Are you considering buying a policy from MetLife? If so, this is a review you can’t afford to miss. MetLife is a household name and with Snoopy as their mascot how could you not love them…but what do you really know about this life insurance company?
If you’re looking to get the best life insurance for your family, I have some insider secrets to share with you before you commit to MetLife. So, let’s get started!
The company had a rocky start when it was first formed by a group of New York City businessmen during the Civil War in 1863. Originally named National Union Life and Limb Insurance Company. It was set up to protect soldiers and sailors from wartime disabilities.
By the end of the war, the company had only sold 56 accident policies and 17 life insurance policies while operating at a deficit.
After 5 more tumultuous years and name changes, the company was taken over by James R. Dow. He decided to drop the casualty aspect and focus strictly on life insurance.
As such, Metropolitan Life Insurance Company was born commencing business on March 24, 1868.
The company’s first head office consisted of 2 offices with room for 6 employees. MetLife struggled through the great depression and in 1879, began to investigate the successful “working man’s” insurance programs commonplace in England.
Applying this system and sales approach, MetLife soon began to sign 700 new industrial policies per day! So successful was the new venture, that by 1909 MetLife became the largest life insurer in America. This successful company continues to maintain that leadership position in North America to this day.
Quite an astounding feat and one which shows that the spirit of determination and innovation conquers all. MetLife Inc. is now an international company which sells all manner of insurance, annuities, and employee benefit programs to over 90 million global customers.
MetLife holds leading market positions in the U.S., Japan, Asia, Europe, the Middle East, and Africa.
MetLife’s Financial Ratings
Every life insurer is measured by its financial strength. If your family is in the unfortunate position of having to make a claim you want to make sure that the insurer you pick is financially stable and will be about to honor its obligations.
If you are about to choose a life insurer to be sure to do your homework! Financial ratings make this an easy process.
Insurance companies are rated by five major rating services. Each service uses its own criteria to issue a “report card” for the companies it rates. Although each service uses an alphabetical rating scale, an A+ from one service may not mean the same as an A+ from another. 360 Degrees of Financial Literacy, How Insurance Companies Are Rated
In the U.S., there are organizations that specialize in performing a very comprehensive analysis of the financial security of life insurers. They are known as financial rating companies.
Each year these rating companies take an in-depth look at how various insurers are performing.
Here’s a snapshot of just how financially stable MetLife is. Check out the results below:
It’s pretty clear that you can buy a policy from MetLife with full confidence in their ongoing financial stability. This is a solid company.
MetLife Life Insurance Products
So what sort of products does MetLife life insurance sell?
This established company sells a wide range of life insurance products that include:
- Term life
- Guaranteed Acceptance life
- Whole life
- Universal life
Let’s take a quick look at what their products offer in greater detail:
MetLife Term Insurance
All you have to do is choose the number of death benefits and length of the term that you want the insurance in place. MetLife offers 10, 15, 20 and 30-year terms.
Policies over the face value of $100,000 are offered as fixed-term insurance, which means that the premiums and coverage stay the same over the life of the term. The 3 types of term life insurance which MetLife offers include:
Level Term Insurance
This policy is available for death benefits of $100,000 and above. The premiums are guaranteed for the term you purchase.
One Year Term Insurance
If you need a short term life insurance solution for a business or personal loan, this is an ideal choice. You may convert this policy to a permanent policy after 1 year, and there are renewable options which can extend coverage 5 years.
Simplified Issue Term Insurance
This is a no-exam option for coverage amounts under $100,000. You can apply for this policy online or by phone and receive approval in as little as 24 hours.
MetLife Whole Life Insurance
Whole life insurance is more costly than term because it covers you for your entire life, provides death benefits and a cash value accumulation feature.
Part of your premium is applied to the cash-value account, which continues to grow throughout the life of the policy. Both the death benefits and the cash value portion are non-taxable.
It is our opinion, that for most people, the term is the right fit and there are better investment vehicles for saving your money. That being said, if you happen to be in the category of people that would benefit from purchasing a whole life policy Metlife has 2 options for you:
This is a very straightforward type of policy which quarantines your premiums, death benefits and cash value accumulation. Dividends may also be payable but are not guaranteed.
Guaranteed Acceptance Whole Life
This policy has much lower coverage ($2,000 – $20,000). Guaranteed acceptance whole life is ideal to cover items such as medical bills, debts and funeral costs. The best part? You cannot be declined between the ages of 50 – 75 because of health reasons.
MetLife Universal Life Insurance
Universal life insurance is another form of permanent life insurance. It is very similar to Whole life with the added feature of greater flexibility in regard to how you manage your premiums and death benefits.
Additionally, Universal policies also give you more control over how the cash value accumulation portion of the policy is invested. MetLife has several Universal policy types including:
- Universal Life Insurance: Lets you choose the length of the protection guarantee and premium schedule. Both are guaranteed as long as the premiums are paid.
