers seem to find MetLife’s customer service inconsistent and unhelpful, and many former policyholders accuse the provider of not matching the interest rates of policy cash values with the rate of inflation. Several customers express feelings of irritation and regret in dealing with MetLife.
Is a MetLife Life Insurance Policy Right for You?
If you’re looking for a life insurance policy through your employer to protect your family in the event of tragedy, MetLife’s global coverage may be just what you need. With its abundance of coverage options, it may have the group policy or simplistic accidental death supplement you’re looking for.
