MetLife vs NYLife: Which is Better?

MetLife vs New York LifeMany people often ask me “which is the best life insurance company”.

The answer is that there are many excellent providers and the right company for you will often be based 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 vs MetLife then this article will provide the differences between both companies and which one may be the right choice for you, and if you haven’t yet made up your mind, you can always compare rates using the quote form on this page.

When you’re shopping for life insurance coverage, it’s vital that you choose the best insurance company for you. Every company is different, and all of them have different products and rating systems that they are going to use. It’s our mission to ensure that you’re getting the best plan possible.

MetLife vs NY Life: History

As the biggest mutual life insurance company in the United States, and one of the biggest worldwide, New York Life was started in 1845. In the years since, New York Life has earned some of the best ratings from A.M. Best, a respected ratings company.

MetLife (a stock company as opposed to mutual) was founded in 1868 and is a larger company than New York Life, and one of the biggest worldwide insurance companies. A.M. Best has also given MetLife excellent ratings (an A+), and MetLife has been awarded numerous times for the options and service that it offers to consumers.

Whole or Term Life Insurance

MetLife and New York Life both offer term, universal, and whole life policies. For many people term life is the better choice as it is more affordable and provides significantly more coverage than whole life for the money. Permanent life insurance does have its place, however we believe that term is the better choice in many situations.

NY Life is better known for its whole life insurance as opposed to its term life. 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 MetLife and many other term companies allow you to buy a 30 year term policy. If you are looking for a 25 or 30 year term, New York Life won’t be the best choice. You will typically find much better rates from MetLife when it comes to term life, as well as other companies which you can read about here.

MetLife also offers a Whole Life policy and the performance of their whole life policies has fared well compared to its competitors. If you are considering whole life, I would recommend that you compare historic dividend illustrations from both companies and see which has performed better over the last 10 or 20 years.

Getting Cheaper Life Insurance

Because life insurance is one of the most important purchases that you’ll ever make, it’s vital that you make the best decision. Most people assume that life insurance is going to be too expensive. That couldn’t be further from the truth. Regardless of which company that you choose, there are several ways that you can secure better rates from the insurance company.

Making a couple changes can save you thousands and thousands of dollars every year.

The first thing that you should do is quit your bad habits, like smoking. If you’re a smoker, then you have a much higher chance of being diagnosed with severe health complications. The insurance company is going to offset that risk by charging you higher premiums. In fact, smokers are going to pay at least twice as much for their life insurance coverage versus what you would pay for a non-smoker. If you want to save money, quitting smoking is one of the best ways that you can do that.

Another way that you can save money is to improve your overall health. Regardless of which company that you choose, they are going to require that you take a medical exam. The results of the medical exam are going to play a major role in how much you pay for your coverage.

If you want to save money, then improving your health is a great way to do that. Hitting the gym and sticking to a diet can help you lose weight, lower your blood pressure, and reduce your risks of being diagnosed with health complications. If you’re overweight, then you’re going to pay at least 50% more for your life insurance coverage.

The best way to guarantee that you’re getting the lowest insurance premiums is to compare dozens of plans before you decide which one is best for you. Every insurance company is different, and all of them are going to give you varying rates depending on which company that you contact. Every company has different medical underwriting, and there are hundreds of companies on the market. Instead of wasting hours and hours calling different companies, let one of our agents do all of the hard work for you.

We are a group of independent insurance agents, which means that we work with dozens and dozens of highly rated companies across the nation. We can bring a personalized set of quotes directly to you. It’s our mission to ensure that you’re getting the best plan possible.

The Bottom Line

The bottom line is that 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 historic dividends rates and choose based on that.

Hopefully, one of these companies work for you, but if it doesn’t, don’t worry. These are only two of the companies that we work with. Not having life insurance is one of the worst mistakes that you could ever make for your loved ones. If something tragic were to happen to you, and you didn’t have life insurance, your family would be stuck with all of your debts and other final expenses. Losing someone that you love is never going to be easy, but being stranded with thousands of dollars of debt is going to make the whole situation that much worse.

If you have any questions about MetLife, New York Life, or any other company on the market, please contact us today. We would love to answer those questions and connect you with the best plan to meet your needs.

You can compare rates for term life using our quote tool on this page, or call us at 888-552-6159 to get life insurance quotes and apply for life insurance.

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Doug Mitchell

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