Metlife Insurance: Is It A Good Choice For You?

MetLife is a well-known insurance company that offers a range of insurance products, including life insurance. The company has received mixed reviews from customers, with some praising its reliability and timely payments, while others have complained about poor customer service and delays in claims processing. MetLife has an A+ (Superior) rating from AM Best, reflecting its financial strength and claims-paying ability. However, it's important to note that many of MetLife's insurance policies are purchased through an employer rather than individually. This introduction provides a glimpse into MetLife's life insurance offerings and customer experiences, and further exploration can help potential customers make informed decisions about their insurance needs.

MetLife's financial strength and customer satisfaction ratings

MetLife has a strong financial strength rating, with an A+ (Superior) rating from AM Best, one of the leading insurance-rating organisations in the US. This score reflects the company's financial strength and claims-paying ability. MetLife also has solid scores from S&P and Moody's.

However, it's important to note that many of MetLife's insurance policies are not designed for individual purchase. Instead, they are purchased through a participating employer.

MetLife has received mixed reviews when it comes to customer satisfaction. While the company has above-average scores in J.D. Power studies, there are also several negative reviews online, with customers complaining about unexpected delays or denials of claims and poor communication during the claims process.

The National Association of Insurance Commissioners (NAIC) assigns a complaint index to insurance companies, providing potential customers with an understanding of the volume of complaints relative to the company's market share. In 2023, the NAIC assigned MetLife a complaint index of 0.86 for its group life policies, which is slightly below the industry average, indicating that the company has received fewer complaints than expected for its size in the market.

Overall, MetLife's financial strength appears to be strong, but there are some concerns about customer satisfaction, with a mix of positive and negative reviews.

MetLife's insurance policies and coverage options

MetLife offers a range of insurance policies and coverage options, including life, health, dental, disability, and long-term care insurance, as well as financial products like health savings accounts (HSAs) and employer-sponsored retirement plans. Here is a detailed overview of MetLife's insurance policies and coverage options:

Life Insurance:

MetLife offers both term and permanent life insurance policies. Their term life insurance includes Basic Term Life, Supplemental Term Life, and Dependent Term Life, which can be purchased for durations ranging from 1 to 40 years. The Supplemental Term Life policy allows for additional coverage as needs change, while the Dependent Term Life policy provides coverage for spouses, civil union partners, domestic partners, and children.

MetLife's permanent life insurance options include Group Universal Life Insurance and Group Variable Universal Life Insurance. The Group Universal Life Insurance policy offers flexibility, allowing adjustments to the death benefit and premium. The Group Variable Universal Life Insurance provides protection for the insured's entire life, along with an interest-generating account at a guaranteed rate. This policy also allows investments in various options and withdrawals from the cash value at any time.

Health Insurance:

MetLife offers standard health insurance policies that can be obtained through a participating employer. They also provide dental and vision plans for qualifying health insurance users.

Disability Insurance:

MetLife includes disability insurance in its range of insurance options, helping consumers protect themselves from unexpected medical expenses.

Long-Term Care Insurance:

MetLife's long-term care insurance provides support for consumers facing prolonged periods of medical care, ensuring they have the necessary financial resources.

Accidental Death and Dismemberment Insurance:

MetLife offers Accidental Death and Dismemberment (AD&D) insurance, which serves as a supplement to existing term life insurance policies. It provides protection in the event of unexpected events resulting in death, loss of speech or hearing, paralysis, or dismemberment.

Other Coverage Options:

In addition to the standard insurance policies, MetLife offers annuities, health spending and savings accounts, retirement and income resources, and investment support. They also provide additional services like grief counselling, funeral discounts, and will preparation services.

It is important to note that MetLife's insurance policies are often purchased through a participating employer, and they no longer offer auto or home insurance, which are now available through Farmers Insurance.

MetLife's customer service and claims process

In terms of customer service, some customers have praised MetLife for its on-time payments and reliable service. However, others have complained about poor communication during the claims process, rude associates, and a lack of empathy when dealing with the loss of a family member. There have also been reports of unexpected delays or denials of claims.

MetLife offers a range of insurance options, including life, health, auto, dental, disability, and pet insurance. The company provides group life insurance plans and employer-provided insurance plans, but no longer offers individual life insurance policies. Claims can be filed online or by phone, depending on the type of insurance policy.

Overall, MetLife's customer service and claims process have received a mixed response, with some customers reporting positive experiences and others expressing dissatisfaction and frustration.

MetLife's insurance subsidiaries and acquisitions

MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company and its affiliates. MetLife has subsidiaries and affiliates in over 60 countries, including the US, Japan, Latin America, Asia's Pacific region, Europe, and the Middle East.

In 2018, MetLife merged two of its subsidiaries, General American Life Insurance Company and Metropolitan Tower Life Insurance Company, into a single entity called Metropolitan Tower Life Insurance Company, domiciled in Nebraska. This merger aimed to simplify and streamline MetLife's corporate and operational structure, making the company more competitive and flexible in meeting customer needs.

In 2014, MetLife merged four of its subsidiaries: MetLife Insurance Company of Connecticut, MetLife Investors USA Insurance Company, MetLife Investors Insurance Company, and Exeter Reassurance Company Limited. The merged company, named MetLife Insurance Company USA and domiciled in Delaware, was formed to better position MetLife to comply with regulations, address regulatory issues, and improve the risk profile and transparency of its US variable annuity business.

In 2017, MetLife spun off its US retail business, including individual life insurance and annuities, into a separate company called Brighthouse Financial. This move meant that MetLife no longer offered individual life insurance policies directly to consumers, who now had to go through Brighthouse Financial to purchase such policies.

MetLife has made numerous acquisitions over the years, including:

• United Mutual Life Insurance Company (1992)
• Executive Life's single premium deferred annuity business and life insurance business (1992)
• Security First Group (1997)
• Lincoln National Corporation's individual disability income unit (1999)
• GenAmerica Corporation and its subsidiaries, Reinsurance Group of America and Conning Corporation (1999)
• Grand Bank of Kingston, New Jersey, which became MetLife Bank (2001)
• Citigroup's Travelers Life & Annuity and international insurance businesses (2005)
• American Life Insurance Company from AIG (2010)

In 2021, Farmers Insurance Group acquired MetLife's Auto & Home business, further solidifying MetLife's focus on the corporate market and group insurance plans.

MetLife's insurance availability and accessibility

MetLife offers a wide range of insurance products, including life, auto, home, dental, disability, long-term care, and small-business insurance. However, it's important to note that many of their insurance policies are not designed for individual purchase and are instead purchased through a participating employer.

In recent years, MetLife has made some changes to its business model and no longer offers individual life insurance, long-term care insurance, disability insurance, or annuities through agents. Instead, they focus on providing group insurance plans, which are available to employees through their employers. These group plans can include life, health, dental, vision, accident, and pet insurance.

MetLife's life insurance products are now offered through its subsidiary, Brighthouse Financial, which was established in 2017. Brighthouse Financial offers individual term life, hybrid, universal, and whole-life policies. However, it's important to note that Brighthouse Financial has age and tobacco restrictions, and does not sell term life insurance to individuals over 50 or those who use tobacco.

MetLife's insurance products are available in all 50 states in the United States and Washington, D.C. However, the specific product offerings may vary by state and the company's agreement with the employer.

Frequently asked questions