Metlife is one of the largest providers of individual life insurance policies in the USA. But does Metlife have low term life insurance rates compared to competing life insurance companies?
This review will examine the competitiveness of Metlife term life insurance rates against other life insurance companies, so people looking for a good term life insurance policy will know when to consider choosing Metlife. This review will also discuss the best way to buy term life insurance from Metlife, and why some independent life insurance agents may be reluctant to quote Metlife because of lower commissions.
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Metlife Term Life Insurance Rates Review
Metlife is the largest life insurer in the USA, as measured by its number of life insurance policies in force, and there are several ways you can buy Metlife life insurance. Before I review Metlife term life insurance compared to other companies, I’ll review the pros & cons of the different ways to buy Metlife life insurance, so you can decide which is the best way for you.
Term Life Insurance Direct from Metlife
You can get a term life insurance quote direct from the Metlife website (or by phone), but the rates quoted are higher than if you were quoted Metlife term life insurance by an independent insurance agent appointed by the company.
Through the Metlife website, a male non-smoker born January 1st, 1980 (making him 35 years old, but closer to his 36th birthday, as of the publishing date of this review, would pay between $35.99 to $75.99 (depending on his health) a month for a $500,000 20-year level-term life insurance policy.
Through an independent insurance agent, a male non-smoker born January 1st, 1980 (making him 35 years old, but closer to his 36th birthday, as of the publishing date of this review, would pay between $24.66 to $49.86 (depending on his health) a month for a $500,000 20-year level-term life insurance policy.
This discrepancy may indicate Metlife sells a different term life insurance product (with different rates) direct from the company, than the term life insurance product it sells through independent agents, and possibly its own Metlife agents.
Pros of buying life insurance direct from Metlife:
1. If you are looking for a small face amount of coverage of $100,000 or less, and are willing to pay slightly more for a simple approval process, Metlife offers simplified issue term life insurance and whole life insurance (up to $50,000) you can purchase without a medical exam.
2. Buying direct from the company, you don’t have to worry about a commissioned sales person pushing you towards a permanent life insurance policy.
Cons of buying life insurance direct from Metlife:
1. In spite of the expectation of getting lower rates by buying direct, you may pay more for your Metlife term life insurance policy.
2. No comparison to other term life insurance companies.
3. When buying direct, you don’t get the personal service that is important when buying fully-underwritten term life insurance requiring a medical exam, or the expertise to help you make wiser life insurance decisions.
Metlife Agents
Metlife life insurance agents are captive (as opposed to independent) insurance agents who primarily represent Metlife. You can locate a local Metlife office near you through the Metlife website.
Pros of buying life insurance from a Metlife agent:
1. As a New York-based company, regulated by the state of New York and subject to its rules limiting insurance agent commission, Metlife pays lower commissions than many other companies selling term life insurance. A Metlife agent has more of an incentive to sell Metlife products than an independent life insurance agent representing many companies.
2. Metlife agents may be able to offer a better Metlife term life insurance product the company does not allow independent insurance agents to sell.
3. Metlife agents can provide a higher level of personal service you are not likely to get from buying direct from the company.
Cons of buying life insurance from a Metlife agent:
1. Independent insurance agents may still have a better-priced Metlife term life insurance product than the Metlife term life insurance products sold by Metlife agents.
2. Metlife agents may be able to sell the term life insurance of other companies, but they have less incentive to compare Metlife to other term life insurance companies.
3. A Metlife agent may push permanent life insurance or other financial products. A good agent should show you the pros and cons of different life insurance options, but a some agents show you only the pros of permanent life insurance, and use it as a way to build cash value for retirement, if you afford it.
Independent Life Insurance Agents
Whether you decide to contact Metlife direct or through a Metlife agent, it’s wise to contact at least one experienced independent life insurance agent or agency for comparison quotes and expertise about life insurance and the term life insurance market. Independent life insurance agents specializing in term life insurance represent many companies, and unlike auto or home insurance, can shop most of the term life insurance market for you.
Pros of buying Metlife term life insurance from an independent agent:
1. Experienced independent life insurance agents with expertise in term life insurance know the market and can comparison shop to find the best company for you. Comparison shopping among several independent life insurance agents will help you get the best advice and choice of company, which may or may not be Metlife.
Cons of buying Metlife term life insurance from an independent agent:
1. Because of lower commissions, some independent agents may not offer you Metlife term life insurance, even if it has the best rates for you.
