Metropolitan Life Insurance Company, better known as MetLife, is one of the largest insurance providers globally. With more than 90 million customers in 60 countries, MetLife offers a wide range of products, including life insurance, annuities, and employee benefits.
Types of MetLife Life Insurance Plans
PEBB Program
Effective January 1, 2017, MetLife joined the PEBB program as a new carrier for benefit-eligible employees. This program allows employees to enroll in a supplemental life insurance policy with a guaranteed issue limit of $500,000 without requiring carrier approval. The PEBB program offers:
- Basic life insurance and AD&D insurance free of charge
- Additional supplemental life insurance plans up to $10,000 per family member
- Eligibility for employees working for a participating employer or educational service district
Enhanced Rate Plus Program
The MetLife Enhanced Rate Plus program allows you to move from a standard rating class to the highest rating class without a medical exam. Benefits of this program include:
- Underwriting decisions within a week
- No paramedical exams or lab work
- Access to MetLife Investors, New England Financial, MetLife SalesForce, and Predictor Plus Variable Annuities
Term Life Insurance
Offers term life insurance policies including options that do not require a medical exam. Key features include:
- Coverage amounts up to $100,000
- Premiums are determined by age, increasing every five years
- The level premium for the initial policy term, with adjustments as you age
No Medical Exam Life Insurance
For those looking to avoid a medical exam, MetLife offers no-exam life insurance policies. These plans provide:
- Immediate approval without a physical exam
- Convenience of avoiding doctor’s visits
- Coverage despite potential health concerns, though typically at a higher cost
Additional MetLife Life Insurance Options
MetLife Universal Life Insurance
The policies offer flexible premiums and adjustable death benefits. These policies can accumulate cash value over time, providing additional financial resources.
MetLife Guaranteed Life Insurance
Ensure coverage regardless of health condition, making them an option for people who don’t qualify for other types of life insurance.
Administrative Fees
When purchasing a policy, be aware of potential administrative fees. This fee is assessed on every transaction involving a Metlife plan. It’s important to educate yourself on the different types of policies to avoid unexpected costs.
Common Types of Administrative Fees
- Transaction fees for policy changes
- Finder’s fees for referrals
Conclusion
The best MetLife Life Insurance plan depends on your individual needs and circumstances. Whether you are looking for a no-exam policy term universal life insurance plan, MetLife offers a variety of options to meet your needs. Be sure to consider all aspects, including possible administrative fees, to make an informed decision.
