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MetLife life insurance review 2023

Updated Jan 13, 2023
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MetLife could be a good choice for various life, health or other medical insurance policies. However, its options are only sold as employer-provided group insurance plans. Additionally, MetLife no longer sells auto or home insurance policies; those products are now provided by Farmers Insurance.

Pros
  • Extra benefits, including financial planning and grief counseling, are available

  • Numerous other types of medical coverage available

Cons
  • Products are only available as employer-sponsored plans

  • No longer sells auto or home insurance

Info
What’s new with MetLife?

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.

MetLife life insurance

MetLife life insurance could be a good choice if the company provides your employer’s group life or health offerings. MetLife got its start in 1863 and has grown tremendously in the time since. Although Farmers Insurance purchased MetLife’s auto and home business, Metropolitan Life Insurance Company continues to operate independently. The company provides life insurance through employer-sponsored plans and groups.

However, the life insurance coverage types are relatively limited. Additionally, MetLife uses numerous underwriting companies, so your coverage may not actually come directly from MetLife. Our MetLife life insurance review breaks down the company's offerings, to help you choose the right type of life insurance for your needs:

  • Term: MetLife offers basic, supplemental and dependent term life coverage. Some types of coverage are employer-paid, while others are paid by the employee. Term life insurance may be especially popular with young families or for those who only need coverage for a short period of time, usually 10, 20 or 30 years.
  • Permanent: MetLife offers two types of permanent life insurance coverage: group universal and group variable universal life. There is no whole life insurance. Permanent policies may be a better choice for older adults who need the coverage to last the rest of their lifetimes.
    • Group universal: Universal life insurance offers flexible options, allowing you to adjust your death benefit and premium as your needs change. MetLife’s universal life insurance offering is only available as a group plan.
    • Group variable universal: Variable universal life is similar to a standard universal life policy, but it includes an investment component that makes it a more complex financial product. To learn more about MetLife’s group variable universal life policy, contact the company directly.

MetLife life insurance endorsements

If you’re searching for the best life insurance, you may want to consider adding endorsements to your policy to more closely align your coverage with your needs. Unfortunately, MetLife does not list any information about riders on its website. This may be because MetLife focuses on employer-sponsored plans; different endorsement options might be available based on the agreement with each employer. To learn about life insurance riders from MetLife, contact the company directly or discuss your options with your employer (if MetLife provides your group life insurance options).

Keep in mind that riders will likely increase the cost of your life insurance, so you may not get the cheapest life insurance policy if you add them. However, the added protection may be well worth the extra cost, depending on your situation.

MetLife life tools and benefits

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.

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MetLife customer satisfaction

If you’re shopping around and comparing life insurance quotes, customer satisfaction is an important area to consider. Life insurance rates may not vary between companies as much as home or auto insurance rates do — rates mostly depend on your age, health, the policy type you choose and how much life insurance you need — so looking at other aspects of each company can help you find the right option.

J.D. Power is a consumer data analytics company that puts out several service-oriented studies each year. MetLife has an above-average score in the 2022 J.D. Power U.S. Individual Life Insurance Study. Remember that MetLife no longer sells individual life insurance policies, so this score reflects its service to the customers who already own individual policies. However, it could still be a helpful metric, knowing that individual life customers seem to be generally satisfied with the service experience.

The National Association of Insurance Commissioner (NAIC) does give MetLife a complaint index for group life policies, which may be more helpful. A complaint index of 1.00 represents a normal or average number of complaints. MetLife’s group life insurance product has a score of 0.61. This means that the NAIC received fewer complaints about MetLife than average, which indicates a high level of service.

Finally, a company’s financial strength can be a useful tool, as it showcases a company’s historical ability to pay claims. MetLife has several different AM Best financial strength ratings, based on the underwriting companies it uses. Two of its companies, Metropolitan Life Insurance Company and Metropolitan Tower Life Insurance Company, have A+ (Superior) AM Best financial strength ratings. American Life Insurance Company and MetLife Insurance K.K. (which operates in Japan) are not rated by AM Best.

How to file a claim with MetLife

Filing a life insurance claim is an emotional endeavor, but MetLife seeks to make it as seamless as possible. If you are the beneficiary of a MetLife life insurance policy and need to file a claim, you can:

If you call for help, you’ll likely still have to fill out a claim form, but you may be guided by a licensed agent to ensure you choose the correct one. You may also need to provide additional documentation, such as a death certificate.

MetLife availability

MetLife is available in all 50 states and Washington, D.C. Product offerings may vary by state and MetLife’s agreement with your employer.

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: MetLife offers a number of dental insurance plans, including PPO plans, HMO/managed care plans and plans for veterans.
  • Vision insurance: MetLife’s various vision insurance options may help you save on exams, glasses and contacts. Some plans even offer discounts on LASIK eye surgery.
  • Pet insurance: Pet insurance is like healthcare coverage for your animal. This is one of the few plans that MetLife sells both individually and through employers.
  • Retirement solutions: In addition to insurance products, you might be able to use MetLife for your retirement plan too, if your employer offers this perk.

Keep in mind that MetLife doesn’t sell individual policies any longer. If your employer offers group life insurance through MetLife, you’ll need to work with your employer to gain access to these products.

MetLife corporate sustainability

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 and has won 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.

Finding the right life insurance company for your needs involves doing some research to see which carriers closely align with your situation. One of the first steps is figuring out how much coverage you need, which you can do with the help of a licensed agent or even a life insurance calculator. Next, take a look at your needs and decide what policy type is best for you. Then you can start to look at carriers to see if they offer what you need. If you’re not sure if MetLife is right for you, these companies could be good options:

MetLife vs. 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. Nationwide also offers auto and home insurance, along with numerous other insurance and financial products, and its life insurance products are available to individuals.

Learn more: Nationwide Insurance review

MetLife vs. MassMutual

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. MassMutual also offers universal and variable universal life, if you’re looking for those options without having to be part of a group plan like you would with MetLife.

Learn more: MassMutual Life Insurance review

MetLife vs. State Farm

The insurance behemoth could be a great choice for those seeking the best term life insurance. Additionally, the availability of local offices may be appealing to those who like to handle their insurance needs in person. State Farm offers numerous other insurance products and banking products, too, so it could be a good choice if you want to keep all your financial products in one place.

Learn more: State Farm Insurance review

Is MetLife a good insurance company?

MetLife might be a good life insurance company if your employer offers coverage for you. The company has generally high customer satisfaction reviews and offers helpful tools to beneficiaries, like funeral planning services and grief counseling. However, MetLife no longer sells individual policies like many of the other life insurance carriers we’ve reviewed, so it won’t be an option unless you can purchase coverage through your employer.

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