The post MetLife Life Insurance Review by Ashley Hart appeared first on Benzinga. Visit Benzinga to get more great content like this.
If you’re in the market for life insurance coverage, you know that there are many types of life insurance. But how do you know which one is right for you? The first step is looking at your life insurance options and choosing the right life insurance company for you. Benzinga made that a little easier by providing you with this MetLife Life Insurance review.
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Table of Contents
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- MetLife Life Insurance Policy Options
- MetLife Life Insurance Customer Service
- MetLife Life Insurance Premiums
- MetLife Life Insurance Application Experience
- MetLife vs. Competitors
- MetLife Life Insurance Overall
- MetLife: Additional Options
- Frequently Asked Questions
| Minimum Coverage | $5,000 |
| Maximum Coverage | $1.5M+ |
| Eligible Ages | 18 – 69 years old |
| Term Lengths | 10, 15, 20, 25 or 30 years |
| # of Rider Options | 6 |
MetLife no longer sells life insurance policies directly to individuals. However, it does offer employer-sponsored plans. Here’s an overview of the plan options from MetLife.
Term life insurance: Term life insurance is a policy that will expire after it reaches the end date that is set forth in your policy documents. This kind of life insurance is typically the most affordable form.
- MetLife’s Basic Term Life policy is often paid for by employers and offers protection for a set period of time.
- Supplemental Term Life policies allow you to purchase additional protection if your needs change throughout the term. You may be able to add dependent, spouse or domestic coverage through this option.
- Dependent term life provides coverage for your spouse, civil union partner, domestic partner and/or eligible children.
Group variable life insurance: This type of policy will last for your entire lifetime and can stay with you even if you change jobs or companies. It offers payment flexibility, meaning you can pay more than the cost of your insurance and put that money into investment options. You’ll also have an interest-bearing fixed account with a guaranteed minimum interest rate and access to the cash value of the policy when you need it.
Group universal life insurance: Group universal life insurance is a permanent policy that combines life insurance and savings options. Like the group variable life insurance policies, this type of policy can move with you if you change jobs or companies. It can include a tax-deferred savings feature for added flexibility and be used as a supplement to your retirement income.
Accidental death and dismemberment (AD&D): Accidental death and dismemberment coverage can be added to basic term life insurance to give further protection to your policy. MetLife offers several options for this coverage:
- Basic accidental death and dismemberment is employer-paid coverage that is equal to an employee’s basic term life insurance amount.
- Supplemental accidental death and dismemberment is paid by the employee to complement the value of a supplemental term life policy. It provides additional coverage and offers a percentage of the death benefit amount in the event of a non-fatal covered loss.
- Dependent accidental death and dismemberment can be added to provide spouses and dependents of a policyholder with a benefit that is equal to the dependent term life benefit amount. It is paid for by the employee.
- Voluntary accidental death and dismemberment is a stand-alone coverage option that is available to employees, spouses and dependent children. It can be purchased by the employee even if the employee does not enroll in a life insurance policy.
- Business travel accident (BTA) offers an additional benefit that covers accidents that result in death or serious injury for employees who are traveling on company business. It covers losses both domestically and internationally and is paid for by the employer.
MetLife also offers additional riders and benefits with its group policies. The availability of these options varies and may not be available in every location or with every policy.
Acceleration of death benefit: This feature allows you to access a portion of your death benefit while you’re still living if you become terminally ill.
Accelerated death benefit for chronic illness rider: With this rider, you can gain access to up to 92% of your policy’s death benefit if you become permanently chronically ill. To qualify for this access, you must meet the criteria set by MetLife.
Disability waiver of premiums benefit: With this benefit, if you’re disabled for six months at a time or more, your premiums will be waived while keeping your policy active.
The Enricher: This rider gives you the option to pay additional premiums to build up your policy’s death benefit as well as its cash value.
MetLife offers customer service primarily through its customer service center, which is open from Monday through Thursday from 8:00 am to 8:00 pm EST and Friday from 8:00 a.m. to 5:00 p.m. EST.
The company is not rated or accredited by the Better Business Bureau (BBB). However, it does have a large number of customer complaints and holds an average customer review score of 1.09 out of 5 stars. Fortunately, though the customer complaints don’t paint the best picture, the insurer does have strong financial ratings.
