Metlife Insurance Company Review

by Jeff Rose on June 3, 2012 · 2 comments

Metlife Insurance Company ReviewWith thousands of insurance companies all competing every day to draw potential clients in, having an example of what not to do in an insurance company can help.

Metlife is one of the top names for providing life insurance, I know it certainly comes to mind when I begin thinking of it.

But for all its flare and fireworks, Metlife seems to fail where it matters most, keeping their clients happy and secure.

Metlife offers more than just life insurance to clients, being a financial company they can offer you investment opportunities and retirement plans as well, yet very few customers are every truly satisfied with their experience with Metlife.

For a company that is supposed to bring security and peace of mind to clients and their families, Metlife has been a disappointment to thousands and certainly for me as well.

Met Life History and Financial Stability

MetLife, which is short for Metropolitan Life Insurance Company, began its operation over 150 years ago as the National Union Life and Limb Insurance Company in the year 1863. The group of business men in New York who began the insurer had a focus on providing insurance protection for soldiers and sailors against war time disabilities during the United States Civil War.

Although MetLife is a massive company today, the early years were quite slow for the firm. In fact, within its first year of operation, only 64 accident policies had been written, along with only 17 life insurance policies. These figures put the firm last in terms of all of the other life insurance providers that were currently operating within the state of New York at that time.

Throughout the years, however, the company began to implement some changes that would prove to be more profitable for them. For example, in the last 1860s, after some reorganizing, the casualty portion of the company was eliminated so that there could be more of a focus placed on the life insurance side. This was the start of Metropolitan Life Insurance Company – and its six original employees.

Once the Great Depression had passed, MetLife soon began to sell hundreds of life insurance policies each and every day. With its headquarters still located in New York, MetLife today provides a full line of both insurance and financial products to consumers and businesses. It is considered to be a leader in savings, protection, and retirement products – and it is also known as the largest life insurer of in-force life insurance protection in all of North America.

MetLife also holds top positions worldwide, including in areas such as Europe, Asia, Japan, Africa, Latin America, and the Middle East. Overall, Met serves roughly 100 million customers across the globe – which includes 95 of the top 100 Fortune 500 companies within the United States. As of 2014, MetLife held approximately $475 billion of assets under management.

Products Offered Offered by MetLife

MetLife Insurance Company provides its customers – both businesses and consumers – a wide variety of both insurance and investment-related products. These are sold via a number of different distribution channels, which include brokers and agents, banks, and direct marketing channels.

The different types of life insurance coverage that is offered through MetLife include the following:

Term Life Insurance

Term life insurance is offered by MetLife. This type of life insurance coverage is considered to be the most basic of all types of life insurance protection that is available in the marketplace today. One reason for this is because term life offers death benefit coverage only, and no additional cash value or savings component. Therefore, term life insurance is typically less costly than permanent life insurance – especially for those applicants who are young and in relatively good health at the time of application. This type of life insurance is usually offered for certain time periods – or terms – such as 10 years, 15 years, 20 years, 25 years, or even 30 years. After the period has elapsed, the policy will expire.

MetLife offers different types of term life insurance. One is a level term product. This offers affordable life insurance protection for a set number of years, at a set premium price. Coverage for this type of insurance can last between 10 and 30 years, with death benefit amounts that start at $100,000. MetLife also offers another type of term life product known as Simplified Issue. This type of policy offers coverage amounts of between $5,000 and $100,000. However, in return for the lower coverage amount, the carrier offers a more simple application process, as well as the potential for same day approval. This can be a good option for an individual who may have certain health issues and may not qualify for traditionally underwritten life insurance coverage.

Whole Life Insurance

Whole life insurance is a type of permanent life insurance. This means that the insured will be covered with death benefit protection, as well as have the ability to build up a substantial amount of cash value in the policy. This is because funds that are inside of the policy’s cash value component are allowed to grow and compound on a tax-deferred basis, meaning that there are no taxes due until the time of withdrawal.

A whole life insurance policy will offer guaranteed level premiums throughout the life of the policy, as well as a guaranteed amount of death benefit. And, unlike term life insurance policies, there is no set time period for whole life insurance policies. So, as long as the premium continues to be paid, the policy will continue – essentially throughout the remainder of the policy holder’s life.

In addition, the cash that is in the cash-value component of the policy may be borrowed or withdrawn by the policyholder for any reason that he or she sees fit. This can include supplementing retirement income, paying off large debts such as a home mortgage, or paying the tuition for a child or grandchild’s college tuition. It is important to note, however, that while it is not required to pay this cash back, if there is an unpaid cash value balance at the time of the insured’s death, the amount of the balance will go against the amount of the death benefit that is paid out to the named beneficiary.

The whole life insurance policy that is offered through MetLife Insurance Company provides death benefit protection that starts at $10,000, and there is no maximum amount. With this type of policy, an individual can have a guaranteed death benefit, level premiums, and cash value that can offer long-term financial stability and protection.

MetLife also offers a guaranteed acceptance whole life insurance policy option. This plan provides coverage amounts of between $5,000 and $50,000. Applicants for this policy can be between the ages of 45 and 75. There is no medical exam to contend with, so if an individual has an adverse health condition such as diabetes, he or she may still have a good chance of qualifying. Coverage lasts throughout the insured’s lifetime – provided that the premium continues to be paid, and the policy will build up cash value over time.

Universal Life Insurance

Universal life insurance is a type of permanent life insurance protection. These policies offer both a death benefit, as well as a cash value component that allows tax-deferred growth of the funds inside. The big difference between whole life and universal life insurance is that with universal life (UL), there is more flexibility in terms of when premium payments are due. For example, the policyholder is allowed to choose – within certain limits – the length of the protection guarantee and the premium payment schedule up front. Both of these are guaranteed not to change, provided that the premiums continue to be paid as planned.

