People often ask me “which is the best life insurance company”.
There are actually many excellent providers and the right company for you will depend on your age, health, and the type of life insurance policy you’re looking to obtain.
If you’ve narrowed down your choices to New York Life or MetLife, then this article will provide the differences between both companies.
Find out if one of these two life insurance providers is the right choice for you.
MetLife vs NY Life: Which Is Better?
New York Life is the biggest mutual life insurance company in the United States. In the years since its founding in 1845, New York Life has earned some of the best ratings from A.M. Best.
MetLife, a stock company as opposed to mutual, was founded in 1868 and is also one of the largest insurance companies worldwide.
In January 2016, MetLife announced it would no longer sell new life insurance policies to individuals through agents, so in March 2017, MetLife launched Brighthouse Financial.
Today, Brighthouse is a Fortune 500 company and one of the largest life insurance providers in the United States. A.M. Best gives Brighthouse an excellent A+ rating.
Both New York Life and MetLife have been awarded numerous times for the options and services that they offer to consumers.
New York Life
While both providers offer term, universal, and whole life insurance policies, New York Life is better known for its whole life insurance as opposed to its term life.
Term life is typically more affordable and provides significantly more coverage than a whole life policy for the same money.
Because their term life is convertible to their whole life coverage, the pricing for their term life insurance is expensive.
In addition, New York Life only offers up to a 20-year term option, while many other companies allow you to buy a 30-year term policy. If you want a 25- or 30-year term, New York Life won’t be the best choice.
You will typically find much better rates from Brighthouse when it comes to term life insurance.
Brighthouse also offers a Whole Life policy and the performance of these policies has fared well compared to its competitors.
If you are considering whole life, compare historical dividend illustrations from both companies to see which has performed better over the last 10 or 20 years.
Who Has Cheaper Life Insurance Rates?
You may assume life insurance is expensive. Well, it may be cheaper than you think.
Before you apply with MetLife (Brighthouse), New York Life, or any other company, you need to get a handful of quotes.
This article only compared TWO of the choices, and some other company may be much cheaper. If you don’t compare before you buy, you could be spending hundreds more than you have to.
In fact, making a couple of changes can save you thousands and thousands of dollars every year.
Get started by trashing your cigarettes. Regardless of if you only smoke once a day or once a week, you’re going to receive smokers rates, and premiums are going to be twice as much.
If you’ve tried quitting in the past, but you weren’t able to do it, just imagine the thousands of dollars you would save.
Now that you’ve quit that bad habit, make other improvements to the rest of your health. The medical exam is the driving force behind the premium calculations. So, better health = better rates.
Unless you want to spend your free-time calling agencies, you should make the most of our services. We are an independent agency, and we are partnered with over 30 companies.
The Bottom Line
Brighthouse, established by MetLife offers more flexibility and better pricing when it comes to term life.
When it comes to whole life, both companies are competitive and I would compare historical dividends rates and choose based on that.
In a perfect world, one of these companies would be the best choice for you, but if not, don’t worry.
Our goal at BestLifeQuote is to help you find a quality, affordable life insurance policy.
If you’re like most people, you’ve been meaning to buy life insurance for years, but you’ve never gotten around to it. Don’t let anything stop you from picking up the phone today or using our form on the side.
You can compare rates for term life using our quote tool on this page, or call us at 800-712-8519 to get life insurance quotes and apply for life insurance.