MetLife has been providing insurance, annuities, and employee benefit programs since 1868. It is a global leader in the field and received top ratings in financial strength.
Although the life insurer received high financial ratings, MetLife was involved in class action lawsuits in 2013 and 2015 for allegedly misrepresenting its financial stability. Potential customers should review the cases, check current financial strength ratings, and look at customer reviews before purchasing insurance coverage from MetLife.
MetLife specializes in employer-provided benefits. It offers term and permanent life insurance in addition to other employee benefits, like dental and disability insurance.
MetLife serves millions of customers, 90 of which are Fortune 100 companies. It has branches and subsidiaries throughout North America, South America, Europe, Asia, the Middle East and Australia. It also invests substantially in the community through volunteering, infrastructure projects and green technologies around the globe.
MetLife's high financial strength rating denotes financial stability when it comes to processing and making payments on insurance claims. It has consistently earned high financial strength ratings from AM Best and Standard & Poor's. These are some of the highest financial ratings available to life insurance carriers. It's a good idea to purchase a life policy from a life insurance provider with good financial ratings.
MetLife customer reviews on BestCompany.com are largely positive. Reviewers appreciate the peace of mind a life insurance policy offers. Reviews generally mention positive interactions with the life insurance company and satisfaction with rates and coverage. Some reviewers also mention claims satisfaction.
Customer Review: Cheryl Nichols
"my mom had a policy all my life and when she died it paid off immediately."
Customers can choose to buy a term life insurance plan, a permanent life policy, or a universal life insurance policy from MetLife. These policies also allow quite a bit of flexibility when it comes to coverage and monthly premium payments. MetLife offers one of the widest variety of policies in the field, ensuring that you can find an insurance policy to suit your needs.
A term life insurance policy offers coverage for a set period of time. These policies are often more affordable than permanent life insurance products.
MetLife's permanent life Insurance policies do not expire. Although the premiums are initially higher, these plans tend to be more cost effective in the long term as well. Many of these plans also have cash value accumulation over the years, which term policies do not.
However, the premium rate for a term policy tends to be cheaper. Permanent life insurance policyholders can sometimes use the accrued cash value to add additional insurance coverage or to make premium payments. Sometimes insurance companies allow the beneficiaries of a life insurance policy to receive some or part of the cash value in addition to the death benefit.
MetLife offers several other kinds of insurance. In addition to life insurance, MetLife offers short term disability insurance, long term disability insurance, dental insurance, accident insurance, and health insurance plans that employers can offer their employees. MetLife disability insurance options include long-term disability and short-term disability.
Individuals and families can purchase auto insurance, dental insurance, and home insurance policies directly through MetLife.
Although MetLife's reviews are mostly positive, the company has received a sizable number of negative reviews and low ratings. Complaints are primarily about customer service, wait times, and issues with claims.
While MetLife provides lots of information about life insurance on the company's website, it does not have an online application process or offer online life insurance quotes. Instead, employers should work with MetLife agents in order to get a life insurance quote and find a group policy. MetLife's customer service contact information easily available online, so connecting with an insurance agent should be simple.
Unlike some life insurance companies, MetLife gears its life insurance products towards employers. It is a great option for employers seeking to provide group life insurance with their employee benefits. Individuals interested in purchasing their own life insurance policy should enroll in an insurance policy with another company.
In 2013 and 2015 major class action lawsuits have been filed against MetLife alleging that they have misrepresented their financial ratings and kept capital in offshore accounts that are not regulated as stringently as those in the United States. This amounts to MetLife's reserves being misrepresented as greater than they actually are, these reserves are used to pay out any insurance claim made and federally required to ensure the stability of the company. MetLife has denied all allegations.
Before working with MetLife, it potential customers should review the cases to get a better understanding of them. It's also a good idea to consider customer reviews before purchasing an insurance policy.
nohjireigluf Philadelphia, PA
1 year ago
Bobbie Giles Richmond, VA
6 years ago Edited September 14, 2021