MetLife Life Insurance Review

Few companies can match the history and reputation of MetLife Insurance. Founded in 1858, the company boasts of nearly a century and a half of excellence, providing coverage for homes, cars, and more. They also provide retirement planning and other services to help their customers plan for the future.
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Author: Ben Peetermans
Last updated: June 17, 2021

Our take

Since 2017, MetLife has offered life insurance through employer-based plans. Employer-based health plans tend to be a double-edged sword. On the one hand, group rates can make life insurance more affordable for the youngest, healthiest employees. On the other hand, employees may find their options limited by their employers.
With MetLife, you can purchase a plan through your employer, but take it with you when you leave the company or when you retire. We especially like the diverse options they provide.
These plans tend to benefit younger, non-smoking applicants. They can also be great for those starting a family, as they offer policies for dependents. If your employer offers life insurance through MetLife, there are several options worth considering.

A.M Best RatingA+
S&P RatingAA-
BBB RatingNR
Customer Service Phone800-638-5433
Websitewww.metlife.com
AddressMetLife Investors
5 Park Plaza, Suite 1900 Irvine, CA 92614

What we like

Policy Travels with You

Some may be apprehensive about a group plan, but with MetLife, your policy travels with you if you retire or change companies.

Diverse Plans Available

MetLife offers some flexible plans that offer supplemental policies in addition to their standard term and universal policies.

Can Add Dependents on Select Policies

MetLife offers a dependent term life insurance policy, so you can receive coverage for the whole family.

What we don’t like

Terms Set by Employer

As with any workplace plan, the exact details of your policy will largely be governed by your employer.

Higher Premiums for Smokers

Smokers will see a significant spike in their monthly premiums.

No Conversion Options

Term life insurance customers have no option of converting their plan to a permanent policy once their term expires.

No Online Quotes

MetLife offers no online quotes for its life insurance policies.

MetLife Life Insurance Products

Full starFull starFull starFull starFull star
5.0/5
MetLife offers a diverse selection of policies, some of which have additional benefits that extend to family members.

Term Life

Length of Coverage10, 25, 20, 25, or 30-year terms
Minimum Coverage$25,000
Maximum Coverage$500,000
Estimated Time to Approval5 days or less
Product Features
  • Policy travels with you
  • Supplemental plans available
  • Can add dependents on select policies

MetLife’s term life insurance offers coverage in 10, 15, 20, 25, and 30-year increments, though the total length of these terms is limited by the applicant’s age. Only applicants between the ages of 18 and 69 are eligible for this policy. These policies offer coverage ranging from $25,000 to $500,000, though again, this depends on the applicant’s age.
After the initial term period, the policy converts into a yearly, renewable policy, but be prepared to see your rates increase annually.

Basic Term Life

This is MetLife’s standard term life option, with terms and rates largely set by the employer.

Supplemental Term Life

A supplemental policy allows policyholders to purchase additional life insurance coverage as their needs change over time.

Dependent Term Life

This option allows policyholders to cover their spouse/domestic partner and any eligible children.

Group Universal

MetLife offers universal life insurance that lasts a lifetime, and includes some flexible options that you can use to confidently supplement your income during your retirement years.

Policy Travels with You

If you retire or change companies, MetLife’s policy travels with you, so you can have confidence that this plan stays with you for a lifetime.

Supplements Retirement Income

Universal policies accumulate a cash value that can be borrowed against, providing an additional financial safety net during your retirement years.

Group Variable Universal

Variable universal life insurance offers a few additional options. MetLife’s variable universal policy allows you to pay additional premiums that can be used in a variety of investment options, maximizing your investments.

Cash Value Component

This policy will accumulate cash value that can be borrowed against, or you can withdraw the cash value with no early withdrawal penalty.

Flexible Payments

Policyholders can start and stop their additional premium payments at their discretion, or they can pay a lump-sum payment at their convenience.

Accident Death & Dismemberment

MetLife offers a variety of options for AD&D insurance, though as a workplace-based insurance provider not all customers will have full access to these options. Customers can expect to choose from such policies as:

Basic Accident and Dismemberment

This coverage option pays a death benefit equal to an employee’s term life insurance amount.

Supplemental Accident and Dismemberment

This option adds coverage to the value of supplemental term life insurance, and provides a portion of the death benefit in the event of a qualifying, non-fatal accident.

Dependent Accidental Death & Dismemberment

This option provides dependents with a benefit equal to the dependent term life amount.

Voluntary Accidental Death & Dismemberment

This policy provides stand-alone coverage for employees and their families, and does not depend on enrollment in life insurance.

Business Travel Accident (BTA)

Employers can pay for this option to provide for the death or injury of their employees while traveling on company business.

Policy benefits

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3.0/5
MetLife offers some standard riders, though the majority of their benefits are embedded in the policies themselves. Additionally, there is no conversion option available to term life policyholders.

Riders

Products can be further modified with some basic riders, including:

Accelerated Death Benefit Rider

If you are diagnosed with a qualifying illness, this rider allows you to receive an advance on your death benefit to pay for medical bills, groceries, and other outstanding financial obligations

Accidental Death Benefit Rider

This rider provides a cash payout if you are killed in an accident. This rider is reduced by 50% after you turn 70, and expires after you turn 90.

Cost

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3.0/5
Group plans can be more affordable to young, healthy applicants, but MetLife has high rates for smokers and older applicants.

The price of group plans will vary widely based on your employer, though as a general rule, you can often get a better rate through your workplace than anywhere else. Additionally, workplace plans tend to exclude seniors, so those approaching retirement age might find MetLife’s rates less than competitive.

Average Rates for Rapid-Issue Policy

MetLife offers no-exam policies with rates that tend to be standard with competing insurance providers.

High Rates for Smokers

Smokers usually pay more for life insurance than non-smokers. At other companies, a smoker can expect their rates to be roughly three times higher than those of a non-smoker. At MetLife, you can expect your rates to be as much as five times higher, regardless of other factors such as age or other health conditions.

Performance

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3.5/5
5Star enjoys solid ratings from independent organizations.

Financial ratings

MetLife has been rated favorably by third-party agencies, including:

  • A.M. Best Rating: A+
  • BBB: AA-

However, they only earned 3 out of 5 stars in J.D. Power’s 2019 U.S. Life Insurance Study. This number reflects lackluster performance in terms of price, availability, and overall customer satisfaction.

Customer reviews

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5.0/5
MetLife has fewer customer complaints than other companies of a similar size.

The National Association of Insurance Commissioners (NAIC) provides ratings for life insurance companies based on customer complaints. A customer complaint index of 1.0 indicates an average number of customer complaints. In 2019, MetLife’s complaint index was 0.74, indicating fewer complaints than other companies their size.
Below you can find additional reviews from MetLife’s customers.

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About the author
Ben Peetermans author
Ben Peetermans
Life Insurance Expert
Ben Peetermans is a life insurance editor. He enjoys blogging about various topics, including finance. He has been writing about insurance since 2015. Ben has been featured in various press outlets including FOX, CBS, and NBC.