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 Rating | A+ |
| S&P Rating | AA- |
| BBB Rating | NR |
| Customer Service Phone | 800-638-5433 |
| Website | www.metlife.com |
| Address | MetLife 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
Term Life
| Length of Coverage | 10, 25, 20, 25, or 30-year terms |
| Minimum Coverage | $25,000 |
| Maximum Coverage | $500,000 |
| Estimated Time to Approval | 5 days or less |
| Product Features |
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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
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
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
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.