Metlife 20 Year Term Life Insurance Rates
Overall, many life insurance companies, with the same or better AM Best financial strength rating as Primerica, have better term life insurance rates, although Primerica has very competitive standard smoker rates for men for a ten year term life insurance policy, and for certain ages with a twenty year term life insurance policy. I should have the survey completed by December 1st, 2014, so if your age group is not posted yet, check back after November, and my rate survey should be complete.
MetLife Insurance Company USA has five health rating categories for its Guaranteed Level Term 20 term life insurance product: Elite Plus Nonsmoker, Preferred Nonsmoker, Standard Nonsmoker, Preferred Smoker, and Standard Smoker. MetLife Insurance Company USA does not have standard plus nonsmoker health category, so if you qualify for standard plus term life insurance rates with another company, it is likely to be much less expensive than the standard term life insurance rates from Metlife.
The rates shown below compare Metlife term life insurance rates to competitors based on qualifying for the same health category. Each company has its own requirements to qualify for a health category. One of the advantages of working with a knowledgeable independent life insurance agent is they know the requirements of each company, and may be able to get you a lower term life insurance rate with a company willing to insure and rate you for a better health category.
For example, you may be in perfect health, but many term life insurance companies disqualify you for preferred plus term life insurance rates because your father had a heart attack before age fifty. However, a good agent may know “Company X” will offer you its preferred plus term life insurance rates in spite of your family health history regarding your father.
When comparing term life insurance rates online, finding the company with the lowest rate does not mean you will qualify for that rate. Only with the help of experience term life insurance agents can you find the best rates for which you qualify. No single life insurance company has the best rates for everyone. Many people pay too much for their insurance because they never shop for better rates, or if they do shop, they don’t comparison shop with enough agents. Your life insurance needs & health change over time, so you should shop & review your coverage every one or two years. Remember — saving money by finding lower auto & home insurance rates can help you have the extra money you may need to buy the right amount of life insurance for you. The ad below will take you to links to get online quotes from leading Home, Auto, Health, & Life insurance companies in your area. Choose the type of insurance, put in your zip, and start shopping now!
Below is a sample of the term life insurance rates for the Guaranteed Level Term 20 term life insurance product from MetLife Insurance Company USA compared to the 20-year term life insurance policies of other companies with the lowest & highest term life insurance rates, to let you know if Metlife is competitively priced among the lowest cost term life insurance companies, for each scenario:
Male nonsmoker in his twenties
1. A $250,000 twenty-year term life insurance policy for a 23 year old male nonsmoker at standard rates would pay:
Metlife is competitive
Royal Neighbors of America: $21.25 monthly
MetLife Insurance Company USA: $23.54 monthly
Guardian Life Insurance Company of America: $31.54 monthly
2. A $500,000 twenty-year term life insurance policy for a 25 year old male nonsmoker at standard rates would pay:
Metlife is competitive
Assurity Life Insurance Company: $38.72 monthly
MetLife Insurance Company USA: $40.86 monthly
Lincoln National Life Insurance Company: $49.44 monthly
3. A $300,000 twenty-year term life insurance policy for a 27 year old male nonsmoker at preferred rates would pay:
Metlife is competitive
AAA Life Insurance Company: $18.66 monthly
MetLife Insurance Company USA: $19.71 monthly
TIAA-CREF Life Insurance Company: $24.07 monthly
4. An one million dollar twenty-year term life insurance policy for a 29 year old male nonsmoker at preferred rates would pay:
Metlife is competitive
Ohio National Life Assurance Corporation: $48.01 monthly
MetLife Insurance Company USA: $51.21 monthly
Nationwide Life and Annuity Insurance Company: $61.86 monthly
Male smoker in his twenties
1. A $300,000 twenty-year term life insurance policy for a 24 year old male smoker at standard rates would pay:
Metlife is not competitive
Cincinnati Life Insurance Company: $49.63 monthly
MetLife Insurance Company USA: $65.07 monthly
Genworth Life Insurance Company: $73.94 monthly
