Metlife Underwriters: Qualifying Annual Life Insurance Prospects

MetLife is one of the largest global providers of insurance, annuities, and employee benefit programs, with around 90 million customers in over 60 countries. The company offers a wide range of insurance products, including life insurance, which is underwritten based on several factors such as age, health status, and lifestyle. While the exact number of life insurance prospects that a MetLife underwriter handles annually is not publicly available, it can be assumed that the number is significant given the company's large customer base and diverse product offerings. MetLife's life insurance products include term life insurance and several types of permanent life insurance, such as whole life, universal life, and final expense whole life insurance. The company's life insurance business plays a crucial role in providing financial protection and security to individuals and their families.

MetLife's underwriting process and criteria

MetLife's underwriting process involves reviewing an applicant's information to determine the level of risk they present to the company. This process involves assessing several factors, including age, health status, family health history, motor vehicle record, lifestyle, and prescription history. MetLife's proprietary individual life insurance field underwriting tool, MetLife QuickPredict, helps financial professionals provide more accurate policy premium estimates by considering lifestyle and health-related factors.

The underwriting criteria for MetLife's life insurance products include term life insurance and several types of permanent life insurance, including whole life, universal life, and final expense whole life insurance. These services vary in duration and amount of coverage, as well as whether a medical exam is required. MetLife also offers group life insurance through employers, which includes term life, permanent life, and accidental death and dismemberment coverage.

In addition to its life insurance products, MetLife provides a range of value-added services to support individuals and their families during life changes. These services include funeral discounts and planning, estate planning, retirement planning, and health and wellness resources. MetLife also offers supplemental coverage options, such as accidental death and dismemberment insurance, and group universal life insurance, which combines life insurance protection with tax-advantaged savings options.

MetLife's life insurance products

MetLife is one of the largest life insurance companies in the world, serving approximately 100 million customers and holding leading market positions in the United States, Japan, Latin America, Asia, Europe, and the Middle East.

The company offers a range of life insurance products to protect your family and finances and ensure your loved ones are taken care of even when you're not there. Here are some of their life insurance products:

Term Life Insurance

MetLife offers term life insurance, which provides a lump-sum payment to your beneficiaries in the event of your death. This type of coverage is for a specified period, usually one to 20 years. Term life insurance is a cost-effective option and can help cover specific financial responsibilities like a mortgage or college expenses. It also provides the option to port your coverage if you leave your company.

Permanent Life Insurance

MetLife also provides permanent life insurance policies, which do not expire as long as premiums are paid. These policies are designed to protect your loved ones permanently. Some permanent life insurance policies accumulate cash value over time, allowing you to build wealth that can be accessed via loans or withdrawals. This type of policy is typically portable and can continue even if your employment terminates.

Group Variable Universal Life Insurance

MetLife's Group Variable Universal Life Insurance combines life insurance with tax-advantaged investments. It offers a single policy with two features: financial security and savings. This product is ideal for those seeking low-cost coverage for unexpected events.

Whole Life Insurance, Universal Life Insurance, and Variable Universal Life Insurance

MetLife also offers whole life insurance, universal life insurance, and variable universal life insurance as part of their individual life insurance policy types. These policies provide long-term financial protection and savings options.

In addition to these products, MetLife provides underwriting services to help determine eligibility and premium rates for customers. They also offer critical illness insurance, hospital indemnity insurance, and legal services.

The cost of MetLife's life insurance

MetLife's life insurance plans are said to be an economical and cost-effective way to provide for your family. The exact rates can be found in the enrollment materials, but the cost of insurance is determined by several factors.

Firstly, health considerations play a significant role in the underwriting process. Your age and health status are the most important factors in determining insurability and the amount you pay for life insurance. This is assessed through a physical exam, answers to questions about your health and medical history, or a combination of the two. Other health-related factors include your prescription history and family health history.

Secondly, other factors may come into play, depending on your age and the amount of coverage requested. These include your motor vehicle record and lifestyle, including adventurous hobbies.

Thirdly, premium rates for life insurance are typically based on factors such as age, sex, height, and weight, as well as whether or not you smoke and if you participate in high-risk occupations.

Life insurance gets more expensive as you get older, and the type of coverage you choose will also affect your premium. Generally, rates for term insurance are lower, while rates for permanent policies are higher.

If you are purchasing life insurance through your workplace, you may be able to take advantage of competitive group rates.

