MetLife insurance review 2021

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MetLife insurance is best known for employer-sponsored coverage, but they also sell directly to individuals. Most insurance companies offer auto and home insurance, but MetLife also provides life, disability, dental, vision and health insurance — although some of the coverages are only available through the workplace.

In April 2021, Zurich Insurance and Farmers Group finalized the acquisition of MetLife’s home and auto insurance divisions. The company will soon be rebranded, but customers can continue to enjoy the same services they now do. Changes to policies may happen gradually over the coming months. In the meantime, Bankrate’s MetLife Insurance review can help you decide which of its policies are best for you.

MetLife auto insurance

MetLife auto insurance provides standard coverage options for your vehicles, including liability, collision, comprehensive and more. Optional coverages include a few we do not often see elsewhere, such as a special parts replacement for damage to car parts like tires and brakes. MetLife also offers car insurance for commercial autos, classic cars, and rideshare drivers.

Coverage

  • Liability protection: In most states, this is the mandatory minimum auto insurance, covering you in case your car injures another person or vehicle
  • Collision and comprehensive coverage: These cover your vehicle from accidents and collisions, and weather damage, theft, and vandalism respectively.
  • Personal injury protection: This coverage pays for your medical costs if you are involved in a crash.
  • Uninsured and underinsured motorists coverage: To offer you protection if you are involved in an accident with a driver who has little to no insurance coverage.
  • Rental car coverage: If you have an accident while driving a rental car, this can help cover costs.
  • New car replacement: This is a great option if you have a new car or a car with low mileage, offering repairs or full replacement.
  • Special parts replacement: The major parts of a car, like the tires and brakes, will be paid for with this coverage.
  • Gap coverage: This pays off your car loan if your car is totaled, even if you owe more than the car was worth.
  • Glass repairs without a deductible: This coverage allows you to get your cracked or chipped windshield replaced without a deductible.
  • Towing and roadside assistance and labor cost coverage: This will help reimburse any towing or roadside assistance costs.
  • Legal defense costs: If you are sued due to an incident, your legal fees could be reimbursed.
  • Identity theft: This protection comes standard with all policies to help prevent identity theft and help in identity restoration.

Cost of MetLife auto insurance

Review Bankrate’s findings on the average cost of car insurance for minimum and full coverage to see how MetLife compares to other major insurance providers overall. Minimum coverage reflects a state’s required amount of liability insurance, which covers situations when you cause injuries or damages to third parties. Full coverage adds comprehensive and collision insurance that provides financial protection for your own vehicle. As shown below, MetLife’s average annual rates for minimum and full coverage are a bit higher than the national averages of $565 and $1,674, respectively.

Average annual cost for minimum coverage Average annual cost for full coverage
$821 $2,123

Discounts

  • Deductible savings benefit: You could earn cash every year you do not make a claim to help cover your deductible.
  • Superior driver discounts and MetRewards: If your entire household has exceptional driving records, you could save even more.
  • Bundle and save: Consider combining your auto insurance with home insurance and save up on both.
  • Good student discount: If your high school or college student has good grades, you could save on your premium.

MetLife home insurance

MetLife offers insurance for homeowners, condo dwellers and landlords, which feature customizable options to allow you to tailor a policy to your own particular circumstances. The MetLife insurance company offers a range of standard and optional coverage at competitive pricing, including replacement cost coverage, which pays out on a claim with no regard to depreciation.

Coverage

  • MetLife home insurance coverage includes events of tornadoes, hail, fire, theft, vandalism and more. If you experience loss from a certain tragic event or natural disaster, MetLife offers the option for your coverage to replace the items without deduction for depreciation – even if you lose your home.
  • Liability coverage means that your legal fees will be reimbursed in the case that you are sued from some incident occurring on your property.
  • In most states, MetLife insurance quote includes Identity Protection Services.
  • Get 24/7 MetLife insurance customer service and flexible payment plans with every policy.

Cost of MetLife home insurance

Home insurance is typically required by your lender if you carry a mortgage on your home. The average cost of homeowners insurance through MetLife for $250,000 in dwelling coverage is $1,252 per year. You may be able to save on the average based on a few factors such as the amount of your deductible, the geographical area you live in and the discounts you qualify for.

Discounts

  • Employer and association discounts: You may be eligible for discounted home insurance through your employer or an association you are a member of.
  • Safety discounts: In most states, you can receive a discount if your home has a fire alarm, sprinkler system, smoke detectors, fire extinguishers and other fire prevention items. Also, if you have theft prevention items, like deadbolt locks and a burglar alarm, your MetLife insurance quote may be discounted.
  • Bundle and save discounts: Bundle your auto and home insurance and you could save significantly with MetLife.
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MetLife life insurance

MetLife provides life insurance through employer-sponsored plans and groups. 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: The simplest and most affordable type of life insurance; choose the length of time you’d like to be covered and the payout amount. If you pass during your coverage term, your loved ones receive a death benefit.
  • Whole life insurance: Permanent life insurance (not limited to a certain amount of time) has fixed monthly premiums that go towards a death benefit for loved ones and include an interest-bearing, cash-value account you can access and borrow from throughout your life.
  • Universal life insurance: Similar to whole life insurance, this is a permanent policy but with more flexible premium payment terms and the opportunity to grow your cash value through investments.

