MetLife Life Insurance Review
MetLife is the largest life insurance company in the U.S. and is one of the oldest insurance companies in the nation. But does that make it the best?
In this MetLife life insurance review, we detail MetLife life insurance policies, pricing, financial ratings, customer satisfaction reviews and more.
If you’re ready to compare your life insurance options, call to chat with a licensed insurance agent today and get free quotes for the life insurance policies available where you live.
About MetLife Life Insurance
Metropolitan Life Insurance Company has roots dating back to 1868 and is headquartered in New York City. MetLife is licensed to sell life insurance in all 50 states, and the company’s reach extends to more than 40 countries around the world.
Many MetLife products aren’t available for individual purchase and are only accessible through workplace providers, such as employers or unions.
What Kind of Life Insurance Does MetLife Sell?
MetLife sells term life, whole life and accidental death insurance. Whole life options include both universal and variable universal policies.
MetLife Term Life Insurance
MetLife term life insurance policies include Basic Term, Supplemental Term and Dependent Term.
- Basic Term is a traditional life insurance policy with term lengths that range from 10 to 30 years, level premiums throughout the life of the policy and death benefits that range from $10,000 to $2 million. Employers and other group providers can set their own death benefit amount limits with a MetLife plan.
A MetLife Basic Term policy may be converted to permanent coverage at the end of its term. - Supplemental Term allows you to add additional coverage to an existing life insurance plan outside of what your employer offers. Up to $500,000 in coverage is available.
- Dependent Term offers protection for dependents such as spouses or children.
MetLife Whole Life Insurance
MetLife offers several types of whole life insurance policies that provide permanent protection and cash value accumulation, all of which are branded under the name MetLife Promise Whole Life Select.
- MetLife Promise Whole Life Select 10 requires payments for only the first 10 years of the policy’s life. After that time, the policy is paid in full and remains in place permanently.
- MetLife Promise Whole Life Select 20 requires premium payments for 20 years before the policy is fully paid off.
- MetLife Promise Whole Life Select 65 requires payments through the age of 65, and at that time the policy is paid in full.
MetLife Universal Life Insurance
MetLife Group Universal Life insurance policies combine lifelong protection with tax-advantaged savings options.
MetLife Variable Universal Life Insurance
MetLife offers Group Variable Universal Life policies that provide permanent coverage and the ability to choose how your cash value is invested.
MetLife Accidental Death Insurance
MetLife offers an accidental death and dismemberment plan that protects employees, their spouses and their children in the event of an accidental death or injury.
Does MetLife Life Insurance Have Any Riders?
Riders are a way of supplementing or customizing a life insurance plan to add coverage for certain circumstances or give policyholders more options. MetLife has six optional and available riders.
- Acceleration of death. Grants access to a portion of your death benefits if you become terminally ill
- Acceleration of chronic illness. Grants early access to death benefits if you’re diagnosed with a chronic illness such as Alzheimer’s
- Disability waiver of premiums. Waives your premium payments if you become disabled for a period of six months or more
- The Enricher. Pay additional premiums whenever desired to build your death benefits and cash value alike
- Accidental death. Doubles your death benefits if you die from accidental bodily injury
- Dependent accidental death and dismemberment. Extends protection to spouses and children if they are seriously injured or die in an accident
How Much Does MetLife Life Insurance Cost?
Because MetLife life insurance policies are available primarily through an employer, it’s difficult to gauge how much you might expect to pay. As an employee benefit, your MetLife insurance rates will depend largely on the number of workers participating in the group plan and the cost-sharing breakdown between you and your employer.
Your age, gender, health and smoking status will likely affect your rates.
Does MetLife Insurance Have Good Customer Satisfaction?
MetLife receives a lower than average number of customer complaints, as reported by the National Association of Insurance Commissioners’ Complaint Index Report. MetLife has a D- rating from the Better Business Bureau, though this low grade is based on a small sample size of reviews.
MetLife does maintain a Consumer Affairs rating of 3.5 stars out of five, which is considered strong relative to the tough Consumer Affairs rating scale.
In terms of overall customer satisfaction, J.D. Power’s 2021 U.S. Individual Life Insurance Study ranks MetLife 14th out of 21 life insurance companies, slightly below the industry average.
MetLife Life Insurance Phone Number
Current MetLife individual life insurance policy members can call the MetLife customer service phone number at 1-800-638-5000 for help with their policy.
Current policyholders can also log in to their online.metlife.com MetLife member account to manage their services. You can use MetOnline servicing with your account to do things like:
- Enroll in paperless eDelivery
- Change your address and/or phone number
- Update your beneficiary
- Update other policy information
- Review your coverage and premium
- Initiate a policy withdrawal
You can also find helpful important forms, such as a change of beneficiary form. Beneficiaries can also search for a life insurance policy, start a life insurance claim and check on claim status.
How Long Does it Take MetLife to Pay Out Claims on a Life Insurance Policy?
According to MetLife, the company will review your claim within five days of being submitted and will pay out the death benefits within five days after approval. This timeline is slightly faster than the industry standard.
How is MetLife Rated?
MetLife boasts strong financial ratings and reviews from the leading credit rating agencies:1
- AM Best: A+
- Moody’s: Aa3
- Standard & Poor’s: AA-
- Fitch Ratings: AA-
Is MetLife Insurance Reliable?
MetLife offers a nice diversity of life insurance products and carries strong financial ratings. However, the company’s customer satisfaction has room for improvement, and MetLife’s life insurance products are typically only available through a workplace and not for individual purchase.
You call to chat with a licensed insurance agent to explore life insurance options available where you live, including life insurance policies from different companies, so that you can find the right policy length, amount and coverage for your needs.
1 MetLife. Ratings. Retrieved March 30, 2022, from https://www.metlife.com/about-us/corporate-profile/ratings.
