Changing the application from period to universal up to the age of 70: Under certain circumstances, you can convert your MetLife term life insurance to full life insurance up to the age of 70. If you purchase coverage at age 65, the conversion may occur before the end of your insurance policy or until your 70th birthday, whichever comes first.
More riders to choose from: Depending on what your employer’s group plan offers, you may be able to choose from a healthy list of policies. This includes options such as death benefits, accidental and dismissal deaths (including for your spouse and children) and disability benefit exemptions.
No medical examination is required: Since MetLife now only offers group insurance, you do not have to worry about presenting a medical examination. This will make it easier to buy cover for smokers, people in poor health or anyone with a previously poor medical history.
Very good consumer and financial strength rating: MetLife has an A + AM Best rating and a significantly below-average complaint index according to the National Association of Insurance Commissioners (NAIC).
Group insurance can be converted to individual insurance: One of the disadvantages of buying life insurance through an employer is that if you leave this job or retire, you will often lose your coverage. However, with MetLife, you can convert your group life insurance period into an individual life insurance policy (if it is not already covered) when and when you leave your job.
Only group life insurance is offered: MetLife previously offered individual life insurance, but it ended when the company launched its retail brand Brighthouse Financial in 2017. Nowadays, life insurance through MetLife is only available as part of a group plan, so you have to buy it through your employer.
No full conversion credits: You can convert MetLife Term Insurance for life up to the age of 70. However, this insurer does not offer term insurance. premium insurance.
Coverage options may be limited: If you purchase group life insurance through your employer, you always run the risk of being limited in terms of coverage and flexibility. Your employer has the option to limit the amount of insurance you can buy (usually as a multiple of your salary), the passengers available, and whether you can take your insurance with you when you change jobs or retire.
Here’s a look at the MetLife life insurance plans available. Of course, the exact life insurance options you have will depend on what your employer decides to offer. In addition, you will find that some of these policies do not apply in all 50 states.
Basic service life
As a traditional term insurance, this policy offers 10 to 30 years of life insurance with a premium level for the entire duration. When you reach the end of your chosen period, your coverage will end unless you purchase a new policy or convert that policy to a live version.
Before your policy expires or you reach the age of 70, whichever comes first, you can transfer your basic policies to life insurance.
Although your workplace is able to set its own coverage limits, Basic Term via MetLife is often available in increments of $ 10,000, with benefits starting below $ 10,000 and sometimes up to $ 2 million.
More Term Life
With supplementary life insurance, you can add additional life insurance coverage to your existing contract at your own expense (unlike what your employer offers). This coverage covers up to another $ 500,000.
Depending on Term Life
Dependent life insurance provides insurance for your spouse, qualified family member and / or children, usually at your own expense. Depending on your job, you may or may not receive this insurance when you leave your job.
MetLife’s lifetime insurance, which can be paid up to the age of 65, offers lifelong protection that employees can maintain even after retirement or retirement. Like most life insurance policies, MetLife Whole Life generates a lot of money over time that you can get if needed. If you decide to transfer your lifetime coverage before it expires, it may be a MetLife Whole Life Policy.
MetLife Promise Lifetime Choice 10℠
Like other lifelong principles, MetLife Promise Whole Life Select 10℠ gives you lifelong coverage and peace of mind. The difference is that the payment for this policy is in advance; After paying the premium for 10 years, your coverage will continue at no additional charge.
MetLife Promise Lifetime Choice 20℠
With MetLife Promise Whole Life Select 20℠, you can enjoy lifelong protection without having to worry about lifetime payments. After paying the premium for 20 years, this full life insurance will continue without further payment.
MetLife Promise Lifetime Choice 65℠
Like other Promise Whole Life Select policies, this lifetime coverage can remain effective for the rest of your life, but does not require regular payments for an indefinite period. After paying a fixed premium up to the age of 65, this insurance continues without the need for a supplement. Universal Variability Group Variable (GVUL)
MetLife’s Group Variable Universal Life (GVUL) policy provides you with end-to-end life insurance. GVUL membership allows you to choose how much of your money you invest, and offers you both protection against death and the opportunity to increase your savings over time.
Universal Life Group (YELLOW)
As another option of permanent life insurance, MetLife Group Universal Life (GUL) protects you for the rest of your life without worrying about the conditions. It provides you with life insurance protection along with tax-efficient savings options.
While death and accident separation (AD&D) coverage is often considered a policy of supplementary insurance or benefits, MetLife’s voluntary AD&D coverage falls into the “plan” category.
This is because this cover – which protects the employee, his / her spouse/partner and/or children in the event of serious injury or accidental death – is available as a stand-alone product, even as a general one – insurance is not purchased through group employers’ plan.
Available sliders and benefits
You can always add optional sliders to your policy to adjust your coverage or ensure more peace of mind. The availability of these riders and their conditions will vary depending on the location according to your specific group plan.
Acceleration of mortality
If you are sick forever, this rider will give you access to some of your post-death benefits while you are still alive.
Forgiveness of premium benefits in the event of disability
If you are found to be disabled for six months or more, this supplemental insurance will be separated from your premiums, while retaining your insurance benefits.
With this driver, you can pay extraordinary premiums as and when you want, which not only increases the mortality of your insurance, but also its value.
