Life insurance can be a valuable investment for your family. With life insurance policies, you make premium payments as you do with most insurance. But this insurance is intended to protect the value of a life.
The different types of life insurance include term life, universal life, and whole life. Many companies offer variations on these life insurances, so it can be difficult to determine which policy is right for your needs. One reputable and established company is MetLife.
MetLife, founded in 1868, is a large company with a long history in the U.S. and around the world, including in Latin American, Europe, and Asia. It now provides services to 90 million customers. It has high financial ratings from Standard & Poor’s, Moody’s, A.M. Best and Fitch. Here’s what you need to know if you’re interested in a life insurance policy from MetLife.
Cost of MetLife Life Insurance
Several factors play a role in how much MetLife’s life insurance costs. When someone gets a life insurance policy, their risk categories determine the premium payments, although those risk factors don’t affect the actual coverage. Risk factors that impact cost can include health, family medical history and the lifestyle of the person who is getting the policy. For example, if you smoke you can expect to pay a higher premium than a nonsmoker.
Most Popular Policy
MetLife currently offers products that are available through employers. All other individual life insurance policies are offered through Brighthouse. The life insurance policies that are available through employers include term life insurance and permanent life insurance.
MetLife also offers MetLife Advantages, a suite of services that can be added to MetLife Basic Term Life, Supplemental Term Life, and Accidental Death and Dismemberment insurance.
Requirements to Get Insured
Because MetLife Life Insurance is only available as a benefit offered through an employer, you must talk to a human resources representative at your workplace to receive it directly.
The requirements to get insured will vary depending on the type of coverage an employee is seeking, their employer, and other specific considerations. MetLife outlines the following advantages for someone purchasing life insurance through their work:
- Lower group rates
- A guaranteed issue, so you can receive a certain level of insurance without taking a medical exam or answering questions about your health
- Option to be paid through payroll deductions
- Easy sign-up process, including automatic enrollment with some employers
Again, MetLife Life Insurance is limited to employees whose workplaces offer it as a benefit. Specific policies that may be available through employers include:
- Term Life Insurance from MetLife includes basic term life, supplemental life, dependent life, and voluntary retiree life. These are some of the most cost-effective options, and they are provided for a fixed period of time.
- Whole Life Insurance from Texas Life Insurance is usually an add-on to employee group term coverage. Whole Life Insurance provides coverage for costs like final expenses and funeral costs.
- Universal Life Insurance is a permanent life insurance policy and includes Group Variable Universal Life or Group Universal Life. This coverage is supplemental to a 401(k) or qualified savings plan.
- Complementary accidental death and dismemberment coverage can accompany basic term life coverage.
Overall, MetLife’s life insurance offerings are fairly easy to manage. Your benefits administrator can easily answer questions about the policy. According to J.D. Power, customer satisfaction with MetLife’s broad array of policies is generally average.
If you are shopping for individual life insurance to buy on your own, MetLife is not the right company for you. Instead, its subsidiary, Brighthouse, offers individual life insurance policies. But through employers, MetLife’s policies are competitive with benefits such as low group rates and a variety of coverage options.