One of the oldest life insurance companies in the United States, the Metropolitan Life Insurance Company — best known as MetLife — offers term, whole, universal, and variable universal life insurance plans.
MetLife currently only sells life insurance through the workplace, so coverage options, policy types, and term limits are all dependent on the package chosen by your employer. Employers can choose from a wide range of supplemental coverage for employees, including options for disability insurance, accidental death payouts, and long-term care.
MetLife is one of the best-rated life insurance companies when it comes to financial strength. It has an A+/Superior financial strength rating from A.M. Best, which brings comfort to know that benefits will be paid out.
If you’re looking for extra coverage options, this is largely contingent upon your employer’s plan. With most standard insurance companies, options like disability coverage and long-term care can be added to your life insurance policy for a small fee. But with MetLife, you need to purchase them as a standalone policy — and that is only if your employer elects to offer these extras. Evaluate your employer’s specific plan to understand your options.
MetLife falls short of its competitors when it comes to online resources and learning tools. The website leaves a lot to be desired, with a threadbare FAQ and little else. Its insurance blog does have some information about life insurance, but they’re not very helpful for beginners or those who need to learn the basics of insurance policies. This may be in part because MetLife policies vary by employer, so your best bet may be discussing your questions and options with the Human Resources department of your organization.
Currently, MetLife does not offer a mobile app for its life insurance policies, though the website is mobile friendly.
MetLife's “Deliver the Promise” program is set up to offer you peace of mind that your beneficiaries will be well taken care of. MetLife’s program not only helps your beneficiaries with claims processing and disbursement, but also offers help with managing grief and navigating government paperwork.
MetLife also offers a financial wellness program called PlanSmart, which helps members learn more about managing money. This program offers personalized financial wellness advice to help you achieve a variety of financial goals such as paying down debt, buying a home, and saving for retirement.
Unlike many competitors, MetLife does not require a medical/physical exam in order to enroll, and you often get your decision within one business day. The minimum death benefit for term coverage is $25,000. Depending on your age, MetLife offers term lengths and maximum coverage amounts.
MetLife offers all the most popular life insurance options, including term, variable, universal, whole, and survivorship
Offers customizable workplace insurance plans and flexible group life insurance policies
Benefits for beneficiaries, including support for completing government paperwork and managing bereavement
Not ideal for those with specific life insurance needs (keep in mind, certain coverage options may be limited, depending on which plan your workplace has purchased)
Premiums are among the most expensive on the market
Depending on your employer, MetLife offers special-needs planning for a child or spouse who requires specific care, with advance care directives and living wills.
For the most part, MetLife is more expensive than other life insurance companies but provides the best value in terms of the variety of plans offered, the supplemental services available, and the outstanding support provided for your beneficiaries during their time of grief. For the variety of options and the peace of mind this company provides that your loved ones will be taken care of, we confidently feel that your family will be in good hands if you purchase a life insurance plan through MetLife. Though you may have to do extra digging or spend time on the telephone since MetLife’s website is lacking in thorough information, it will likely be worth your time and effort.