Just like with other types of permanent life insurance policies, cash can be withdrawn or borrowed from the policy, however, an unpaid balance will be charged against the death benefit should the insured die prior to the money being repaid.

MetLife offers universal life insurance policies with death benefits that begin at $50,000, and there is no set maximum amount. The coverage on these types of policies can go up to the insured’s age 95.

Variable Universal Life Insurance

An alternative form of universal life insurance is variable universal life. These policies essentially combine life insurance protection and an investment component all into one product. Because the cash value is linked to underlying market-related investment accounts, the funds have the opportunity to grow more than those that are in a whole life insurance policy, or even in a regular universal life insurance plan.

Here, too, policyholders can gain access to the cash value in the form of either withdrawals or loans. Also, variable universal life insurance policies may also offer a rider – at an additional cost – that will guarantee a minimum death benefit, regardless of the underlying investment performance. Because of this, the policy holder can essentially accumulate cash value while at the same time still providing loved ones with death benefit coverage.

Metlife Term Policies

Metlife offers clients the basic term life insurance package, low rates, select your term from 5, 10, 15, 20, or 30 year periods, and the availability to switch to a permanent policy later in life. From here, the initial problem only seems to be that Metlife doesn’t bring any special benefits to clients, something that is needed to draw in new customers.

But beyond that, actually getting the company to do as it’s supposed to will be a battle. Customer service is one of the most important aspects of an insurance company. Working with families after the loss of a loved one is a delicate matter, one that isn’t easier when they aren’t getting the income they need. Without good customer service, a company will find itself losing customers at a steady rate.

Nothing Special

Unfortunately, there’s nothing unique or special about any of Metlife’s other policies as well. You’ll get exactly what you pay for, but no benefits or features you can get from other, more dependable, insurance companies. Having security and peace of mind is exactly the reason people look to the top life insurance companies for policies, for something they can leave their families to help in the tough times after they’re gone.

Thousands of clients have already discovered how Metlife doesn’t care, and the trouble of filing a claim for any reason will be a lengthy and frustrating one, don’t be one of them. Information is free, and the information of how poorly Metlife handles their responsibility can be easily found, as well as better policies from even better insurance companies, and it’s always well worth the time.

Does that mean that I’ll never recommend Metlife to a client? Not exactly. If they come back with a competitive price, we’ll have to at least entertain using them.  On the other hand a company like Banner Life or AARP will usually get a better rate for a client.

How and Where to Obtain the Best Quotes

When you are seeking quotes on life insurance coverage, even if you feel that MetLife Insurance Company is the ideal company for your needs, it is still oftentimes best to work with either a company or an agency that has access to more than just one life insurance carrier. This is so that you can get a more objective view of many difference insurance carrier’s policies, benefits, and premium quotes.

In doing so, we can help. We work with many of the top life insurance companies in the marketplace today, and we can assist you in obtaining all of the pertinent information that you need in making a more informed purchase decision. We can do so quickly, easily, and conveniently – all through your home computer – and all without the requirement of meeting in person with a life insurance agent. When you are ready to move forward with the life insurance carrier and policy comparison process, all you need to do is fill out the form on this page.

Should you discover that you still have any questions regarding MetLife Insurance Company – or even just about life insurance in general – our experts are here to assist you. We can walk you through the life insurance policy quote process – and we can also help you in answering many of the other tough questions that you need answers to such as:

  • Which is the right type of life insurance coverage for me, whole life, term life, universal life, or variable universal life insurance?
  • Will I need to take a medical exam for underwriting purposes?
  • How much coverage should I obtain to fit my specific needs?
  • Which of the many life insurance carriers will be the best one to fit my and my family’s protection requirements?

We understand that the purchase of life insurance can sometimes seem a bit overwhelming. That’s why we are available to help. We can be reached directly via phone, toll-free, by calling 888-836-7071.

Buying life insurance coverage is something that many people may not enjoy discussing. Without it, you could be leaving those whom you love the most at a substantial financial risk – both now and for many years into the future. Don’t leave their financial future to chance. Get the life insurance that both you – and they – need, along with the peace of mind that you deserve. Contact us today – we’re here to help.

{ 2 comments… read them below or add one }

Judi Gunnels October 1, 2012 at 4:16 pm

When my husband’s old life insurance policy premiums went up, he purchased a new life insurance policy thru MetLife in March 2011. My husband passed away in July 2012 of a sudden and unexpected heart attack. He had just two weeks previously undergone the full cardiac testing and had not received any adverse feedback from the cardiologist. We notified MetLife immediately of his passing. Now, they are ‘reviewing’ all old medical records — for what, I don’t know since he had never been diagnosed with a heart ailment nor was he being treated for heart problems. I have found the staff to be unprofessional, rude, and ‘absent’.

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DJ March 18, 2013 at 3:00 pm

Yeh,
Dividends on my WL L-98 policy rolled over from my 100 K term to 25K WL in 2001 are only half of projected at their 6.5 % dividend rate in 2001 – Why only half when they say their dividend rate is allegedly still 5 to 5.5% – that’s only 16 % less not 50 % less? It now looks like dividends will take the full 50 years to approach being able to pay the premium – not the 30 years originally projected in the “sales pitch”. MET Life needs to improve its dividend outlays for its long term customers! Current dividend was only $67 on a cash value of $5000 and it was projected to be $150 at this point – that’s about a 1.2% return on my money – though I realize that’s not how dividends are calculated. On the same basis my WL policies with Prudential and John Hancock are returning 3 to 3.5%!! Met life needs to get competitive!

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