MetLife, Metropolitan Life Insurance is a well established insurance provider with solid life insurance policies. It also offers car insurance that's pretty competitive in some states. In Florida for example, its car insurance was given the top J.D. Power rating of 5 power circles for car insurance pricing, while in New York it received a very poor rating (2 power circles). With an average rating of 78 from the American Customer Satisfaction Index (ACSI), it's fair to say that most customers are satisfied with MetLife's performance, but not blown away by it. While they may not make all your customer care and premiums-handling dreams come true, they can offer financial strength which ensures your benefits can be paid out, probably well into the future. According to A.M. Best, one of the most trusted financial strength rating agencies, this company is among the strongest insurers out there.
Features We Like
Life insurance calculator. This calculator is an easy way to get an idea of the amount (and cost) of the life insurance policy you need. As with any calculation or online quote, it's best to take these results as a starting point and not as solid facts.
Term life quote. It was nice to find online quotes for term life insurance, as most insurers don't offer any online quotes for life insurance. This quote makes it easy to get an idea of how prices compare in your state.
Car insurance quote Getting an online quote for car insurance saves you time and makes it easy to compare their offers at your convenience.
Identity protection. Car and home insurance customers receive identity protection and recovery services at no extra cost with most policies.
Types Of Coverage
Car insurance. There are some good benefits to getting your car insured with MetLife. You can get total loss replacement coverage, which means you're covered if you replace your totaled car with a similar one. If you choose to have your cracked or chipped windscreen repaired rather than replaced, your deductible will be waived. You also get identity protection services to help you recover your stolen identity. These services include complimentary credit reports from all three credit bureaus, help filing police reports, assistance in placing fraud alerts with credit bureaus, and 1 year of fraud and credit monitoring on over 1,000 databases. Aside from these additional benefits, the car insurance policies MetLife offers are pretty standard. On average, the premiums are higher than other car insurance providers like GEICO. If you do choose to get your car insured with this company, you should take a look at some of the discounts you could get.
- Deductible Savings Benefit. In most states you will be rewarded with a $50 credit towards your deductible every year that you stay claims free. This $50 will be credited to the deductible you have to pay when you have your next accident.
- Group discounts. If your company or an association you are a member of takes out multiple policies with MetLife, you can get a discount of up to 10% off on each policy. Discounts are available for members of many professional, sporting and special interest associations.
- Superior Driver Discount. Save up to 12% if you have a clean driving record.
- GrandProtect policies. These policies combine car, home and recreational vehicle insurance and have a single deductible which can save you money if your car and home are damaged at the same time (in a fire, for example).
Renters insurance from MetLife covers damages and loss to your personal property, and also gives you liability insurance for injuries to visitors or damages to their possessions while on your property. You get identity protection services at no extra charge. Other than that benefit, this renters insurance is pretty standard in the benefits it offers. If you already have car insurance from MetLife, you may consider upgrading to a GrandProtect policy (renters and car insurance), as you will then have a single deductible for your car and home.
Homeowners insurance. If you can get MetLife's Coverage A PlusSM in your state, then a homeowners insurance policy from MetLife isn't a bad idea. This replacement coverage insures the full cost of rebuilding or repairing your home, even if the cost is higher than the benefit offered by your policy. They don't offer a lot of discounts, so if you can't get the replacement coverage, the only way you could benefit financially from this insurance is if you already have a car insurance from them, in which case you could convert to a GrandProtect policy that bundles your car, home and RV insurance into one policy with a single premium.
Term life. MetLife is, above all, a life insurance provider. They offer a strong financial backbone and good coverage. You can get an online quote for term life insurance, so you can get a good idea of what it costs in just a few minutes. Although you may be in excellent health, I suggest you choose average health when you get online quotes, as the results may be closer to what you will actually pay. MetLife offers two types of term life insurance:
- Simplified Issue Term Life. You will have to be between the ages of 18 and 70 to get this term life insurance. Policies come with benefits of between $10,000 and $100,000, so if you only need a small benefit (to pay expenses related to your death for example), this is an affordable option. You can obtain this term life without a medical exam, and it's very easy to apply for. You can get same-day approval when you apply, which saves you time. This term life renews automatically, without additional approvals, every year (till your 90th birthday) as long as you pay your premiums on time. If you don't need a very high death benefit this is a very convenient way to get life insurance coverage. The catch is that your premium will go up every 5 years, though it will then be fixed for each 5 year period.
- Level Term Life Insurance. If you need more than $100,000 of death benefit, this coverage provides fixed level premiums for terms of 10 or 20 years. According to them, you can get $250,000 in coverage for as little as $16 a month. The online quote they gave for this same death benefit for a 50 year old, non-smoker male in Texas was $80.99, just to give you a more realistic idea.
Whole Life insurance. The major benefits of whole life insurance from MetLife is that it is a financially solid company so your investment will be safer with them then with many other insurance providers. You get level premiums for your entire life, and their premiums are some of the most competitive on the market. Like other whole life policies, you get a guaranteed death benefit. You may earn dividends on the total amount of money paid into your policy. These can be paid out to you as an annual check, credited towards premiums or added to the cash value of your policy to earn more dividends. If you want to build up cash value by earning dividends (these aren't guaranteed) and like the flexibility of being able to borrow from the cash value of your policy, then whole life may be a good choice. The following optional riders are available for whole life insurance policies:
- Accidental Death Rider. If you pass away in an accident, an additional benefit will be paid out.
- Enricher Rider. This rider lets you make additional payments (above your premiums) to your whole life insurance. This lets you increase the cash value of your policy faster.
- Guaranteed Insurability Rider. This option lets you increase your death benefit without proving good health. This kind of rider usually isn't worth the additional cost, but if you have concerns about your future health and plan on increasing your benefit in the future, this option gives you the flexibility to do so.
- Children's Term Rider. You can add term life insurance coverage for your kids at a lower cost than getting separate policies.
- Flex Term Rider. This gives you the low cost of term life with the possibility of seamless transition to whole life.
Umbrella insurance. This insurer provides personal excess liability insurance, which offers the same liability coverage you get with most umbrella insurance. This includes additional liability coverage for people injured on your property or in an accident involving your car, boat or RV. You also get extended coverage for damage to other people's property. This insurance also covers legal costs in excess of what is covered by your primary policies. Unless you get a GrandProtect policy that gives you this coverage along with car and home insurance, you would probably be better off with real umbrella insurance rather than excess liability.
MetLife is a solid life insurance provider with good average benefits and pricing. They are one of the few major insurers to offer Simplified Issue Term Life which gives the average earner a good chance at getting guaranteed coverage for life. If you have an average income and are prepared to pay a higher premium as you get older, then the Simplified Issue Term Life offered by MetLife is an easy and affordable way to get covered.