MetLife recommends downloading the life insurance claim kit to start the process of filing a claim. The kit contains the claim form, which you’ll need to complete and return to MetLife. MetLife also needs the death certificate of the deceased and other documents as outlined in the kit.
After MetLife has received the completed claim form, it will review everything within 5 business days. If more information is needed, the insurer will respond to your claim within 10 business days to let you know. Once the claim is approved, payment is sent via USPS within 5 business days.
BBB Rating
Not rated
AM Best Rating
A+ (Superior)
NAIC Complaint Index
1.00
Moody’s Rating
Aa3
J.D. Power Rating
773 out of 1,000
Since MetLife only offers group life insurance through employers, individuals can’t get an online quote. You need to contact your employer to see if you can get a MetLife life insurance policy through them.
The upside to group policies is that you’ll have access to competitive group rates instead of individual rates. Your employer may also contribute toward your premiums and allow you to deduct your portion of the premium from your payroll.
Applying for a MetLife life insurance policy requires going through your employer, so it is not something that you can do on your own. However, this feature can make the application process easier because your employer will have already selected the plans that it will offer.
MetLife has a mobile app, but it cannot be used for life insurance applications either. The MetLife app allows you to pay and manage other types of insurance but does not appear to offer any features that benefit those with a life insurance policy.
MetLife used to offer policies that did not require a medical exam. The availability of this type of life insurance policy may depend on your location and what is offered by your employer.
MetLife vs. Competitors
MetLife stands out because it only offers group life insurance policies at this time. Even so, you can get a life insurance policy when working for one employer and take it with you if you change jobs. MetLife is a long-standing and reliable insurer with good financial strength ratings.
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MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe, the Middle East and Africa.
The insurer offers group life insurance policies as well as other benefits for employees, including employer-sponsored insurance and retirement products. It offers a few types of coverage to choose from, as well as additional riders and benefits. While you cannot get a life insurance quote online from MetLife, you may have access to competitive group rates that you wouldn’t find elsewhere.
Best For
- Employees whose employers pay for coverage
- People who want a policy that can also cover dependants or spouses/partners
- People who want chronic illness coverage
- Several additional riders and benefits are available.
- Group policies may come at more competitive rates.
- MetLife policies may be able to move with you if you leave your employer for a new job.
- Does not offer individual life insurance policies
- Does not offer some common policies such as index universal life insurance, whole life insurance or final expenses life insurance
- No online quotes
Get started
securely through Bestow Life Insurance’s
website
Bestow offers 2 kinds of life insurance policies: 20-year level term policy or a 10-year level term policy.
Through its policies, you may qualify for up to $1 million in term life insurance. That may seem like a sizeable sum, but if you have a spouse and children, you have to consider the cost of things beyond your mortgage, such as daycare and eventually college, as well as the loss of wages over time.
Bestow uses its proprietary technology to underwrite your insurance policy, so the application process is much faster than with traditional life insurance companies. They’re also backed by Munich Re and North American Company for Life and Health Insurance, 2 A+ rated insurance companies.
Best For
- People who are looking for short-term life insurance
- Individuals who don’t want to go through the hassle of having a medical exam or blood work done to get coverage
- Plans start at just $8/month
- Decent coverage options if you need insurance quickly and without hassle
- Offers 2 types of plans; does not offer whole or universal life insurance policies
- The 10- and 20-year plans not available to users under 21 or older than 55
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With more than 12 million active customers, Transamerica Corp. is one of the biggest names in the life insurance industry. Transamerica offers a wide array of life insurance products — everything from term to a variety of permanent life insurance products, including whole, universal and variable life.
Transamerica life insurance policies are available to anyone ages 18 to 80, with coverage starting at just $25,000 and going as high as $10 million. In addition to term and permanent life insurance policies, Transamerica offers final expense insurance and any number of riders to help customers customize their policies.
Best For
- Coverage with chronic conditions
- High benefit policies
- Smokers
- Term life policy quotes and purchase available online
- Wide array of products
- Comprehensive online resources
- No medical exam required for many term policies
- Below-average scores from the National Association of Insurance Commissioners (NAIC) and J.D. Powers
- Policies purchased through agents only
- Disproportionate number of customer complaints
get started
securely through Fabric Life Insurance’s
website
Fabric offers term life insurance, free digital will creation and other tools to help you better your family’s financial life. They’re the one stop shop for young families looking for financial security.
