MetLife Insurance Review: Pros, Cons, and Pricing

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MetLife is one of the largest and oldest insurance companies in the world, offering a variety of products and services to individuals and businesses. MetLife provides life, auto, home, dental, vision, and disability insurance, as well as annuities, employee benefits, and financial planning. In this article, we will review the pros and cons of MetLife insurance, as well as its pricing and customer ratings.

Pros of MetLife Insurance

  • Portable coverage at group rates: If you have access to MetLife insurance through your employer, you may benefit from lower premiums and more flexible options than buying individual policies. You can also keep your coverage if you leave your job, as long as you pay the premiums yourself.
  • Convertible term coverage: MetLife offers term life insurance policies that can be converted to universal life policies without having to undergo a medical exam or provide proof of insurability. This can be a convenient option if you want to extend your coverage or build cash value over time.
  • Living benefits included: Some of MetLife’s life insurance policies include chronic illness and terminal illness riders at no extra cost. These riders allow you to access a portion of your death benefit while you are still alive, if you meet certain criteria. This can help you cover medical expenses or other needs in case of a serious illness.
  • Robust coverage options: MetLife offers a wide range of coverage options for auto and home insurance, such as roadside assistance, rental car reimbursement, identity theft protection, personal property replacement, and liability protection. You can customize your policy to suit your needs and budget.
  • Superior financial strength: MetLife has an A+ rating from A.M. Best, which indicates its strong ability to pay out claims and meet its financial obligations. MetLife is also one of the largest and most stable insurance companies in the world, with over 150 years of experience and a global presence.

Cons of MetLife Insurance

  • Poor customer satisfaction ranking: MetLife scored below average in the J.D. Power 2024 U.S. Individual Life Insurance Study and the J.D. Power 2024 U.S. Auto Insurance Study, which measure customer satisfaction with various aspects of the insurance experience, such as billing, claims, policy offerings, and interaction. MetLife also received a 1.5/5 rating from Trustpilot and a 1.09/5 rating from Better Business Bureau customers, which indicate low levels of customer satisfaction and trust.
  • High number of consumer complaints: MetLife had more than triple the expected number of complaints with the National Association of Insurance Commissioners (NAIC) given its size, which indicates problems with customer service, claims handling, or policy administration. The most common complaints were about delays, denials, or unsatisfactory settlements of claims, as well as billing or premium issues.
  • Pricier average rates: MetLife’s average rates for auto and home insurance are higher than the national average, according to The Zebra. MetLife’s average annual premium for auto insurance is $1,957, compared to the national average of $1,548. MetLife’s average annual premium for home insurance is $1,372, compared to the national average of $1,215. However, your actual rates may vary depending on your location, coverage, and other factors.

Pricing of MetLife Insurance

The pricing of MetLife insurance depends on several factors, such as the type and amount of coverage you choose, your personal and financial information, your driving and claims history, and your location. The best way to get an accurate quote for MetLife insurance is to contact a MetLife agent or visit its website. You can also compare quotes from different insurance companies using online tools like The Zebra or NerdWallet.

Here are some examples of MetLife’s average annual premiums for different types of insurance, based on data from The Zebra and NerdWallet:

  • Term life insurance: $500,000 of coverage for a 40-year-old male nonsmoker for 20 years costs $411 per year.
  • Universal life insurance: $250,000 of coverage for a 40-year-old male nonsmoker with a guaranteed death benefit and a 4% interest rate costs $2,340 per year.
  • Auto insurance: Full coverage for a 40-year-old driver with a clean record and a 2024 Honda Accord costs $1,957 per year.
  • Home insurance: $300,000 of dwelling coverage and $300,000 of liability coverage for a 2,500-square-foot home built in 2024 costs $1,372 per year.

Customer Ratings of MetLife Insurance

MetLife has mixed customer ratings from various sources, such as J.D. Power, Trustpilot, Better Business Bureau, and NAIC. Here are some of the ratings MetLife received from these sources:

  • J.D. Power 2024 U.S. Individual Life Insurance Study: 2/5
  • J.D. Power 2024 U.S. Auto Insurance Study: 2/5
  • Trustpilot: 1.5/5
  • Better Business Bureau Customer Reviews: 1.09/5
  • NAIC Complaint Index: 3.802 (above average)

Conclusion

MetLife is a reputable and financially strong insurance company that offers a variety of products and services to individuals and businesses. MetLife has some advantages, such as portable coverage at group rates, convertible term coverage, living benefits included, and robust coverage options. However, MetLife also has some drawbacks, such as poor customer satisfaction ranking, high number of consumer complaints, and pricier average rates. Therefore, before you buy MetLife insurance, you should compare quotes and reviews from other insurance companies to find the best option for you.

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