Review of MetLife Life Insurance

MetLife Life Insurance is offered through employers as an employee benefit and cannot be purchased separately. This comes with many advantages such as requiring less personal management than individual plans and more additional features such as retirement planning and will preparation.

It is also common to find that you benefit from competitive rates and payroll deductions through your employer to make your insurance cheaper.

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Pros
  • Excellent value with some plans costing you nothing at all
  • Fully-featured plans that cover everything from funeral discounts to digital legacy services
  • Transition solutions to help you move on from a company and keep your policy
  • Suitable for employers and HR professionals
  • Competitive rates and payroll deductions
Cons
  • Must stay with employer for maximum benefit
  • Only offered through workplaces or employers

About MetLife

MetLife, or the Metropolitan Life Insurance Company, is one of the largest providers of insurance and employee benefit programs in the world.

The company went public in 2000 but was actually founded in 1868 and now has 90 million customers in over 60 countries, along with serving 90 of the largest Fortune 500 companies. Their options are targeted to working individuals and are arranged through employers.

MetLife Life Insurance Options: Our Honest Breakdown

If you’re certain about aligning yourself with a specific company then MetLife is a fantastic choice. Insuring your life is important but there are times when the premiums and complications can become too much for you to handle. As a result, you may want to take a much easier solution that is handled by someone else so you have less to think about - especially if your employer makes you eligible for discounted rates.

That’s what MetLife life insurance is about–making it easy for you so you can focus on other financial responsibilities and your career.

However, not every employer is going to offer MetLife life insurance, so make sure you speak with them to see what options are available. Getting it through your workplace is affordable and, in some cases, you might even end up paying nothing for it at all.

Premiums generally depend on factors such as your age, sex, height, and how high-risk your occupation is, meaning you could potentially save a lot of money on a term life insurance plan.

MetLife has two main options:

MetLife Life Insurance: Term

Basic Term Life

  • Employer-paid coverage that offers essential financial protection.
  • To get full details, contact your company’s benefits administrator.

Supplemental Term Life

  • Employer-paid benefit that allows you to purchase additional protection as you need.
  • To get full details, contact your company’s benefits administrator.

Dependent Term Life

  • Plans that provide coverage not just for you, but for your family as well.
  • To get full details, contact your company’s benefits administrator.

These are great value options that will help you cover specific financial responsibilities and can supplement a permanent policy.

Often these plans will also include benefits such as funeral discounts, will preparation services, digital legacy creation, and retirement planning - the precise details of each policy can only be found out by asking your employer.

MetLife Life Insurance: Permanent

MetLife life insurance offers two different permanent options which both operate in similar ways. You get protection for your whole life, not just while you’re working, and both enable you to pay extra cash in above the premium rate in order to invest money for your retirement. Here’s how they both work:

Group Variable Universal Life (GVUL)

  • Combines a universal MetLife life insurance policy with a tax deferred investment feature.
  • Allows you to make additional payments above the insurance premium which are then invested in a variety of investment options to make money for your retirement.
  • Can make cash withdrawals at any time with no early withdrawal penalties or surrender charges.
  • Additional payments above the premium can be stopped at any time, and can also be made in a lump sum at any point.
  • Tax-free death benefit.
  • Portable: you can take the policy with you if you leave the company.
  • To get full details, contact your company’s benefits administrator.

Group Universal Life (GUL)

  • The same idea as GVUL, but the tax deferred cash value accumulation (the payments above the premium) go into an interest-bearing account rather than into investments.
  • The account into which your payments go has a guaranteed minimum interest rate.
  • Tax-free death benefit.
  • Portable: you can take the policy with you if you leave the company.
  • To get full details, contact your company’s benefits administrator.

These MetLife Life Insurance policies combine a universal policy with structured savings for retirement, making your life easier, insuring you, and your money go further later in life all at the same time.

Often these plans will also include benefits such as funeral discounts, will preparation services, digital legacy creation, and retirement planning - the finer details of each policy can only be found out by asking your employer.

MetLife Life Insurance: Conclusion

MetLife offers great policies that your employer can improve by adding benefits such as a funeral discount, will writing, and digital legacy creation. This, combined with the variety and flexibility of the policies offered and the fact you can often keep a policy even if you move jobs, means it’s definitely worth asking your employer if they offer insurance through MetLife.