- Variable Universal Life Insurance: Offers an insurance rider at an additional cost which guarantees a minimum death benefit regardless of how the investment portion performs. Also provides loan and withdrawal options.
- Survivorship Life Insurance: Provides coverage for 2 people where the benefits are provided after the second person dies. Can be used to equalize your estate, provide care for a special needs child, or for estate tax purposes.
* Huntley Wealth does not offer variable universal life policies.
MetLife Life Underwriting Comparison
Underwriting guidelines vary substantially from company to company.
A little insight into how life insurers view your particular circumstances will save you thousands of dollars over the course of your policy.
For comparison purposes, I am going to show you how MetLife Life compares to Transamerica Life Insurance and Protective Life Insurance.
Let’s check these companies out!
I am going to review their guidelines for a “Preferred Plus” Term life policy for a male who is at 5’ 10 “tall. The rating features will examine the following 5 factors typically assessed:
- Weight and Build
- Blood Pressure
- Cholesterol Levels
- Family History
Met Life Insurance (Elite Plus)
Height Weight: A 5’ 11” male can be no heavier than 193 pounds
Tobacco Use: No nicotine use for the past 60 months and negative nicotine test.
Blood Pressure: Ages 40 and Under (130/80), Ages 41 – 54 (135/85), Ages 55 – 69 (140/85), Ages 70 and Over (140/90).
Cholesterol HDL Ratio: Ages 54 and under (220/4.5), Ages 55 – 69 (230/4.5), Ages 70 and Over (140/90).
Family History: No cardiovascular disease or cancer (some cancers may qualify) in either parent or siblings before age 60.
SUMMARY OF MetLife Life Underwriting
After reviewing Metlife’s underwriting guidelines and comparing them to Transamerica and Protective we have identified a number of strong niche areas that should be explored.
- If you happen to suffer from any of the pre-existing medical conditions below, Metlife may be the life insurance company for you:
- Type 1 Diabetes
- Type 2 Diabetes
- Active Duty Military Service Personnel
- Blood Pressure
- Marijuana Users
There are numerous factors that are considered when underwriting a life insurance policy. First, an underwriter will need to determine the probability of an applicant’s life lasting as long – or even longer – than the “average” life expectancy for an individual of that particular age and gender. What is Underwriting and How Does It Work?
MetLife life insurance has a number of areas where they provide lenient underwriting guidelines and like all life insurers there some areas where they are more stringent. Overall we find this to be a very competitive company from an underwriting perspective.
It’s imperative for you to contact an independent life insurance agent to help you find the most forgiving company for your particular health circumstances.
How Does MetLife Life Compare Price-wise
So what about the money? Of course, you are looking for affordable premiums and the best possible coverage.
To give you some cold hard numbers to crunch, I am going to provide a quick snapshot of how Metlife compares to Transamerica and Protective price-wise.
I am using projections for a client who qualifies for a Preferred Non-Tobacco policy with $250,000 in coverage for a 20 Year Term.
MetLife Life Insurance Sample Term Insurance Quotes
- 30 Year Old Female – $12.74 monthly, $141.40 annual
- 40 Year Old Female – $17.69 monthly, $196.50 annual
- 50 Year Old Female – $36.59 monthly, $406.50 annual
- 30 Year Old Male – $14.31 monthly, $159.00 annual
- 40 Year Old Male – $21.51 monthly, $239.00 annual
- 50 Year Old Male – $47.84 monthly, $531.50 annual
Protective Life Insurance Quotes
- 30 Year Old Female – $12.03 monthly, $139.81 annual
- 40 Year Old Female – $16.67 monthly, $193.82 annual
- 50 Year Old Female – $34.58 monthly, $402.12 annual
- 30 Year Old Male – $13.39 monthly, $155.65 annual
- 40 Year Old Male – $19.71 monthly, $229.21 annual
- 50 Year Old Male – $45.68 monthly, $531.21 annual
Transamerica Life Insurance Quotes
- 30 Year Old Female – $12.47 monthly, $145.00 annual
- 40 Year Old Female – $20.21 monthly, $235.00 annual
- 50 Year Old Female – $39.56 monthly, $460.00 annual
- 30 Year Old Male – $14.84 monthly, $172.50 annual
- 40 Year Old Male – $24.30 monthly, $282.50 annual
- 50 Year Old Male – $49.02 monthly, $570.00 annual
MetLife life insurance company has some of the most competitive term life insurance rates available. The quotes reveal that for both males and females MetLife often ranks in the top 5 – 10 lowest premiums rates in the industry.
Bottom Line Of Metlife Life Insurance
Based on the availability of products, underwriting criteria, and premium costs, MetLife can be summarized as follows:
- Excellent range of life insurance products and riders
- Very competitive for a variety of health issues
- Offers some of the lowest term rates in the industry
Who do we think rate as the top 10 life insurance companies in the industry? We urge you to read this article: “The Top 10 Life Insurance Companies 2020.”