MetLife's life insurance for employers

MetLife offers a range of life insurance products for employers to provide to their employees. These include:

• Supplemental Life Insurance: This allows employees to increase their coverage to meet their individual needs at no additional cost to the employer.
• Dependent Life Insurance: This offers additional coverage for spouses, domestic partners, and eligible children, creating more value for the employer's benefit program without any extra cost.
• Voluntary Retiree Life Insurance: This is designed for new retirees, providing coverage to meet their changing needs and driving employee loyalty, again at no cost to employers.
• Group Accidental Death and Dismemberment (AD&D) Insurance: This includes Basic, Supplemental, Dependent, Voluntary, and Business Travel Accident (BTA) insurance. Basic AD&D is employer-paid coverage that provides an accidental death benefit equal to an employee's basic term life insurance amount. Supplemental AD&D is employee-paid coverage that complements the value of Supplemental Term Life with added coverage, with a percentage of the death benefit amount payable in the event of non-fatal covered losses. Dependent AD&D is also employee-paid and provides spouses and dependents with a benefit equal to the Dependent Term Life benefit amount. Voluntary AD&D is offered as a stand-alone coverage to employees, spouses, and dependent children, regardless of whether they have enrolled in life insurance. Lastly, BTA is employer-paid coverage that includes an additional benefit for covered accidents resulting in death or serious injury for employees traveling for work, both domestically and internationally.
• Group Variable Universal Life (GVUL) Insurance: This combines life insurance protection with tax-advantaged investment options, enabling employees to grow their savings for future financial security.
• Group Universal Life (GUL) Insurance: This is a single policy that offers life insurance protection along with a tax-advantaged saving option, allowing employees to save for their future.
• Whole Life Insurance: This complements an employee's term life offering with no benefit cost to the employer. Together, group term and whole life policies can help replace income during working years, with whole life policies also addressing post-retirement needs.

MetLife's life insurance products for employers aim to provide comprehensive and customizable coverage, balancing the needs of employees with the costs to the employer.

MetLife's history and global presence

MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company (MLIC), known as MetLife, and its affiliates. The company was founded on 24 March 1868, and is one of the largest global providers of insurance, annuities, and employee benefit programs. MetLife has around 90 million customers in over 60 countries and is present in more than 40 markets globally. The company has a long history spanning over 150 years, and its headquarters are located at 200 Park Avenue in Midtown Manhattan, New York City.

History

In 1863, a group of New York City businessmen founded the National Union Life and Limb Insurance Company, which began business in July 1864. The company insured Civil War sailors and soldiers against disabilities caused by the war. After facing difficulties and undergoing several reorganizations, the company decided to focus solely on life insurance. Thus, on 24 March 1868, the Metropolitan Life Insurance Company was established, marking the beginning of MetLife's journey.

MetLife's early years were challenging due to a severe business depression in the 1870s, which forced many insurance companies out of business. However, under the leadership of President Joseph F. Knapp, MetLife introduced "industrial" or "workingmen's" insurance programs inspired by the British insurance industry. By 1880, the company was signing up 700 new industrial policies per day and had become the nation's largest life insurer by 1909.

Over the years, MetLife continued to grow and diversify its portfolio. By 1930, one out of every five people in the United States and Canada was insured by MetLife. During World War II, the company contributed significantly to the Allied cause by investing more than 51% of its total assets in war bonds. In the post-war era, MetLife expanded its suburban presence, decentralized its operations, and refocused its career agency system.

In 2000, MetLife underwent a significant transformation, converting from a mutual insurance company to a for-profit public company through demutualization and an initial public offering (IPO). This move allowed MetLife to enter new insurance businesses and increase executive compensation. The company's growth continued, and by 2004, it had become the largest life insurer in the United States, a position it held until 2011.

Global Presence

MetLife has a strong global presence with operations in over 40 countries and leading market positions in various regions. The company serves 90 of the largest Fortune 500 companies and holds leading market positions in the United States, Japan, Latin America, Asia-Pacific, Europe, and the Middle East.

In Latin America, MetLife is the #1 life insurer in Chile and Mexico and holds leading positions in several markets in the Middle East and Central and Eastern Europe. The company is also the #2 foreign life insurer in Japan and Korea. MetLife has a strong presence in Asia, with a joint venture in India, a strategic alliance with a local bank in Bangladesh, and leading market positions in South Korea and other countries.

In 2010, MetLife expanded its global reach by acquiring the international life insurance business, American Life Insurance Company (Alico), from American International Group (AIG). This deal solidified MetLife's position as a leading competitor in Japan and strengthened its presence in high-growth emerging markets worldwide.

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