Listed 42nd on the Fortune 500, with just a little over $900 billion in assets, MetLife is a diverse company providing a broad range of insurance products. Founded in 1868, MetLife is one of the oldest providers of insurance, employee benefit programs, and annuities.
MetLife went public sometime in 2000 and established its “spin-off” company, Brighthouse Financial, which continues to provide consumers with life insurance products and annuities. Currently, MetLife’s derivative company reports 2.7 million in insurance policies and annuity contracts and $224 billion in total assets. Brighthouse Financial has been entrusted with all of MetLife’s insurance products.
One of the most important things to consider when comparing insurance providers is their insurance rating and financial competence. Take a look at Brighthouse Financial’s ratings according to several unbiased top rating agencies:
A.M. Best: One of the most trusted rating agencies, A.M. Best gives Brighthouse an “A” excellent rating. This is the 3rd highest rating out of 16 possible ratings according to A.M. Best.
Moody’s: Provided Brighthouse Financial with an A3 rating. This is the 7th highest rating out of their 21 possible ratings. This rating reflects Brighthouse’s “superior intrinsic financial strength”, according to Moody’s.
Fitch: Gave Brighthouse Financial an “A-” rating, which is the 6th highest out of 19 possible ratings.
Standard & Poor’s: Awarded Brighthouse with an “A+” rating, which is the 5th highest out of a possible 22 ratings.
So, exactly what do these ratings mean? The ratings are used to determine whether or not an insurance company is financially competent and strong. Insurance companies must have enough assets to pay life insurance claims without creating financial difficulties. According to the ratings given to Brighthouse Financial/MetLife, it is reasonable to conclude that the insurance company is in a good financial standing and can, therefore, back up the policies they offer.
MetLife Final Expense Insurance Review
For individuals desiring simplicity, MetLife’s term-issue life insurance policy is the best option. No medical exam is required provided that you are purchasing a policy with a face value of less than $100,000.
However, the coverage provided by the term-issue life insurance policy is low and may not be ideal for everyone. In order to acquire a policy with a higher face value and/or to lower your rates, you will have to undergo a medical exam.
Permanent Life Insurance
If you want a life insurance policy that will provide you coverage for the rest of your life, MetLife’s permanent life insurance policy is an excellent choice. Permanent life insurance offers numerous advantages and is ideal for all sorts of situations. First, these policies are popular for business succession agreements. Permanent life insurance policies accrue value over time, which is especially attractive in cases of long waiting periods.
MetLife offers policies with face amounts ranging from $100,000 to $1 million, and you may be eligible for more coverage depending on your qualifications. An exciting feature offered by MetLife, the Enhanced Rate Plus Program allows you to apply for a permanent life insurance policy online and by speaking to an underwriter over the phone. No medical exam is required.
Whole Life Insurance for Final Expenses
This coverage is guaranteed to accrue value as time passes. Additionally, whole life insurance guarantees the payment of benefits upon the policyholder’s death, and it guarantees that the premiums will not increase over the life of the policy.
Furthermore, MetLife’s whole life insurance policy pays proceeds out over the life of the policy. These proceeds can be withdrawn as cash payments, or they can be utilized in order to reduce your premium payments.
If you would like to forego the medical exam, MetLife offers a low-cost whole life insurance policy with no required medical exam called the Guaranteed Acceptance Whole Life Insurance. The coverages are low, typically between $2,000 and $20,000, but acceptance is guaranteed for anyone under the age of 75, making it great for older individuals or those suffering from a pre-existing condition.
Of course, guaranteed acceptance means you are guaranteed to be accepted. However, that also means there is a waiting period of two years in which coverage will not be in effect. Should you die during the first two years, MetLife will refund your premiums plus additional interest, which really isn’t too impressive. You must be paying into the Guaranteed Acceptance Whole Life Insurance policy for at least two years prior to becoming eligible to receive full coverage.
This policy offered by MetLife covers funeral expenses up to a predetermined amount. There is no medical exam required and you don’t even have to answer any medical history questions. However, the policy does have to be in effect for at least two years before the death benefit or face value can be distributed.
This final expense life insurance is ideal for those that are terminally ill but expected to live at least two more years. If these are not your circumstances, a small whole life insurance policy might be the better option for you to cover your final expenses.
Who Benefits from MetLife Final Expense Insurance?
- Seniors with Hypertension: MetLife is more lenient towards this group of individuals and offers elite rates to senior citizens with blood pressure readings that would normally disqualify them from receiving low rates from other providers.
- Diabetics: Well-suited to provide coverage for those with both Type I and Type II Diabetes.
- Active Military: MetLife offers numerous attractive deals to active military personnel.
- Marijuana Users: Unlike most life insurance providers, MetLife does not categorize marijuana smokers the same as tobacco smokers.
MetLife and the insurance products that they offer provide an abundance of options for those searching for a life insurance policy. This company is reputable and well-established, and their policies are a great fit for many consumers.