Metlife Life Insurance

Are you planning on getting Metlife Life Insurance? This article will tell you all about the plans and benefits of MetLife insurance.

Many times you must have the word “life insurance” and get confused about what that is and how it works. Life insurance is actually like a contract. When you die there is a specific amount of money that is given to your family or anybody else that you have mentioned in your insurance.

In your life, you make small payments to your insurance company either on a yearly basis or on a monthly basis. These payments are called “premiums”. These premium amounts are based on some factors like your age, income, family, and the dollar amount of insurance you bought.

Metlife Life Insurance is the most popular and profitable insurance around the world. People from all over are buying this insurance for themselves and their families. Metlife is the third biggest life insurer in the US. It is holding 6.05% of the market share.

Getting started with Metlife life insurance

Metropolitan Life Insurance Company (or MetLife) is one of the oldest insurance companies in the US. Metlife Life Insurance is the program or coverage that is offered by Metlife. Anyone can buy this insurance for the family and loved ones. In the event of your passing, your family is assisted with money and other benefits. They can use this money for:

  • Making up for your lost income
  • Funding a child’s education
  • Paying off household debt
  • Paying for your funeral and other related expenses

These types of insurance can also help you in your life. Permanent insurance offers some cash value that can be used during your life.

As one of the oldest insurance companies, MetLife provides a range of insurance products to consumers in more than 40 countries around the world. They operate in all 50 states and the District of Columbia and offer a host of coverage options to choose from.

Since forming Brighthouse Financial in 2017, MetLife no longer sells individual life insurance policies; instead, you’ll only be able to purchase coverage through a participating employer’s group plan. However, this can be a good way to purchase coverage at an often-discounted rate, and without the need for a medical exam.

Types of life insurances

Mainly there are two types of life insurance that are offered by Metlife Life Insurance

1)   Term Life Insurance

This type of insurance plays like protection for you and your family for a specific term or time period. You have to pay premiums for your insurance and if you stop paying premiums the insurance stops. If you die during this time period, term policies pay benefits but they do not have any cash value.

2)   Permanent Life Insurance

This type of life insurance is not tied with a time period and they protect your loved ones without any expiry date. You just have to pay premiums regularly. These insurances also have some cash values which you can use in your lifetime.

Available plans of Metlife life insurance

Metlife Life Insurance is offered by your employer as you cannot buy them for yourself. Plans obviously are dependent on the state you live in and what your job is offering you. Here are some plans that Metlife Life Insurance offers:

Basic term life

This is very traditional life insurance. This policy offers between 10 to 30 years and you have to pay premiums according to your term. This policy ends at the time chosen. You can also convert this policy to a whole life policy if you want. At the end of your term, you can convert the policy or end its coverage. If you turn 70 years old this package automatically converts to a whole life policy.

Supplemental term life

If you are not happy with what your employer is offering you or you think this doesn’t suit your family you can always add extra life insurance coverage into your existing plans. This can be done at your own expense. Metlife Life Insurance lets you add additional coverage of $500,000.

Dependent term life

This live coverage will be dependent on your job but you can take it on your own. This term insurance coverage offers protection to your partner, spouse, and children, usually on your expenses. This insurance is dependent on your workplace so if you leave your job you may or may not be able to keep the coverage.

Whole life

Metlife whole life insurance coverage offers protection for your whole life. This coverage can be paid through age 65. This is not dependent on your workplace so if you change your job there will be no effect on your insurance plans. You can convert any of your insurance plans to a whole life insurance plan anytime. This policy also has three types

  • MetLife Promise Whole Life Select 10℠: This policy offers you coverage for your whole life after paying premiums for 10 years.
  • MetLife Promise Whole Life Select 20℠: This policy offers you coverage for your whole life after paying premiums for 10 years.
  • MetLife Promise Whole Life Select 65℠: This policy offers you coverage for your whole life if you pay premiums through the age of 65.

Group variable universal life (GVUL)

This policy provides you coverage for your whole life. This group is different from others in the sense that it lets you choose how you want to invest your cash value. This will provide you benefits in your life as well as before death. Another option of Metlife life insurance is Group variable life that provides you the protection your whole life along with tax-advantaged savings options

Advertisement

Voluntary AD&D

This policy deals with accidental deaths and injuries. Though this problem is also taken care of in the benefits section still Metlife life insurance offers this as a plan. That’s because this coverage—which protects the employee, their spouse/domestic partner, and/or children in case of serious injuries or accidental death—is available as a standalone product even if a general policy isn’t purchased through the employer’s group plan.

These are some of the best plans available at Metlife life insurance and while choosing insurance plans for your loved ones you can choose any of the plans that suit you best. Your goal should be to develop a life insurance plan (through one or more policies) that, following your death, compensates for the loss of your economic contribution.

