MetLife Life Insurance Review for 2020

MetLife provides top-notch group life insurance which you may be able to apply for at work.

3.9/5 (Star Rating)

  • Term
  • Universal
  • Variable
  • Group

MetLife is a well-known, long-standing insurance company that sells auto, dental, home, disability, and other insurance. After its split with Brighthouse Financial in 2017, MetLife sells only group life insurance—a form of no exam life insurance you can typically get only through an employer.

If you can apply for MetLife life insurance coverage at work, you have access to a financially stable company with a clean claims history and excellent customer service. If not, try Brighthouse, which took over all of MetLife’s individual life insurance policies. Or check out our list of best life insurance companies.

Who might choose MetLife for life insurance?

While individuals looking for life insurance may have hundreds of companies competing for their business, employers typically offer only one life insurance provider. Still, that doesn’t mean you must get a MetLife policy. You can shop for individual policies outside of work. If you’re not sure which way to go, learn more about the difference between group and individual life insurance.

In a nutshell, people who buy group life insurance typically fall into one of the following groups:

  • People looking to supplement their coverage: For example, if you already have an individual policy but want to take advantage of low group rates for additional coverage.
  • Those who can’t afford an individual policy: Employers may negotiate lower rates than individuals can access, and some help pay your premiums too.
  • People who have been turned down before: Group life insurance doesn’t require a medical exam or health questions.

MetLife life insurance policies

MetLife’s policies vary by employer, but in general, you can expect to see the following types of life insurance on your MetLife policy menu:

  • Term life: basic term, supplemental term, and dependent coverage available
  • Universal life: life insurance plus a cash value account that grows at a minimum interest rate
  • Variable universal life: life insurance plus a choice of how to invest your cash value

MetLife life insurance rates

Typically, group life insurance rates are based solely on what your employer negotiates with the insurance provider—and the larger the employer, the greater its bargaining power.

Providers set their group life rates a little differently than their individual life rates. Group life insurance policies are guaranteed issue, so you won’t have to take an exam or answer medical questions. In fact, there’s no medical underwriting at all, making it easy to apply for this life insurance with pre-existing conditions.

If you’d like to see what you’re skipping, learn more about what life insurance exams include.


Things to consider about MetLife

If you’re interested in MetLife, there are a few things you should know. For starters, Brighthouse now manages this insurer’s individual life insurance business. But if you’re considering buying a group life insurance policy from MetLife, your policy options, pricing, and experience may be unique to your workplace.

The Brighthouse spin-off

If you bought an individual life insurance policy from MetLife before 2017, Brighthouse now manages your policy. Brighthouse will also handle any claims you or your beneficiaries make down the road.

If you have a MetLife group life policy, however, MetLife will continue to manage your coverage.

Policies vary by employer

Group life insurance works a little differently than individual life insurance. Each employer negotiates with MetLife to create a list of products and pricing that’s unique to your workplace. If your cousin Eddy has a MetLife policy through his job, you may not have access to the same policy at your company, and vice-versa.

Typically, that also means you can’t take your life insurance policy with you if you leave the company unless you convert it to a permanent policy. For this reason, we encourage caution when considering a group life insurance policy. Your employer may negotiate some mighty appealing rates on your behalf, but you may want to consider your group life policy for supplemental coverage.

Consider buying an individual life insurance policy to cover your minimum needs and supplementing it with a group life insurance, if the price it right.


How MetLife stacks up

MetLife has been around for more than 150 years, making it one of the oldest insurers in the industry. It’s also built a reputation for stability and strength.

Is MetLife financially stable?

MetLife financial ratings
AM Best (FSR) A+
S&P AA-
Moodys Aa3
Fitch A+

Table created using information available at AMBest.com, StandardAndPoors.com, Moodys.com, and FitchRatings.com for Metropolitan Life. Data effective 7/22/2019.

MetLife earns AM Best’s and Moodys’ highest ratings of A+ and AA3, respectively. Meanwhile, A+ is Fitch’s third-highest rating and AA- is Standard & Poors’ second-highest rating. Overall, these scores indicate MetLife has its finances in order and isn’t taking on too many risks.

MetLife claims and customer service

The National Association of Insurance Commissioners (NAIC) reported a total of 34 officially filed group life insurance complainants against MetLife in 2018. While that might seem high, consider that MetLife earned over $6 billion in group life insurance premiums that year.1 Amid so much business, 34 complaints is a very respectable number and lower than the industry average.2

MetLife scored 793 out of 1,000 on J.D. Power’s US Life Insurance Study in 2018.3 Because the industry average is 779,4 It’s clear MetLife can hold its own when it comes to customer service.


Bottom line: MetLife offers quality group life insurance

If you can apply for a MetLife policy through your workplace, you could get excellent term, universal, or variable universal life insurance coverage.

MetLife is a solid choice for life insurance, but it now offers only group life insurance. If you want an individual policy, consider buying coverage from Brighthouse instead. Or compare quotes from several insurers to find the right one for you.

Need help understanding how life insurance works? Read up here: 


MetLife FAQ

How does Brighthouse compare to MetLife?

Although Brighthouse used to be part of MetLife, this newly independent insurer hasn’t achieved the financial strength or customer service record MetLife has. Brighthouse is making a name for itself for senior life insurance, however. Its SmartCare product combines life and long-term care insurance in one policy, which older adults may find particularly appealing.

Does MetLife offer final expense insurance?

MetLife doesn’t typically offer final expense insurance per se, but your beneficiaries can pay for end-of-life expenses with any MetLife life policy.


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