MetLife Insurance Review

MetLife Insurance is a prominent player in the global insurance industry and provides a variety of product offerings to its customers. It is one of the top 50 largest corporations in the United States in total revenue. Here we discuss MetLife Insurance in more detail and provide you with information that will help you determine if the company is a good fit for your insurance needs. 

Company Background 

MetLife was founded in 1868 by a group of New York businessmen. Originally it was known as Metropolitan Life Insurance Company. Its primary focus was selling life insurance policies. In 1879, MetLife President Joseph F. Knapp began offering “workingmen’s” insurance programs in the United States. These programs provided insurance in small amounts and were paid for by premiums paid weekly or monthly by the policyholder. By 1909, MetLife had become the largest life insurer in the United States. 

It has been a known and trusted insurance provider for many generations for their families. Over the past 150 years, MetLife has provided over 70 million customers with insurance coverage. Today, the company offers its customers much more than just life insurance offerings and helps policyholders protect their finances, health, and futures. MetLife has 49,000 employees and does business in over 40 countries. 

The company has received many awards both within the United States and Globally, including “Reader’s Digest Most Trusted Brands,” “Corporate Knights Global 100 Most Sustainable Companies,” and “Fortune Magazine’s World’s Most Admired Companies,” among many others.  

MetLife Auto and Home Insurance 

If you’re looking for Auto or Home Insurance options through MetLife, you will have to consider another company, as MetLife no longer offers any of these products to its customers. 

In 2021 The Farmers Insurance Group acquired MetLife’s Auto & Home Insurance businesses and took over all of the associated policies. With the acquisition, customers with existing MetLife Auto policies changed to a Farmers GroupSelect policy, and MetLife is currently not writing any new auto or homeowner’s policies.

Previous customers must also access all existing policies through the Farmers Insurance website. They cannot complete anything auto or homeowner’s insurance-related through the MetLife website. 

MetLife Health Insurance 

For individuals and families, MetLife offers various healthcare-related insurance services. These options require that the individual looking to enroll works for a company that provides them as part of their employer-sponsored benefits plan. 

The exception to this requirement is the Dental Insurance for Veterans (VADIP) and Federal Dental Plan (FEDVIP). These two plans are available for people who meet the enrollment requirements regardless of their employment status. 

If you are an individual searching for some options to enhance your healthcare insurance, you can see if your company offers any of the following health insurance supplements from MetLife.

  • Dental Insurance 
  • Accident & Health Insurance 
  • Vision Insurance 
  • Disability Insurance

Your company benefits administrator can provide the details of the plans if they are available to you. Here’s an introductory look at what you might find within each category. 

Dental Insurance 

The dental plans offered by MetLife have options that cover routine visits, comprehensive coverage, and policies for major dental services. Here’s a glance at the currently available offerings.

  • PPO and HMO plans 
  • Dental Insurance for Veterans (VADIP) – is available for US military veterans and their families. 
  • Federal Dental Plan (FEDVIP) – is available for federal employees and retired uniformed service members and their families. 
  • MetLife TakeAlong Dental 

Note: Your employer may not offer all of these plans. However, neither the Dental Insurance for Veterans Plan nor the Federal Dental Plant requires enrollment through an employer. To purchase a policy, you must only meet the specified qualifications. 

Accident & Health Insurance 

MetLife does not offer comprehensive insurance plans to individuals and families. Still, it provides options that can enhance your health insurance coverage and save you more money out of pocket if you work in a company that offers them through their employee benefits. 

In the Accident & Health Insurance category MetLife offers the following:

  • Accident insurance can help offset costs that your existing medical plan does not cover.
  • Critical Illness Insurance provides a lump-sum payment that you can use in whatever way you need to during an unexpected and severe illness. 
  • Hospital Indemnity Insurance covers hospital admission, accident-related rehabilitation, and extended hospital stays.  
  • Cancer Insurance provides funds as a lump-sum payment that can be used flexibly for medical and non-medical expenses during a cancer diagnosis.  

If you are working for a company that offers these MetLife benefits, you can enroll in them during your company’s open-enrollment period. Individuals who do not work for a company that provides these benefits through MetLife Insurance are not eligible to purchase them independently. 

Vision Insurance 

Vision insurance can help you and your family maintain eye health and allow you to save out-of-pocket costs on glasses, contact lenses, and other eyecare-related expenses. 

MetLife Vision offers the following options for vision insurance, from basic to comprehensive. 

  • Superior Vision by MetLife 
  • Vision PPO Plan 
  • VisionAccess Plan 
  • Davis Vision by MetLife 

Like the Health & Accident Insurance options, vision insurance is only available if you work for a company that offers the policy as part of their benefits package.