What is covered in Metlife life insurance

Every insurance company offers a number of benefits and coverage so you can choose whatever you like for yourself. These benefits are actually a package on what will be included in your insurance plan. This coverage is

Acceleration of Death Benefit

This benefit allows you to use some of the value from insurance in your life. If you become terminally ill you can use a small portion of your insurance while you are living.

The Enricher

As the name suggests it enriches your value. In this package, you can pay additional premiums whenever you like. This will build up your insurance and chase value which you can use while living.

Disability Waiver of Premiums Benefit

If you are disabled because of an accident or disease and you are found disabled for more than 6 months or so, This package will waive all your premiums but you will still gain benefits from your insurance.

Accidental Death Benefit Rider

If you buy a plan that includes this benefit between the ages of 17 and 59, This package will double your policy’s coverage if you die before the age of 65.

Accelerated Death Benefit for Chronic Illness Rider

This package is for people who get permanently ill from some chronic disease like paralysis or Alzheimers. If you are unable to independently perform daily activities of your life then you can get almost 90% of your insurance plan while living.

Pros of Metlife life insurance

Here we will discuss the pros of Metlife life Insurance and why you should consider it while buying life insurance.

Term-to-whole life conversion is available as late as age 65

You can convert your MetLife term life insurance coverage into a whole life policy all the way up to age 65-70 in some cases. If you purchase your coverage before age 65, conversion can happen before the end of your policy term or up to your 70th birthday, whichever of these incidents happens first.

Many packages to choose from

Depending on what your employer’s group plan offers, you may be able to choose from a healthy list of policy packages. These include options like accelerated death benefits, accidental death and dismemberment (even for your spouse and children), and disability waiver of premiums so you can use the cash values in your life.

Advertisement

No medical exam required

Because MetLife only offers group life insurance now, you won’t need to worry about submitting to a paramedical exam. This could make buying coverage more accessible for smokers, those in poor health, or anyone with a past adverse medical history. This will be easier for you if you have some kind of terminal illness.

Very good consumer and financial strength ratings

MetLife holds an A+ rating from AM Best and a well-below-average complaint index through the National Association of Insurance Commissioners (NAIC). The customer complaint ratio of .13 is much lower than the median score of 1 for all insurers.

Group term policies can be converted to an individual

One of the downsides to buying life insurance through an employer is that, when you leave that job or retire, you often lose your coverage. With MetLife life insurance, however, you can transfer your group term life insurance to an individual life insurance policy (if it’s not already portable) if and when you leave your job.

Cons of Met life insurance

Only group life insurance is offered:

MetLife formerly offered individual life insurance policies but that ended when the company launched its retail brand, Brighthouse Financial, in 2017. Now, life insurance through MetLife is only available as part of a group plan, so you’ll need to buy through your employer.

No term-to-whole conversion credits:

You are able to convert a MetLife term policy into whole life coverage up to age 70. However, this insurer doesn’t offer any term conversion credits if you do, so prepare for the sticker shock of higher premiums on permanent insurance.

Advertisement

Coverage options may be limited:

When you purchase a group life insurance policy through your employer, you always run the risk of being limited in terms of coverage and flexibility. Your employer has the ability to limit the amount of coverage you can purchase (often as a multiple of your salary), the riders available, and whether you can take your policy with you if you change jobs or retire.

Now that we have explained the pros and cons of Metlife life insurance you can now easily choose what packages to take and which plan to follow.

How to claim Metlife life insurance?

After Someone’s death, you would like to make a claim for their insurance if they have life insurance. With Metlife life insurances making a claim is very straightforward and easy. To make a claim you can call the claim center or visit the official website of Metlife and download claim forms from there. Then you have to fill the forms and mail them to the head office along with other documents like policy and a certified copy of the death certificate of a person who bought the insurance.

Once the company receives all the necessary documents they verify everything and the process starts. The documents need to be verified by a reliable source. After verification of these documents, the claim is processed in five to seven business days. Then the claim payment is sent through a check or a draft account is set up for the customer.

Metlife life insurance claims payout

For claiming your payout from Metlife life insurance you have to fill in a form and submit it. You can submit the form via Email, USPS, or fax. The form will include your personal details, your name, your Date of Birth, Address, Social Security Number, Insurance Policy Number, and your relationship with the person insured.

Checking the status of Metlife life insurance Claims

After you submit the form it will take five to seven business hours to clear your payout. To check the status of your claim you can call the customer service number 1-800-638-5000 and ask them about your claim. If you are an individual beneficiary you can also receive information on your claim through email or fax.

