If you’re looking for the best life insurance companies in the industry, it’s vital that you do your research. There are dozens and dozens of different insurance companies, and all of them are going to view your applications differently and they all have various insurance products. One of the best ways to compare all of the different insurance companies is by working with an independent agent, like us. Instead of just representing a single company, our agents represent dozens of different companies and can connect you with the best policy available.
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.
We have other reviews available such as our 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
If you want to find the perfect company for your situation, do yourself a favor and use an independent agent. Unlike with a traditional agent, our agents represent dozens and dozens of different highly rated companies across the nation. If you went through the process by yourself, you could spend days calling all of the companies yourself, or you can let us bring all of the lowest quotes directly to you.
Having an independent agent in your corner brings along several nice advantages, it will save you time and money. Our agents have experience with the insurance marketplace and understand which companies offer the lowest rates. If you want to ensure that you’re getting the best rates, using an independent agent is easiest way to do that.
Getting the Best Rates
Working with our agents isn’t the only way that you can get the lowest rates, there are several more things that you can do to save money on your policy. One of those is to focus on your health. Unless you choose a no medical exam policy, the results from the medical exam that the insurance company requires is going to play a big part in how much you pay for your coverage.
When you apply for life insurance coverage, the insurance company is going to want to know what kind of overall health you’re in. During the medical exam they are going to look at your cholesterol, blood pressure, weight, and several more vitals. You can see why getting in shape can help you save money on your insurance coverage. The better health you’re in, the less risk you are to insure.
Additionally, if you want to get the lowest insurance rates possible, it’s a great idea to quick using tobacco or smoking cigarettes. Being listed as a smoker on your life insurance application will cause your insurance premiums to double or triple. If you want to get affordable coverage, kick those cigarettes.
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.
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