Discounts

  • Bundle your MetLife auto insurance or other insurance products with MetLife life insurance to receive a multi-policy discount.

MetLife ratings, reviews, customer satisfaction and complaints

MetLife insurance scores exceptionally high with customers. The carrier topped the 2021 J.D. Power Property Claims Satisfaction Study with a score of 904 out of 1,000. MetLife’s reviews for vehicle and life insurance are average. It came in at 886 points in auto claims satisfaction and 744 for life insurance (the industry average was 761). On the NAIC complaint index, MetLife scores 1.13, where 1 is the median. The higher the score, the more customer complaints an insurer has against them. The company is a long-term player in the market, as is highlighted by its financial stability, rated A+ (Superior) by AM Best.

MetLife’s Bankrate Score is 3.8, as calculated by taking into account the company’s financial strength and customer service ratings, as well as the average sample rates from Quadrant Information Services. The score was determined after a thorough analysis of the company’s products, services, pricing, discounts, and online resources.

J.D. Power auto claims study score J.D. Power home insurance study score AM Best
MetLife 886 / 1,000 904 / 1,000 A+ (Superior)

MetLife mobile apps

The MetLife US app is available for Apple and Android devices. It is rated 3.8 out of 5, 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, viewing documents, and making a claim.

MetLife’s My Journey app has been better received. It is a telematics app that allows the company to monitor your driving in real time. The app can tell if you are maintaining the speed limit, engaging in hard stops and the time of day you are driving. If you have good driving habits, you may be eligible for up to 30% off your premium. It is only available in a handful of states though, so ask your agent if you can apply.

Top reasons to consider MetLife

As one of the longest-standing insurance companies in the country, MetLife enjoys a favorable reputation across the industry. It is financially stable, offers round-the-clock customer service, and provides tech-forward customers with tools to manage their policies on the go. As a bonus, identity theft protection services are included in every standard car, home, and renters insurance policy.

MetLife’s rates may not be the lowest in every state, but with the flexible payment plans and the available discounts, even the customer on a budget can have some savings. If you want a reputable insurer with years of expertise offering all the necessary coverages and ease of filing a claim, MetLife is a company worth looking into.

Additional policies offered by MetLife

MetLife also offers the following insurance policies:

  • Dental
  • Disability
  • Life
  • Vision
  • Accident and Health
  • Annuities

Frequently asked questions

What are MetLife’s additional lines of insurance?

Aside from the ones already mentioned earlier in this article, MetLife also sells vision, renters and landlords, disability, accident and health, and business insurance policies.

How do I file a MetLife insurance claim?

Looking for information on MetLife insurance claims? File a claim online. You will need to sign in, or call MetLife insurance customer service 24/7 to get started. You can also file a claim by way of the MetLife mobile app from your smartphone.

How do I get a MetLife insurance quote?

You can start your quote online and an agent will call you within a day to give you the details. You’ll need to give the agent information on yourself, such as your age and marital status, as well as on your car or home and your past insurance history. If you are applying for a life insurance policy, there is good news — you will not need a medical exam if you choose MetLife’s no medical exam life insurance policy.

Is MetLife changing its name?

In April 2021, MetLife home and auto insurance was acquired by the Farmers Group, and these lines of insurance are no longer part of MetLife. Home and auto insurance customers of MetLife will now be under new branding, but the existing policies will likely remain the same.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

Auto:

  • Bodily injury liability per person: $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $50,000 property damage liability per accident
  • $100,000 uninsured motorist bodily injury per person
  • $300,000 uninsured motorist bodily injury per accident
  • $500 collision deductible
  • $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverages that meet each state’s requirements. Our sample drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles annually.

Homeowners:

  • Coverage A, Dwelling: $250,000
  • Coverage B, Other Structures: $25,000
  • Coverage C, Personal Property: $125,000
  • Coverage D, Loss of Use: $50,000
  • Coverage E, Liability: $300,000
  • Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

Bankrate scores

Bankrate scores primarily reflect a weighted rank of industry standard ratings for financial strength (AM Best, S&P, Moody’s) and customer experience (J.D. Power, NAIC), in addition to average quoted rates from Quadrant Information Services. The J.D. Power studies utilized include the 2020 Auto Insurance Study and the 2020 Auto Claims Study. Our Bankrate editorial team’s extensive research and analysis provided a secondary assessment of each insurer’s online and mobile resources and policy management options, which also contributed to overall ratings.

Written by
Cynthia Paez Bowman
Personal Finance Contributor
Cynthia Paez Bowman is a finance and business journalist who has been featured in Bankrate, Business Jet Traveler, MSN, CheatSheet.com, Freshome.com and TheSimpleDollar.com. She regularly travels to Africa and the Middle East to consult with women’s NGOs about small business development and works with select startups and women-owned businesses to provide growth and visibility.
Edited by
Insurance Editor