In April 2021, Farmers Insurance finalized the acquisition of MetLife’s home and auto insurance divisions. MetLife’s auto and home policies are being rebranded, but customers can continue to enjoy the same services they do now. Changes to policies may happen gradually over the coming months. If you have a policy, the company should communicate any changes with you directly.
Going forward, MetLife Insurance will focus on life, health and pet insurance, as well as financial products like Health Savings Accounts (HSAs) and employer-sponsored retirement plans. Bankrate has researched the changes to MetLife to help you understand what could happen to existing policies, how to get new policies and if the carrier is still the right choice for your needs.
MetLife auto insurance
If you have a current auto insurance policy with MetLife, you don’t need to take any action. Your policy will be transitioned as the merger gets underway. The MetLife branding on your policy documents may be replaced with Farmers branding, as Farmers has the right to rename the MetLife auto and home business. Rates and discounts will stay the same for now but may change in the future.
If you want a new auto insurance quote from MetLife, you have a few options. Online quotes redirect to the Farmers website, where you can complete a Farmers auto insurance quote. If you prefer to work with local professionals, independent agents who used to quote for MetLife still have access to the quoting software as it is rebranded to Farmers.
MetLife home insurance
Similar to auto policies, MetLife home policies will be rebranded to the Farmers name. Existing customers don’t need to take any action to maintain their policies. New home insurance policies can be quoted and purchased directly from Farmers or independent agents who previously wrote policies for MetLife.
MetLife life insurance
Metropolitan Life Insurance Company was not acquired by Farmers and will continue to operate independently. The company provides life insurance through employer-sponsored plans and groups, but MetLife has options for individual policies, too. You pay a monthly premium to ensure your designated loved ones receive a tax-free lump sum of your choice in the event of your passing.
Types of policies
- Term life insurance: This is the simplest and often most affordable type of life insurance. You can choose the length of time you’d like to be covered, usually 10, 20 or 30 years, and the payout amount. If you pass away during your coverage term, your loved ones receive the death benefit.
- Universal life insurance: Universal life is a permanent policy, but with more flexible premium payment terms than a whole life insurance policy (which are not currently offered by MetLife) and the opportunity to grow your cash value through investments. MetLife offers regular universal life insurance and variable universal life insurance.
- Accidental death and dismemberment insurance: This type of coverage only provides a payout to your beneficiaries if you pass away due to an accident. You can also receive a partial payout if you lose a limb in an accident.
MetLife ratings, reviews, customer satisfaction and complaints
Metropolitan Life Insurance Company is ranked favorably with several third-party reviewers. J.D. Power gave the carrier an above-industry-average score of 773 out of 1,000 in the 2020 U.S. Life Insurance Study. The study looked at customer satisfaction in six key areas: the application process, communication, customer interaction, price, product offerings and statements.
MetLife also receives a decent complaint index score from the National Association of Insurance Commissioner (NAIC). The life insurance company received a 1.00 complaint index score, which means that the NAIC records roughly an average number of complaints for MetLife’s service. Finally, MetLife boasts an A+ (Superior) financial strength rating from AM Best. Although not the highest rating, this does indicate that MetLife is financially sound and is able to handle a large influx of claims.
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MetLife mobile apps
The MetLife app is available for Apple and Android devices. It is rated 4.1 out of 5.0 on the App store, with negative reviews outnumbering positive ones. Most users complain about the technical problems of the app, the difficulty to register and set up an account, and the unhelpful interface. Users for whom the app worked commented on the ease of paying bills and viewing documents.
The MetLife app previously allowed users to view their auto and home policies and find dental and vision providers in their area. Because Farmers purchased MetLife’s auto and home business, those types of policies may be removed from the app. Life insurance policy information is not currently available in the app.
Top reasons to consider MetLife
As one of the longest-standing insurance companies in the country, MetLife enjoys a favorable reputation across the industry. The carrier is financially stable, offers highly-rated customer service and provides a range of employer-sponsored life and health insurance options. If your employer works with MetLife to provide insurance solutions to employees, you may want to explore the options that the company provides. You can also get coverage from MetLife on your own, outside of an employer-sponsored plan, if you would like to.
Frequently asked questions
What types of insurance does MetLife offer?
MetLife offers several types of life insurance and dental, vision, long-term care and pet insurance. You may also be able to purchase accident, hospital indemnity, critical illness, disability and cancel insurance from MetLife. Additionally, MetLife offers financial products such as HSAs, employer-sponsored retirement plans and annuities.
How do I file a MetLife home and auto insurance claim?
The claims process for MetLife auto and home has not changed with the Farmers acquisition. Farmers purchased the entirety of MetLife’s home and auto business, including the claims service. You can file a claim online or call 1-800-854-6011. If your policy is through a local agent, you could also contact your agency to file a claim.
How do I get a MetLife insurance quote?
If your employer works with MetLife and you want to get life insurance through your job, you’ll need to talk to your HR or benefits department to begin the process. If you are looking for an individual life insurance policy (not connected to your employer), you can call MetLife at 1-800-638-5433. In both cases, you’ll likely need to fill out an application and a medical questionnaire. You may need to complete an in-person medical exam. Once your quote is finalized, you’ll likely need to pay at least one month of premium to start coverage.
Is MetLife changing its name?
In April 2021, the Farmers Group acquired MetLife home and auto insurance, and these lines of insurance are no longer part of MetLife. Home and auto insurance customers of MetLife will now be under new branding, so you can expect the name and logo on your policies to change. If you have an existing MetLife home or auto policy, you can expect direct communications from the company about any upcoming changes.