What if Met life rejects your insurance claim?

Many companies try to get out of paying by rejecting or delaying the payout. Though it rarely happens still you should be prepared for that. If you have all the documentation available and you think you can make a solid case you should appeal your case in court. With a good lawyer, it is highly possible for you to win your case and get your payout.

Metlife life insurance rates

Rates of Metlife Life Insurance depend on the plan you are buying for yourself. Rates also depend on your job, career goals, and age. According to these factors the plans and rates are as follows:

Basic life insurance

If you buy this plan you automatically qualify for whole life insurance and AD&D(Accidental Death and Dismemberment). These benefits come at no cost. Rates for this package are :

  • $3,000 in term life insurance to eligible employees ages 69 and younger; and
  • $1,500 to eligible employees ages 70 or older.

Optional life insurance

This plan also covers AD&D(Accidental Death and Dismemberment). This is a voluntary benefit in which you pay the entire premium. Optional Life coverage is available in $10,000 increments up to $500,000. Premiums shown below are the monthly rate per $10,000 of coverage for employees. Premiums for Optional Life coverage are based on the amount of coverage and your age as of the preceding December 31. These rates are guaranteed until December 31, 2022.

Dependent life spouse insurance

Dependent Life-Spouse coverage is available in $10,000 increments up to $100,000 or 50 percent of your Optional Life amount, whichever is less. Coverage includes matching AD&D. Premiums shown below are the monthly rate per $10,000 of coverage for spouses. Premiums for Dependent Life-Spouse coverage are based on the amount of coverage and your spouse’s age as of the preceding December 31. These rates are guaranteed until December 31, 2022.

Dependent life child insurance

Dependent Life-Child coverage is available for $15,000. Child(ren) are eligible from live birth to ages 19 or 25 if the child is a full-time student. A child can be covered by only one parent under this Plan. Coverage does not include matching AD&D.

One monthly premium covers all eligible children. The monthly premium is $1.26 for $15,000 of coverage. This rate is guaranteed until December 31, 2022.

Who bought Metlife life insurance?

Zurich Insurance and Farmers Exchanges have closed on buying MetLife’s U.S. property/casualty business for $3.94 billion.

The business acquired includes 2.4 million MetLife Auto & Home policies, $3.6 billion of net written premiums (2019), and 3,500 employees, according to Zurich.

The deal provides the Farmers brand an opportunity to get more of a national presence and strengthen its position as a major personal lines carrier in the U.S.

Jeff Dailey, chief executive officer for Farmers Group, called the deal a “milestone” in his company’s nearly 100-year history. He said Farmers-branded products will now be available nationwide, “providing consumers from coast to coast with more choices and opportunities to engage with Farmers when shopping for auto and home coverage.”

Advertisement

“It is an acquisition that complements very well…what we see on the commercial side where the market is hardening,” Zurich Chief Executive Officer Mario Greco said last December in announcing the deal. On Nov. 20 it was first reported that Zurich was in the process of talks to buy the MetLife business.

The MetLife Auto & Home policies will remain the same other than being rebranded with the Farmers name, according to the company.

As part of the transaction, the Farmers Exchanges entered into a 10-year exclusive distribution agreement with MetLife to offer Farmers personal lines products on MetLife’s U.S. Group Benefits platform, which reaches 3,800 employers and approximately 37 million eligible employees.

Farmers Group was acquired by Zurich Financial Services in 1998.

The Farmers Exchanges are three reciprocal insurers (Farmers Insurance Exchange, Fire Insurance Exchange, and Truck Insurance Exchange) owned by their policyholders, and together with their subsidiaries and affiliates comprise the Farmers Insurance Group of Companies. Farmers Group, Inc. and its subsidiaries provide administrative and management services to the Farmers Exchanges.

MetLife life insurance phone number

Metlife Life insurances’ phone number is 1-800-638-5000. You can also contact them through Email and Fax.

Sandra Johnson

Sandra Johnson

Sandra Johnson was a few years out of school and took a job as a life insurance agent in California, selling coverage door-to-door for Prudential. The experience taught her about the technical components of insurance and its benefits for individuals and society, as well as the misunderstandings people often have about insurance. She has over ten years’ experience in the insurance industry, having worked as both a Broker and Underwriter, assisting clients across a broad range of industries. At Insurance Noon, Sarah diligently gathers all the required information and curates up pieces to provide meaningful insurance solutions. Her personal value proposition is to demonstrate a genuine interest in always adding value for clients.Her determined approach to guiding clients has turned her into a platinum adviser to multiple insurers.

Leave a Reply

Insurance Noon is the world's leading source of insurance related content on the web, focusing on industry news, buying guides, reviews, and much more.