2. A $600,000 twenty-year term life insurance policy for a 28 year old male smoker at standard rates would pay:
Metlife is not competitive
Primerica Life Insurance Company: $97.19 monthly
MetLife Insurance Company USA: $130.95 monthly
Illinois Mutual Life Insurance Company: $141.50 monthly
3. A $250,000 twenty-year term life insurance policy for a 26 year old male smoker at preferred rates would pay:
Metlife is competitive
Cincinnati Life Insurance Company: $36.52 monthly
MetLife Insurance Company USA: $37.94 monthly
Pruco Life Insurance Company: $43.65 monthly
4. A $750,000 twenty-year term life insurance policy for a 22 year old male smoker at preferred rates would pay:
Metlife is not competitive
Assurity Life Insurance Company: $78.52 monthly
MetLife Insurance Company USA: $101.39 monthly
Farmers New World Life Insurance Company: $114.98 monthly
Female nonsmoker in her twenties
1. A $350,000 twenty-year term life insurance policy for a 24 year old female nonsmoker at standard rates would pay:
Metlife is not competitive
Sagicor Life Insurance Company: $21.61 monthly
MetLife Insurance Company USA: $25.11 monthly
Independent Order of Foresters: $31.55 monthly
2. A $700,000 twenty-year term life insurance policy for a 28 year old female nonsmoker at standard rates would pay:
Metlife is not competitive
Assurity Life Insurance Company: $38.98 monthly
MetLife Insurance Company USA: $45.27 monthly
Pruco Life Insurance Company: $57.42 monthly
3. A $250,000 twenty-year term life insurance policy for a 26 year old female nonsmoker at preferred rates would pay:
Metlife is competitive
AAA Life Insurance Company: $13.42 monthly
MetLife Insurance Company USA: $14.76 monthly
Farmers New World Life Insurance Company: $17.48 monthly
4. A $800,000 term life insurance policy for a 29 year old female nonsmoker at preferred rates would pay:
Metlife is not competitive
Assurity Life Insurance Company: $30.45 monthly
MetLife Insurance Company USA: $35.73 monthly
Massachusetts Mutual Life Insurance: $44.11 monthly
Female smoker in her twenties
1. A $200,000 twenty-year term life insurance policy for a 23 year old female smoker at standard rates would pay:
Metlife is not competitive
ReliaStar Life Insurance Company: $32.11 monthly
MetLife Insurance Company USA: $40.77 monthly
Phoenix Life Insurance Company: $44.19 monthly
2. A $400,000 twenty-year term life insurance policy for a 27 year old female smoker at standard rates would pay:
Metlife is not competitive
Assurity Life Insurance Company: $45.41 monthly
MetLife Insurance Company USA: $64.17 monthly
Genworth Life Insurance Company: $68.08 monthly
3. A $300,000 twenty-year term life insurance policy for a 22 year old female smoker at preferred rates would pay:
Metlife is not competitive
Ohio National Life Assurance Corporation: $30.53 monthly
MetLife Insurance Company USA: $41.04 monthly
Guardian Life Insurance Company of America: $41.46 monthly
4. A $500,000 twenty-year term life insurance policy for a 28 year old female smoker at preferred rates would pay:
Metlife is not competitive
Assurity Life Insurance Company: $41.76 monthly
MetLife Insurance Company USA: $64.26 monthly
Accordia Life and Annuity Company: $72.09 monthly
Male nonsmoker in his thirties
1. A $250,000 twenty-year term life insurance policy for a 33 year old male nonsmoker at standard rates would pay:
Metlife is competitive
Banner Life Insurance Company: $24.63 monthly
MetLife Insurance Company USA: $26.01 monthly
Pruco Life Insurance Company: $34.43 monthly
2. A $500,000 twenty-year term life insurance policy for a 35 year old male nonsmoker at standard rates would pay:
Metlife is competitive
Ohio National Life Assurance Corporation: $44.55 monthly
MetLife Insurance Company USA: $47.16 monthly
Primerica Life Insurance Company: $63.18 monthly
3. A $300,000 twenty-year term life insurance policy for a 37 year old male nonsmoker at preferred rates would pay:
Metlife is competitive
Banner Life Insurance Company: $22.31 monthly
MetLife Insurance Company USA: $23.22 monthly
Independent Order of Foresters: $30.02 monthly
4. An one million dollar twenty-year term life insurance policy for a 39 year old male nonsmoker at preferred rates would pay:
Metlife is competitive
Ohio National Life Assurance Corporation: $65.31 monthly
MetLife Insurance Company USA: $71.91 monthly
John Hancock Life Insurance Company USA: $87.30 monthly
Male smoker in his thirties
1. A $300,000 twenty-year term life insurance policy for a 34 year old male smoker at standard rates would pay:
Metlife is not competitive
National Western Life Insurance Company: $70.04 monthly
MetLife Insurance Company USA: $79.38 monthly
Sagicor Life Insurance Company: $96.79 monthly
2. A $600,000 twenty-year term life insurance policy for a 38 year old male smoker at standard rates would pay:
