MetLife insurance review 2024
-
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict ,this post may contain references to products from our partners. Here's an explanation for .This content is powered by HomeInsurance.com (NPN: 8781838). For more information, please see our .
At a glance
Policyholders seeking various life, health or other medical insurance policies might consider MetLife as their company of choice. However, it's important to note that MetLife only offers these options as employer-provided group insurance plans. For those looking into auto or home insurance, MetLife no longer provides these policies, and such offerings are now available through Farmers Insurance.
- Above-average customer satisfaction scores in J.D. Power studies
- Offers beneficiary grief counseling
- No-exam policies available to some customers
- Policies only available through an employer
New
In April 2021, Farmers Insurance finalized the acquisition of MetLife’s home and auto insurance divisions. Now, MetLife Insurance only provides group life, health and pet insurance, as well as financial products like Health Savings Accounts (HSAs) and employer-sponsored retirement plans.
MetLife life insurance review
Established in 1863, MetLife has a longstanding history and substantial footprint in the insurance world. Even though Farmers Insurance now owns its prior auto and home insurance segments and Brighthouse Financial has taken over its U.S. retail business, Metropolitan Life Insurance Company continues its independent operations, offering group life insurance and dental, vision and medical coverage through employer-sponsored plans.
Bankrate’s MetLife Insurance review reveals that its coverage types are relatively limited. Furthermore, MetLife uses an array of underwriting companies, meaning your policy might not always be sourced directly from MetLife.
Here’s a more detailed look at its specific life insurance products:
- Term life insurance: MetLife splits its term life insurance products into Basic Term Life, Supplemental Term Life and Dependent Term life, each available for terms of 10, 20 or 30 years. Each of these products offers a slightly different set of benefits that may be ideal for young families.
- Permanent life insurance: MetLife’s permanent life insurance suite includes group universal life insurance and group variable universal life insurance, both of which offer flexible coverage options through group plans.
- 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.
Pros and cons of MetLife life insurance
Pros
- Extra benefits, including financial planning and grief counseling, are available
- Numerous other types of medical coverage available
- No medical exam required for certain policies
Cons
- Limited coverage options
- Only offered through an employer
MetLife life insurance riders
If you’re searching for the best life insurance, you may want to consider adding riders to your policy to better align your coverage with your needs. Unfortunately, MetLife does not list specific information about riders that are offered on its policies. 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).
However, a few common riders mentioned on its website are:
- Acceleration of death benefit rider: This rider kicks in if the insured becomes terminally ill, allowing for the early and discounted payment of part or the entirety of the death benefit.
- Guaranteed survivor income rider: Tailored for beneficiaries' long-term financial stability, this rider gives them the choice to convert the one-time death benefit of a life policy into enhanced guaranteed monthly payments via annuitization.
- Waiver of specified premium rider: Acting as a safety net, this rider waives the set monthly premium if the insured becomes disabled within specified age parameters, ensuring continued coverage during challenging times.
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 customer satisfaction
When comparing life insurance quotes, it's important to consider customer satisfaction ratings in addition to policy offerings. Life insurance rates are highly personalized, with variables like age, health, policy type and how much life insurance you need largely influencing cost. Thus, factors like customer satisfaction can play a pivotal role in decision-making when not just considering rates.
J.D. Power, a trusted consumer data analytics company, publishes annual studies of customer satisfaction in the insurance sector, ranking carriers on a 1,000-point scale. In the 2022 J.D. Power U.S. Group Life Insurance Study, MetLife secured an above-average score of 806/1,000 compared to the industry average of 797. The company also scored above average in the 2023 J.D. Power U.S. Individual Life Insurance Study, with a score of 802 — well above the industry average of 790.
MetLife life claims satisfaction
AM Best ratings give an indication of a company’s financial strength. In the context of life insurance, this score reflects an insurer’s historical ability to pay out claims in the event of a death. The Metropolitan Life Insurance Company and Metropolitan Tower Life Insurance Company, have earned A+ (Superior) AM Best financial strength ratings.
MetLife customer complaints
The National Association of Insurance Commissioners (NAIC) assigns complaint indexes to insurance companies. These indexes, which are broken down by industry segment, provide potential customers with an understanding of the volume of complaints a company has received relative to its market share. The baseline NAIC complaint index is set at 1.00, indicating an average number of complaints. An index above this baseline suggests a higher than average complaint rate, while a score below indicates fewer complaints than average.
In the context of MetLife's group life policies, the NAIC has assigned a complaint index of 0.86 for the year 2023. This score sits slightly below the industry average, indicating that MetLife has received fewer complaints than expected for its size in the market. MetLife’s lower complaint index may be a positive indicator for the quality of customer service policyholders can expect when managing a group life policy.
Compare life insurance providers quickly and easily
Answer a few questions to check availability with MetLife
Whole life insurance combines life insurance with an investment component.
- Coverage for life
- Tax-deferred savings benefit if premiums are paid
- 3 variations of permanent insurance: whole life, universal life and variable life include investment component
Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time.
- Fixed premium over term
- No savings benefits
- Outliving policy or policy cancellation results in no money back
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Compare MetLife with other insurers
Finding the right life insurance company for your needs involves doing some research to see which carriers best align with your insurance needs. 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, 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 to compare against:
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 good 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
Our insurance editorial team includes licensed agents with decades of combined experience, and we used our intimate knowledge of the industry to conduct this in-depth MetLife insurance review.
46
years of industry expertise
122
carriers reviewed
34.5K
ZIP codes examined
1.2M
quotes analyzed
Is MetLife a good insurance company?
MetLife’s long-established presence in the insurance industry makes it a reliable source of coverage for many people. High third-party ratings for customer satisfaction and financial strength further back MetLife’s reputation in the sector.
The major drawback for some consumers is that MetLife no longer offers individual life insurance, long-term care insurance, disability insurance or annuities through agents. While a group life insurance policy through MetLife could be a good option if it’s offered through your employer, customers seeking individual life insurance policies would need to look elsewhere.
What are real-life customers saying about MetLife?
To better understand how real MetLife customers evaluate their experience, we turned to online forums and other arenas for candid discussion of MetLife’s offerings and business practices. Users on TrustPilot and Bogleheads.org, an investing forum, expressed few complaints with MetLife’s life insurance. But users with negative experiences gave strong feedback on customer service practices.
TrustPilot
TrustPilot reviews for MetLife reveal mixed experiences, with some policyholders highlighting the company’s on-time payments and reliable service and others complaining of poor communication during the claims process.
Bogleheads.org
Bogleheads.org is a financial investing forum named after John C. Bogle, founder of The Vanguard Group. In addition to investing advice, the forum provides a general space for discussing financial decision-making. Users here had broadly positive views of MetLife’s life insurance products.
MetLife company details
- General customer service: 1-800-638-5433
- Individual life insurance (existing customers only): 1-800-638-5000
- Company website: https://www.metlife.com
State 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.
MetLife tools and benefits
MetLife’s product offerings are more limited as it no longer sells personal life 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.
In conjunction with the above, MetLife also offers additional services and resources to its members. Beneficiaries may be able to utilize 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.
Because MetLife doesn’t sell individual policies anymore, you can work with your employer to gain access to these services if your employer offers group life insurance through MetLife.
Frequently asked questions about MetLife
