Pros Explained

• Portable coverage at group rates: You may get access to cheaper life insurance coverage through your employer, and you can take the coverage with you when you leave your job. 
• Convertible term coverage: You can convert your term policy to a universal policy at a later date. 
• Living benefits included: A chronic illness rider and a terminal illness rider are included at no cost with some of MetLife’s policies.

Cons Explained

• Does not offer individual life insurance: MetLife only sells policies through employers. Because of that, policy details aren’t available online — you’ll need to talk to your employee benefits administrator. 
• Poor customer satisfaction ranking: MetLife was ranked below average in the J.D. Power 2022 U.S. Individual Life Insurance Study.
• Many complaints with the NAIC: MetLife had more than triple the expected number of complaints with the National Association of Insurance Commissioners (NAIC) given the company’s size, which indicates problems with customer satisfaction. 

Complaint Index

MetLife received many more complaints than expected for a company of its size, according to the National Association of Insurance Commissioners (NAIC). Every year, the NAIC calculates a complaint index for each insurance company based on the number of complaints the company receives relative to its size or market share. 

An index of 1.00 indicates an expected number of complaints given the company’s size, while an index of less than 1.00 indicates fewer complaints than expected and is ideal. Over three years, MetLife had an average complaint index of 3.802, which indicates the company received more than triple the amount of complaints expected for its size. The high number of complaints about MetLife is cause for concern.

Third-Party Ratings

While MetLife received high marks for financial strength, the company ranked below average with regard to customer satisfaction. MetLife received an A+ (Superior) financial strength rating from AM Best, an independent credit ratings agency that evaluates insurance companies. A good grade from AM Best indicates an insurance company is capable of paying claims to policyholders. We typically don’t recommend any insurance providers that score below the A bracket.

While MetLife is financially stable, the company lags behind others when it comes to customer satisfaction. MetLife ranked 14th out of 21 insurers in the J.D. Power 2022 U.S. Individual Life Insurance Study, with a score of 786 out of 1,000. That’s above the industry average score of 774.

Policies Available

Group Term Life Insurance

Term life insurance guarantees a death benefit to your beneficiaries only if you die within the specified period, which is typically 10 to 30 years. It provides protection for your family while you still have financial obligations, such as raising children or paying off a mortgage. If you die after the term has ended, your beneficiaries will not receive a payout. But term life insurance is much more affordable than permanent life insurance and is sufficient for most people. 

MetLife offers employer-paid term life policies as well as supplemental, employee-paid coverage and dependent coverage. MetLife term policies can also be converted to permanent policies later on.

Group Universal Life Insurance

Universal life (UL) insurance is a type of permanent life insurance that doesn’t expire as long as the minimum premiums are paid. It features a tax-deferred cash value and features more flexibility and lower premiums than whole life insurance. MetLife offers flexible universal life insurance coverage that is portable, so you can take your policy with you when you leave your job. 

Group Variable Universal Life Insurance

Variable universal life (VUL) insurance is a type of universal life policy in which you can invest the cash value in the stock market. This type of coverage is considered the riskiest form of life insurance since your cash value can decline if your investments perform poorly, potentially causing the policy to lapse.

Available Riders

Riders are endorsements that allow you to get more from your life insurance coverage. MetLife includes some riders at no additional cost, while others are optional add-ons. 

Child Benefit Rider

Child benefit riders typically provide term coverage for all eligible children in your family. You can often convert this coverage to a permanent policy for your child later on. 

Waiver of Premium 

This rider allows you to pause your premium payments if you become totally disabled and unable to work. There’s typically a waiting period before you can waive your premiums, however. 

Accidental Death Benefit

This provides an additional death benefit if the insured dies as a result of an accident. 

Terminal Illness Rider

Included at no cost, this accelerated benefit rider (ABR) allows you to access a portion of the death benefit while you’re alive if you’re diagnosed with a terminal illness. This can help cover the cost of care but may be used for whatever you want. Note that it will reduce the death benefit your beneficiaries receive. 

Chronic Illness Rider

Included at no cost, this ABR provides access to a portion of the death benefit ahead of your death should you be diagnosed with certain chronic conditions. To use this benefit, you usually need to have lost the ability to perform at least two activities of daily living or suffer a severe cognitive impairment. 

Customer Service

If you need assistance with your MetLife policy, you can either contact your employee benefits administrator or reach out to MetLife directly. MetLife doesn’t list its customer service hours, but you can use one of the following phone numbers to contact the company:

• Group term insurance: 866-492-6983
• Group universal life: 800-523-2894
• Group variable universal life: 800-756-0124
• Individual life: 800-638-5000 (if you have an existing policy)

Final Verdict

When it comes to life insurance, MetLife does have some benefits. It offers portable group coverage, living benefits and convertible term coverage. Therefore, it may be a good option for those who need a plan that can move and adapt to the changes in their life. While this adaptability may be beneficial, the company does rank significantly low when it comes to customer satisfaction. Met Life also does not offer individual life insurance. So, if you're looking for an individual life insurance plan and a more positive user experience, it may be best to look elsewhere to find a company that better suits your needs.

Frequently Asked Questions

Is MetLife good at paying claims?

Yes, according to AM Best, MetLife has an A+ financial strength rating. These ratings analyze overall finances and a company's ability to live up to its obligations, including paying claims. This high rating categorizes MetLife as superior at meeting those obligations.

What is the rating for MetLife life insurance?

AM Best rated MetLife at an A+, meaning superior, for financial strength. However, when it comes to customer satisfaction, the company had three times more customer complaints over the past three years than the average for a company of its size according to the NAIC. It also comes in below average for customer satisfaction in JD Power's  2022 U.S. Individual Life Insurance Study.

What company took over MetLife?

Zurich Group's subsidiary, Farmers Group, purchased MetLife's Metropolitan Property and Casualty Insurance Company in April 2021.

How long does it take MetLife to pay life insurance?

Once the claim is approved, Met Life sends the payout via the United States Postal Services (USPS). Payments usually arrive within five business days.

Methodology

We designed a comprehensive ranking methodology based on consumer priorities and life insurance company fundamentals to rank more than 90 insurers across five general categories: financial stability, customer satisfaction, product and feature variety, the overall buying experience, and cost. In order to do this, we collected over 5,000 data points and scored each company based on 55 metrics. We grouped metrics by category to see how insurers performed in each; we then weighted category scores to determine how companies performed overall.

To learn more, read our full Life Insurance Methodology.