Many 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.
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 want 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 historical dividend illustrations from both companies and see which has performed better over the last 10 or 20 years.
Getting Cheaper Life Insurance
You may assume life insurance is expensive. Well, sit back and be amazed. It’s going to be cheaper than you think. Making a couple changes can save you thousands and thousands of dollars every year.
Let’s get started by trashing your cigarettes. Regardless if you only smoke one a day or one a week, you’re going to receive smokers rates. These 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 your bad habits (or at least we hope), now let’s make some improvements on the rest of your health. The medical exam is the driving force behind the premium calculations. Better health, better rates.
Before you apply with ANY company, MetLife, New York Life, or any of the other hundreds of companies, you need to get a handful of rates. This article only compared TWO of the choices. Each company will offer you better rates, some are going to be much cheaper. If you don’t compare before you buy, you could be spending hundreds more than you have to.
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
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 historical 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. In a perfect world, one of these companies would be the best choice for you, but more than likely this isn’t the case.
If this article didn’t answer all of your questions, or it created even more questions, please don’t wait to give us a call. We have made it our company’s goal to help you find cheap life insurance.
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 888-552-6159 to get life insurance quotes and apply for life insurance.