Update: As of August 7, 2017, MetLife is now known as Brighthouse Financial, Inc.
MetLife is one of 30 insurance companies that we represent. Therefore, it is our responsibility to provide you with unbiased information, designed to help you make the best decision for yourself and your loved ones.
MetLife has been insuring individuals and families for over 140 years. They currently provide insurance coverage for over 90 million individuals, in about 60 countries.
In this blog post we’ll take a look at their financial ratings, term offerings, when we recommend MetLife, and how they compare when it comes to rates.
If you’re looking to put other companies into the mix, check out our reviews of Allstate term life insurance Review, Colonial Penn Life Insurance Review, Globe Review or our Review of AARP that we recommend you look over before making your final decision.
Financial Strength Ratings:
Financial Strength ratings are very important when choosing an insurance company for your needs. MetLife has been rated highly by the various rating agencies. This means that they are highly likely to pay their obligations. Below is a sample of some of their financial strength ratings.
• A.M. Best Company gives MetLife an A+ (Superior) rating
• Fitch Ratings gives MetLife a rating of AA- (Very Strong)
• Moody’s Investors Service gives MetLife Aa3 (Excellent)
• Standard & Poor’s gives MetLife a rating of AA- (Very Strong)
As you can see, MetLife has high ratings with every third-party agency. If you’re looking for a stable and financially sound company, MetLife is an excellent option. These ratings can give you peace of mind, knowing that you’re purchasing insurance from a reputable organization.
This option is for people that need $100,000 or more in coverage, MetLife offers term life insurance policies with guaranteed fixed premiums. This means your premium will not increase for the length of the term. Term life insurance policies are one of the best options for anyone that wants to get the cheapest life insurance possible. These policies are only effective for the pre-determined set time, typically 10, 20, or 30 years. After that term is up, the policy is no longer effective and you’ll have to reapply for another policy.
MetLife does allow you to convert a term policy to a universal or whole life policy. This allows you to convert to a permanent policy without having to do a medical exam – that means that even if you have been diagnosed with an illness you can convert your term to a permanent policy.
There are a lot of people that decide they want to convert their policy after purchasing a term plan. Regardless of the reason that you want permanent, coverage, the ability to change the policy after purchasing it, is a nice advantage you will have.
Although MetLife has competitive life insurance rates, they are typically not in the top three best priced companies when it comes to term life insurance. This is why most of the time our clients end up choosing Banner, SBLI, Prudential, American General, or William Penn . Some people do feel better choosing a brand they recognize, and in those cases MetLife makes a good choice as a well known, trusted company.
MetLife also has some of the best term conversion privileges in the industry. Here’s an updated resource for MetLife term life insurance conversions.
We also use MetLife in specific situations where they tend to be better than other life insurance companies. Here are a few:
Military Service Members
MetLife insures active military service members, even ones that have deployment papers. The life of our military service can be stressful enough without the added burden of trying to find decent life insurance and MetLife has had a long history of insuring military members, while many other companies won’t take the same risk insuring active military duty service members.
MetLife for Pre-existing Medical Conditions
They are also excellent when it comes to some high risk situations, for example they have competitive rates if you have Type 1 Diabetes, and we’ve also had success getting those with Epilepsy/seizures approved with MetLife. While some life insurance companies can be difficult when it comes to insuring high risk individuals, we’ve had success with MetLife specifically with these conditions.
If you’re looking for life insurance and you have any pre-existing condition, finding life insurance can be a frustrating process, but you should always have the life insurance that your loved ones deserve. It’s vital that you find the insurance company that is going to view your application favorably. There are dozens of companies that have experience working with high-risk applications, like MetLife, which can mean the difference in getting affordable coverage or having your application declined.
Working with Independent Agents
Something you might want to explore is finding a reputable, independent agent, meaning one who has access to several companies (think broker). This is what are.
Essentially, instead of you wasting time (and maybe money) by doing the leg work yourself, we can get rates from all the major carriers all at one time; no hassles, no phone calls.
And, to this end, understand every broker or agent is going to have equal access to the same rates. No single agent can get you cheaper rates than the next; if they say they can, beware.
Getting the Best Rates
Take your time.
Think about exactly what your family is looking for in benefits, and only spend what you need. When working with us, for example, we’ll even walk you through our personalized process to make certain you’re only getting as much coverage as you need.
If you can, there’s also plenty of things you can do in order to decrease your costs down the road. Take smoking, for example. If you can stop, you’d save more than 50% within your first year. It’s easy wins like this which make life insurance so much more affordable.
MetLife is a financially strong company and we can expect them to be in business for a long time. If you are considering life insurance with MetLife, I urge you to compare term life insurance rates and see how MetLife compares to the competition, or call us at 888-552-6159.