Metlife is not competitive
TIAA-CREF Life Insurance Company: $171.94 monthly
MetLife Insurance Company USA: $204.93 monthly
Baltimore Life Insurance Company: $226.28 monthly
3. A $250,000 twenty-year term life insurance policy for a 36 year old male smoker at preferred rates would pay:
Metlife is competitive
Ohio National Life Assurance Corporation: $48.44 monthly
MetLife Insurance Company USA: $53.91 monthly
New York Life Insurance Company: $61.10 monthly
4. A $750,000 twenty-year term life insurance policy for a 32 year old male smoker at preferred rates would pay:
Metlife is not competitive
Ohio National Life Assurance Corporation: $106.40 monthly
MetLife Insurance Company USA: $125.01 monthly
Minnesota Life Insurance Company: $150.01 monthly
Female nonsmoker in her thirties
1. A $350,000 twenty-year term life insurance policy for a 34 year old female nonsmoker at standard rates would pay:
Metlife is competitive
Royal Neighbors of America: $26.96 monthly
MetLife Insurance Company USA: $30.15 monthly
Massachusetts Mutual Life Insurance: $37.28 monthly
2. A $700,000 twenty-year term life insurance policy for a 38 year old female nonsmoker at standard rates would pay:
Metlife is competitive
Ohio National Life Assurance Corporation: $62.80 monthly
MetLife Insurance Company USA: $67.32 monthly
Guardian Life Insurance Co of America: $76.30 monthly
3. A $250,000 twenty-year term life insurance policy for a 36 year old female nonsmoker at preferred rates would pay:
Metlife is competitive
Ohio National Life Assurance Corporation: $16.22 monthly
MetLife Insurance Company USA: $17.46 monthly
TIAA-CREF Life Insurance Company: $20.40 monthly
4. A $800,000 term life insurance policy for a 39 year old female nonsmoker at preferred rates would pay:
Metlife is competitive
Ohio National Life Assurance Corporation: $46.62 monthly
MetLife Insurance Company USA: $48.69 monthly
Nationwide Life and Annuity Insurance Co: $55.09 monthly
Female smoker in her thirties
1. A $200,000 twenty-year term life insurance policy for a 33 year old female smoker at standard rates would pay:
Metlife is not competitive
Security Mutual Life Insurance Co of NY: $40.77 monthly
MetLife Insurance Company USA: $55.17 monthly
United of Omaha Life Insurance Company: $59.89 monthly
2. A $400,000 twenty-year term life insurance policy for a 37 year old female smoker at standard rates would pay:
Metlife is not competitive
Pacific Life Insurance Company: $84.42 monthly
MetLife Insurance Company USA: $97.65 monthly
Farmers New World Life Insurance Company: $98.52 monthly
3. A $300,000 twenty-year term life insurance policy for a 32 year old female smoker at preferred rates would pay:
Metlife is not competitive
Ohio National Life Assurance Corporation: $39.62 monthly
MetLife Insurance Company USA: $48.06 monthly
Fidelity Life Association: $51.07 monthly
4. A $500,000 twenty-year term life insurance policy for a 38 year old female smoker at preferred rates would pay:
Metlife is not competitive
Ohio National Life Assurance Corporation: $80.88 monthly
MetLife Insurance Company USA: $105.21 monthly
John Hancock Life Insurance Company USA: $118.40 monthly
Male nonsmoker in his forties
1. A $250,000 twenty-year term life insurance policy for a 43 year old male nonsmoker at standard rates would pay:
Metlife is competitive
American General Life Insurance Company: $43.88 monthly
MetLife Insurance Company USA: $45.81 monthly
John Hancock Life Insurance Company USA: $63.70 monthly
2. A $500,000 twenty-year term life insurance policy for a 45 year old male nonsmoker at standard rates would pay:
Metlife is competitive
Banner Life Insurance Company: $99.23 monthly
MetLife Insurance Company USA: $103.41 monthly
Pruco Life Insurance Company: $119.25 monthly
3. A $300,000 twenty-year term life insurance policy for a 47 year old male nonsmoker at preferred rates would pay:
Metlife is competitive
Pacific Life Insurance Company: $44.42 monthly
MetLife Insurance Company USA: $49.68 monthly
Massachusetts Mutual Life Insurance Company: $60.03 monthly
4. An one million dollar twenty-year term life insurance policy for a 49 year old male nonsmoker at preferred rates would pay:
Metlife is competitive
Ohio National Life Assurance Corporation: $163.92 monthly
MetLife Insurance Company USA: $176.31 monthly
Nationwide Life and Annuity Insurance Company: $198.03 monthly
Male smoker in his forties
1. A $300,000 twenty-year term life insurance policy for a 44 year old male smoker at standard rates would pay:
Metlife is not competitive
National Western Life Insurance Company: $152.01 monthly
MetLife Insurance Company USA: $180.90 monthly
Farmers New World Life Insurance Company: $186.85 monthly
