MetLife Life Insurance Review
PROS / MetLife offers all of the best life insurance choices such as term, variable, universal, whole and survivorship.
CONS / Its premiums are the most expensive for the case studies we ran.
VERDICT / MetLife is the best life insurance company we reviewed because it offers a wide range of plans. While its plans are more costly, its services for beneficiaries are among the best.
MetLife is one of the oldest life insurance companies in the United States. It offers term, whole, universal and variable universal life insurance plans, sometimes without the need for a medical exam. It has a wide range of investment planning and other related insurance plans that can help you prepare for issues affecting your livelihood now as well as your ability to provide for your heirs upon your death. MetLife’s Deliver the Promise program helps your beneficiaries not only with claims processing and disbursement but also navigating government paperwork and dealing with grief.
The premiums were the most expensive of the plans we received quotes from, but there are a wide range of policies available. Further, its beneficiary services, which provide peace of mind that your loved ones will be cared for, along with its flexibility and supplemental services, make MetLife the Top Ten Reviews Gold Award winner.
MetLife offers multiple plans with a wide range of prices. In order to compare it to other life insurance companies, however, we chose to price a 20-year/$500,000 term life plan. We looked at this plan for six people, all 35 years old and healthy: a woman with no issues, an overweight woman, a female smoker, a man with no issues, a man who is overweight and a male smoker. Overall, MetLife’s premiums for this plan were among the highest of the agencies we looked at.
Nonetheless, we believe MetLife provides the best value. It has been in service since the 1860s and has excellent scores from the top independent raters, making it a safe bet that the company will outlive you to pay your beneficiaries. Further, MetLife has dedicated specialists to help your beneficiaries with the claims process and managing the payout, as well as with handling paperwork associated with government benefits and with finding grief counseling. These facts, along with the many other life insurance options and supplemental services, makes MetLife the top choice for life insurance.
MetLife is the only life insurance company we reviewed that had a term life insurance plan that lasted up to age 90 rather than a specific number of years. The simplified term plan does not require an exam, but it only asks two health questions. You can get it for up to $100,000 in coverage. If you need more, there’s level term insurance. It requires an exam, but you can purchase as much coverage as you need. Finally, a one-year term plan can provide a good stopgap, such as if you are between jobs, and can be converted if you purchase a rider with the plan.
Whole life plans also come with the option of no medical exam. Of course, you pay higher premiums for this. These plans last your lifetime and have cash value. Universal life offers flexibility of payments and returns, with the variable life plan being the most risky, as you are investing your premiums into the market. Even so, you can purchase a rider with this plan to ensure that your beneficiary will receive death benefits regardless of the market’s performance during your lifetime.
MetLife can help you with special-needs planning for a child or spouse requiring specific care, with living wills and advance health care directives, and with establishing irrevocable life insurance trusts.
MetLife is a full-service investment and insurance agency with qualified employees to help you with more than just life insurance. You can also get assistance with long-term care or retirement planning, which could include a universal or whole life insurance plan.
If you are concerned about disability, MetLife offers three policies. The Income Guard plan is customized and includes special coverages for medical and dental personnel. The OMNI Essentials plan covers loss of income but has options to customize the coverage. There’s a specialized plan for Californians that meets state regulations. It focuses on executives and medical personnel, but covers anyone.
MetLife surpasses all the other life insurance companies we reviewed when it comes to caring for your beneficiaries. While your survivors cannot file a death claim online, they can find the forms there, along with a guide and an invitation to contact the company if they have any other concerns. It assigns a dedicated claims advisor to help them through the claims process. In addition, the advisor can help with paperwork for claiming government death benefits, advise them on reinvesting the payout of your life insurance and connect them to grief counselors. While most of the insurance companies we reviewed said some of these services depended on the local agent, MetLife provides them all as part of its Deliver the Promise program.
MetLife is more expensive than the other life insurance companies for the plans we tested, but it provides the best value in the variety of plans it offers, its supplemental services and most especially in the support it provides for your beneficiaries during their very difficult time. For the options and the peace of mind this policy provides, MetLife is the best option for life insurance.