MetLife is a well-known insurance brand. However, in April 2021, Farmers Insurance finalized the acquisition of MetLife’s home and auto insurance divisions. 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.
|Extra benefits, including financial planning and grief counseling, are available||Many products are only available as employer-sponsored plans|
|Numerous other types of medical coverage available||Below-average customer satisfaction score from J.D. Power|
MetLife life insurance could be a good choice for consumers looking for basic life insurance policies, or for those who have access to the company’s employer-sponsored plans. While the company’s products aren’t extensive, they may be a good fit for your needs. Bankrate conducted a MetLife life insurance review to help you decide if the carrier’s remaining products could provide the best life insurance for you.
MetLife life insurance coverage types
MetLife got its start in 1863 and has grown tremendously in the time since. Although Farmers purchased its auto and home business, Metropolitan Life Insurance Company continues to operate independently. The company provides life insurance through employer-sponsored plans and groups, but MetLife has options for individual policies, too.
- Term: MetLife offers basic, supplemental and dependent term life coverage. Some types of coverage are employer-paid, while others are paid by the employee.
- Permanent: MetLife offers two types of permanent life insurance coverage: group universal and group variable universal life. There is no whole life insurance
MetLife life services
In addition to life insurance, MetLife also offers additional services to its members. Beneficiaries may be able to take advantage of the company’s grief counseling and checklists to help foster a sense of stability when a loved one passes. The company also offers funeral discounts, funeral planning services, will preparation services and transition planning.
Other MetLife perks worth considering
MetLife’s product offerings are more limited as it no longer sells personal lines insurance coverage, but you may be interested in a few of its additional offerings:
- Dental insurance
- Vision insurance
- Pet insurance
- Accident insurance
- Hospital indemnity insurance
- Critical illness insurance
- Cancer insurance
- Disability insurance
- Retirement solutions
MetLife life insurance customer and claims satisfaction
Metropolitan Life Insurance Company is ranked about average with several third-party reviewers. J.D. Power gave the carrier a below-average score of 756/1,000 in the 2021 U.S. Individual Life Insurance Study. The study looked at customer satisfaction in six key areas: the application process, communication, customer interaction, price, product offerings and statements.
However, MetLife receives a lower-than-average complaint index score from the National Association of Insurance Commissioner (NAIC). The life insurance company received a 0.82 complaint index score, which means that the NAIC records a slightly lower-than-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 has historically been able to handle a large influx of claims.
MetLife social responsibility
MetLife could be a great option for consumers who are looking for companies with strong social responsibility programs. Since 1976, the MetLife Foundation has donated nearly $1 billion to help strengthen communities. The company is also focused on sustainability, winning numerous awards for its sustainability program. Finally, MetLife is focused heavily on diversity, equity and inclusion (DEI), outlining priorities to help foster a more diverse environment.
Not sure if MetLife is right for you? Consider these alternatives
Finding the right life insurance company for your needs involves doing some research to see which carriers closely align with your situation. If you’re not sure if MetLife is right for you, these companies could be good options:
- Nationwide: If you’re looking for universal life coverage, Nationwide could be a good fit. The carrier offers high coverage limits and highly customizable policies that could fit a wide range of needs.
- Mass Mutual: If you need whole life insurance, which MetLife does not offer, MassMutual could be worth a look. The company has the highest AM Best financial strength rating possible and a long list of whole life insurance riders for personalization.
- State Farm: The insurance behemoth could be a great choice for term life insurance customers. Additionally, the availability of local offices may be appealing to those who like to handle their insurance needs in person.