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Accidental Death Benefit Rider
This rider, which you can buy between the ages of 17 and 59, doubles your mortality if you die as a result of accidental physical injury for 65 years.
The accelerated lethal dose for a chronically ill rider
This supplementary insurance (not available in California or New York) provides insured access to a maximum of 92% of deaths under insurance if they become permanently terminally ill, such as Alzheimer’s disease. This benefit can be obtained if the insured is not able to independently perform two of the six activities of daily living.
It depends on AD&D
It provides protection for your addicts if they are seriously injured or die from accidental causes. Customer service
If you need to contact MetLife about your life insurance, you can easily contact them by phone or through the company’s online contact form. Depending on the type of coverage you have, it is possible to call several different numbers.
|General customer service||800-638-5433|
|Individual life insurance||800-638-5000|
|Group universal life insurance, purchased through employer||800-523-2894|
|Group term insurance, purchased through employer||866-492-6983|
|Group variable universal life insurance, purchased through employer||800-756-0124|
In some cases, however, it may be easier to contact your insurance representative through your workplace, or it may be HR rather than another department. Because they are familiar with the terms of your employer’s specific group plan, they can be the first source if you have questions or your policies, payment plan, etc.
Index of complaints
Each year, the National Association of Insurance Commissioners receives and monitors the number of complaints lodged against insurers. The number of complaints received (adjusted for market share) is used to create a so-called complaints index, which is always 1.00. From this, you can see whether the insurance company received more or less complaints inside than expected for their size.
MetLife seems to be doing more than usual in the eyes of consumers, as the company has a complaints index of 0.7366 in 2019.
Third party rating
Metropolitan Life Insurance Company has an A + (Superior) rating from AM Best as well as an AA rating from Standard & Poor’s and Fitch Ratings. Evaluations show that these third-party platforms believe that MetLife is (and will remain) financially secure enough to pay in the event of a claim in the event of death.
MetLife placed 15th at JD Power 2019 U.S. Life Insurance Study, which received only three of the five possible stars. This review is based on many different factors, including price, customer satisfaction, availability, product offerings, and communications.
In general, you can cancel your life insurance at any time by stopping your premium or contacting your insurer. So if you have a MetLife term policy, your coverage will only stop if you stop paying. It will also be canceled if your group’s conditions do not allow for transfers of policies or if you do not choose to transfer / transfer coverage when you leave or retire.
However, if you have a sustainable life policy that increases the amount of money, things get complicated. If any of these policies are repealed, there are usually withdrawal penalties that consume the amount generated so far.
Before you sign the dotted line – and especially before you cancel the current MetLife Group Policy – you want to read the correct print for the coverage offered by your particular employer’s group plan.
The price you pay for life insurance through MetLife depends on many factors, the biggest of which is your employer. First, group plans vary in cost depending on the number of participants and even the demographics of employees.
In addition, many employers have chosen to provide their employees with coverage or at least subsidize some premiums. As a result, buying life insurance is cheaper than trying to buy an individual insurance policy yourself.
While you can expect the total cost of your insurance to depend on personal factors such as your age, gender, medical history, height and weight, tobacco use history and location, this is not the case when purchasing a group plan.
The more coverage you want, including optional benefits and rides, the more you can expect to pay. If you are a non-binary individual, you can expect most insurers to want to know the gender that was assigned to you at birth when you offer group plan coverage.
However, the non-binary nature will not prevent you from buying insurance or influencing your insurance options.
League: MetLife vs. Lanlik
While your employer may have one or more group life insurance policies of your choice, it will help you compare options there. This is especially useful when determining whether the coverage you have purchased through a group plan in the workplace is sufficient.
To help you get through the competition, we looked at MetLife versus Nationwide Insurance. While MetLife is currently only offered in the form of group plans (you must go through its spin-off with Brighthouse Financial to purchase your own membership), Nationwide is also available at work and as an individual membership.
There are some other significant differences (such as market share), but the two companies are similar in terms of ratings and third-party plans available. Each insurance company offers term, full and universal life coverage and each gives you the opportunity to take coverage with you, even if you leave your job or retire.
|Market Share||Second-largest in the U.S., 7.9%||13th-largest in the U.S., 1.9%|
|Number of Plans||10||11|
|Dividends for 2020||Not announced||Not announced|
|Wellness Program Discounts/ Quit Smoking Incentives||Not applicable||Not applicable|
|Service Method||Employer-based||Employer-based or individual|
|AM Best Rating||A+||A+|
|Price Rank||Above Average||Above Average|
|Complaints Trend||0.7366 Great||0.40 Excellent|
Both companies have an A + rating from AM Best, although MetLife is larger and older than both companies. They can offer the longevity and peace of mind that you want from a life insurance company. As such, however, Nationwide scored higher than MetLife in JD Power 2019 U.S. Pat. The Life Insurance Study (MetLife in 15th place) and Nationwide’s NAIC complaints index accounted for almost half of MetLife’s results, indicating that it received several complaints (adjusted for size) from consumers last year.
If you want to buy an individual insurance policy, Nationwide can easily have a high card here. Among these two insurers, they are the only ones to provide life insurance other than the employer’s group plan.