Fabric offers 10, 15, 20, 25 and 30 year term options and coverage ranging from $100,000 to $5 million.
Fabric offers highly reviewed online customer service through its app and website and has the highest TrustPilot rating in its class.
Best For
- No exam required for most
- Those who want to avoid the hassle of insurance salesmen
- New or expecting parents looking for a broader suite of financial tools
- Affordable premiums
- Free digital will creation
- Free app with helpful tools for parents
- Apply and see your rate in less than 10 minutes
- No term life coverage in New York or Montana
- Can’t increase coverage after purchasing
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New York Life offers a variety of life insurance policies, including term life insurance, universal life insurance and whole life insurance. Its policies are suitable for a broad range of people, are available in all 50 states and must be purchased through one of their licensed agents.
Learn more about New York Life Insurance with Benzinga’s review.
Best For
- Consistent dividends
- Consumers needing riders for specific insurance needs
- New York Life has paid an annual dividend for 160 consecutive years
- Several types of life insurance are available
- Coverage can be customized with riders
- Estate and wealth management services are offered
- No online quotes or application
- No mobile app
- Mixed client reviews
get started
securely through Ladder’s
website
Ladder offers policies with no hidden fees, on-the-spot underwriting and a streamlined website. Coverage ranges from $100,000 to $8 million and you can adjust your coverage over time as needs change.
You can choose a 10, 15, 20, 25, or 30-year term. Ladder also offers up to $3 million in coverage without a medical exam — just answer a few health questions and complete the application to get an instant decision.
Ladder doesn’t impose policy, cancellation or processing fees and you can cancel at any time. Take three steps to get Ladder insurance:
- You can apply for life insurance coverage with Ladder right now via the online application.
- Find out whether you’re instantly approved.
- Accept your offer — including affordable prices and no hidden fees.
Its price lock guarantee ensures your premium won’t increase as your health changes and you age. Policies in New York are issued by Allianz Life Insurance Company of New York and in the other states and DC by Allianz Life Insurance Company of North America. You can receive a refund within the 1st 30 days if you’re unhappy with your coverage and you can cancel at any time.
Best For
- Term life insurance
- Online application
- Policyholders between 20 to 60 years of age
- Up to $8 million in coverage
- Price lock guarantee
- No policy fees
- 30-day money-back guarantee
- Adjustable coverage
- No policy riders
- Term life insurance only
MetLife is a reliable and trusted insurer that offers group life insurance policies through employers. The insurer used to offer individual life insurance policies as well but has since simplified its product offerings. The good news is that getting a group life insurance policy often means that you have access to better rates than you would if you purchased an individual policy.
MetLife: Additional Options
MetLife offers a variety of additional options for employees and small businesses. Employees may have access to other insurance products through their employer, including auto insurance, home insurance, dental insurance and vision insurance. They may also have access to employer-sponsored retirement plans and annuities.
MetLife also offers health savings and spending accounts as well as pet insurance.
Frequently Asked Questions
Who took over MetLife life insurance?
MetLife separated part of its U.S. business to become its own company called Brighthouse Financial, Inc. When this separation happened, some policies moved to Brighthouse Financial. MetLife is still operational and continues to enroll policies in employer-sponsored plans.
Answer Link
Do beneficiaries pay taxes on life insurance policies?
According to the Internal Revenue Service (IRS), “Generally, life insurance proceeds you receive as a beneficiary due to the death of the insured person, aren’t includable in gross income and you don’t have to report them. However, any interest you receive is taxable and you should report it as interest received.”
Answer Link
Does MetLife still do life insurance?
MetLife no longer offers personal life insurance policies, but instead only offers insurance policies through employers.
Answer Link
Sources
- Moody’s. “Moody’s assigns P-1 short-term insurance financial strength rating to Metropolitan Tower Life Insurance Company.” Accessed January 10, 2022.
The post MetLife Life Insurance Review by Ashley Hart appeared first on Benzinga. Visit Benzinga to get more great content like this.