2. A $600,000 twenty-year term life insurance policy for a 48 year old male smoker at standard rates would pay:
Metlife is not competitive
Transamerica Life Insurance Company: $425.19 monthly
MetLife Insurance Company USA: $488.97 monthly
Illinois Mutual Life Insurance Company: $517.44 monthly
3. A $250,000 twenty-year term life insurance policy for a 46 year old male smoker at preferred rates would pay:
Metlife is competitive
Ohio National Life Assurance Corporation: $114.18 monthly
MetLife Insurance Company USA: $123.66 monthly
Primerica Life Insurance Company: $169.34 monthly
4. A $750,000 twenty-year term life insurance policy for a 42 year old male smoker at preferred rates would pay:
Metlife is not competitive
Ohio National Life Assurance Corporation: $220.58 monthly
MetLife Insurance Company USA: $247.86 monthly
New York Life Insurance Company: $282.20 monthly
Female nonsmoker in her forties
1. A $350,000 twenty-year term life insurance policy for a 44 year old female nonsmoker at standard rates would pay:
Metlife is competitive
Ohio National Life Assurance Corporation: $51.34 monthly
MetLife Insurance Company USA: $54.41 monthly
Guardian Life Insurance Company of America: $70.04 monthly
2. A $700,000 twenty-year term life insurance policy for a 48 year old female nonsmoker at standard rates would pay:
Metlife is competitive
Midland National Life Insurance Company: $133.85 monthly
MetLife Insurance Company USA: $140.40 monthly
Assurity Life Insurance Company: $172.96 monthly
3. A $250,000 twenty-year term life insurance policy for a 46 year old female nonsmoker at preferred rates would pay:
Metlife is competitive
American General Life Insurance Company: $29.01 monthly
MetLife Insurance Company USA: $31.64 monthly
TIAA-CREF Life Insurance Company: $35.53 monthly
4. A $800,000 term life insurance policy for a 49 year old female nonsmoker at preferred rates would pay:
Metlife is not competitive
Ohio National Life Assurance Corporation: $96.45 monthly
MetLife Insurance Company USA: $127.17 monthly
Sunset Life Insurance Company of America: $133.11 monthly
Female smoker in her forties
1. A $200,000 twenty-year term life insurance policy for a 43 year old female smoker at standard rates would pay:
Metlife is not competitive
ReliaStar Life Insurance Company: $77.44 monthly
MetLife Insurance Company USA: $106.47 monthly
Primerica Life Insurance Company: $128.35 monthly
2. A $400,000 twenty-year term life insurance policy for a 47 year old female smoker at standard rates would pay:
Metlife is competitive
Pacific Life Insurance Company: $189.42 monthly
MetLife Insurance Company USA: $200.25 monthly
Lincoln National Life Insurance Company: $253.23 monthly
3. A $300,000 twenty-year term life insurance policy for a 42 year old female smoker at preferred rates would pay:
Metlife is not competitive
Ohio National Life Assurance Corporation: $72.83 monthly
MetLife Insurance Company USA: $88.02 monthly
Lincoln National Life Insurance Company: $100.80 monthly
4. A $500,000 twenty-year term life insurance policy for a 48 year old female smoker at preferred rates would pay:
Metlife is not competitive
Ohio National Life Assurance Corporation: $185.98 monthly
MetLife Insurance Company USA: $223.56 monthly
United of Omaha Life Insurance Company: $223.78 monthly
Metlife Life Insurance Review Summary
As you can see from the rates shown above, Metlife often has competitively priced term life insurance for male (and sometimes female) nonsmokers, but sometimes not the lowest rate.
As you’ve seen in this review, some life insurance companies charge a lot more than the price of other companies for the same coverage. No single life insurance company has the best rates for everyone. Many people pay too much for their insurance because they never shop for better rates, or if they do shop, they don’t comparison shop with enough agents. Your life insurance needs & health change over time, so you should shop & review your coverage every one or two years.
If you want a reputable & financially sound life insurance company, competitively priced rates, the proper type of policy for you, and a smooth process buying the coverage you need, comparison shop with several life insurance agents & agencies, so you can find an agent offering the best life insurance options for you at a low price. Life insurance can be adjusted to fit any person’s budget, & a good agent representing many life insurance companies and having knowledge of the market can help find the best life insurance policy for you.
What do you think about this review of Metlife & its term life insurance rates? Comment or ask me questions on my facebook page. Follow me on Twitter for important insurance consumer news & new blog entries at CarInsWatch.