MetLife Life Insurance 

MetLife got its start as a company by selling life insurance policies, so they continue to have a comprehensive offering of life insurance products, including: 

  • Term Life Insurance provides coverage for a contractually pre-determined time (10, 20, or 30 years) and helps replace lost income due to the household’s passing of the primary income earner. 
  • Group Variable Universal Life protects your family’s financial future while allowing you to invest portions of your policy’s cash value in stock market subaccounts. 
  • Group Universal Life Insurance offers comprehensive life insurance and a tax-deferred savings component under the same policy. 
  • Accidental Death Insurance is a cost-effective way to safeguard against unexpected events resulting in loss of life, sight, speech, hearing, and paralysis.

Again, the life insurance offerings are only available to individuals who work for a company that offers them as part of their employer-sponsored benefits package. 

What Else Does MetLife Offer? 

In addition to the health insurance and life insurance options we discussed that are only available for purchase through a participating employer, you can take advantage of the following options available through MetLife. 

Pet Insurance 

Purchasing pet insurance lets you feel confident that you will not face extensive unplanned expenses if your pet gets sick or in an accident. To take advantage of this offering, you select the coverage that meets your pet’s needs and enroll in the program. After paying the vet bill, you submit a claim to MetLife, and your policy reimburses you for the covered expenses. 

Legal Plans 

MetLife’s legal plan options provide easy access to a network of attorneys that can assist with legal issues such as wills and estates, home buying and selling contracts, traffic tickets, repossession, debt collection tax audits, etc. 

This plan costs around $200 for a whole year of coverage. This expense is much less than the hourly rate for many attornies. This option is a good selection for people who anticipate major life changes that may require legal assistance or want the peace of mind that they can have quick access to an attorney when they need one. 

Employer-Sponsored Retirement Plans 

Enrolling in a retirement savings plan offered through your employer can help you and your family prepare to have the resources and financial security you need when it is time to retire. For participating companies, MetLife offers their employers plans that can help you stay on track to meet your retirement goals.

Annuity Options 

MetLife offers several annuity products. An annuity is a contract policy between yourself and an insurance company that requires the insurer to make payments to you immediately or in the future. You buy an annuity by making a single payment (lump sum) or a series of payments over time.

Discounts Available Through MetLife 

Since MetLife Insurance no longer offers any auto or homeowner’s insurance policies, there are not a lot of discounts available to its customers. Most insurance company discounts come from bundling home and auto insurance or receiving discounts for good driving records. There are rarely discounts offered in the categories of health or life insurance. 

Additionally, MetLife’s health and life insurance plans are only available to individuals who work for an employer that participates in them. Therefore, rates are set by the specific contracts with each company.  

The one area where MetLife currently offers discounts is for their pet insurance products. If you purchase pet insurance through MetLife, you can be eligible for a discount if you are a military member, first responder, healthcare worker, or animal care provider.  

Final Review Of MetLife Insurance  

Since MetLife Insurance sold its auto and homeowner’s insurance to Farmers Insurance, it is primarily only an option for health insurance and life insurance if you work for a company that provides these options. 

As an individual looking to purchase insurance products outside of a company-sponsored plan, MetLife does not have much to offer. It is not an excellent option to explore when comparing your available options. The only options available to individuals outside of employers are their Pet Insurance and Legal Plans. 

If your company does offer health and life insurance products through MetLife Insurance, you can rest assured that the company is reputable and in good standing. It has been in business for 150 years and has served millions of customers globally. 

MetLife has an A+ rating from AM Best, which is one of the nation’s leading organizations for rating insurance companies. They also rank high for financial strength, indicating that they are reliable insurers that you can trust.

The table below shows all of the significant ratings for MetLife Insurance.

CompanyRating
NAIC1.00
BBBA-
AM BestA+
S & PBBB+
Moody’sA3

Here are some main pros and cons of MetLife Insurance based on research and customer feedback: 

Pros: 

  • A strong company with many awards and accolades and a good history of customer satisfaction. 
  • Dental insurance options are available for military veterans and federal employees. 
  • MetLife holds an A+ rating from AM Best, a leading insurance-rating company.
  • Additional high ratings from Fitch Ratings, Moody’s Investors, and Standard and Poor’s  
  • A financially strong company assures that claims will be able to be paid. 
  • Online portal for customers allows for easy access to insurance benefits and submittal of claims 24/7, 365 days a year. 
  • It is known for its charity and philanthropy and provides grants to and partners with various charitable organizations. 

Cons: 

  • No longer provides auto or homeowner’s insurance options to its customers, limiting the variety of products available to customers. 
  • All life and health insurance products are only available to employees who work for a company that participates in them. 
  • Complaints from customers say that the customer service is inconsistent and not helpful. 
  • Premiums for the offered products can be higher than for other companies. 

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