Metlife Term Life Insurance
MetLife states that it offers its term life insurance policies at low and sometimes no cost at all. It offers three different types of policies:
Basic: This policy covers an individual for a specific period. The term duration can be discussed with a group benefits advisor of the company since every employer has a different kind of agreement with MetLife.
Supplemental: As the name suggests, this is an add-on that may be offered to people who want additional coverage, in addition to their regular MetLife group term life insurance plan. The supplement term life plan is not available throughout the year but maybe provided during specific periods or open enrollments decided by employers if your needs change over time.
You can use supplemental term life insurance plans to add a limited amount of increments with different benefit options.
Dependent: This insurance plan provides coverage for your spouse, children, civil union, or domestic partner. Typically, this MetLife term insurance plan allows $10,000 in increments up to $100,000 or 50% of the optional life insurance coverage, whichever is less. If you do not have optional life insurance, you can have increments of a maximum of $20,000.
A full application is required for spouses that are not on the plan. A $15,000 coverage is also available for dependent children.
Beneficiaries Don’t Know That A Life Insurance Policy Exists Under Which They Are Beneficiaries
It may come as a surprise, but sometimes beneficiaries do not know that they are covered by the insureds individual or group life insurance policy. The insured may have a variety of reasons for keeping this information secret from the beneficiaries, but an unfortunate consequence is that the benefits could end up unclaimed because no one actually realized that they could make a claim. I
Tell the beneficiaries of your life insurance that when you die they will be entitled to death benefits. And provide them with the name and location of the life insurance company as well as the policy number.
Have The Death Certificate Ready
Life insurance companies will require a death certificate which gives proof that the insured person is deceased. Most companies will require an original death certificate and they do not return this. To expedite the process of a claim, order enough death certificates to provide an original copy to each life insurance company.
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The Original Life Insurance Company No Longer Exists Or Cannot Be Located
The name of the company that sold the original life insurance policy may have changed, possibly making it more difficult for the beneficiary to locate the insurer in order to make a claim. Life insurance companies are not any different from companies in any other industry in this respectbut the multi-decade length of the contract can transform this type of normal corporate development into an extra hurdle for beneficiaries. Some will not know where or how to look for the new insurer, leaving the benefits unclaimed when the insured dies. Typically, an insurer that is changing its name or location will notify its policyholders of such a change.
Keep a record of any notices regarding changes to the name, location or contact information for your life insurance company to make it easier for your beneficiaries to make a claim.
Getting Coverage Before Your Effective Date
Because the life insurance process requires various steps for approval, there is a gap of time from when you start your application and when your coverage actually kicks in.
If you die during that in-between time , then your family wonât receive a death benefit. To make sure that they are financially protected in the event of your death, you can purchase temporary life insurance coverage.
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Choosing A Life Insurance Beneficiary
As part of the process when buying life insurance, you’ll need to designate one or more beneficiaries. This is who you want to receive the death benefit from your policy when you pass away. A life insurance beneficiary can be:
- A spouse
- Charitable organization
- A trust
You can choose to name a single beneficiary or a primary beneficiary and one or more contingent beneficiaries. A contingent beneficiary would receive death benefits from your life insurance policy if the primary beneficiary passes away.
Minor children can’t be named as beneficiaries of a life insurance policy.
What Types Of Life Insurance Coverage Does Metlife Offer
MetLifes primary focus is on offering benefits to employees via their employers. See if MetLife is available via your companys benefits administrator.
As a standard, MetLife offers certain policies to employees via their jobs:
- Term life. Protection for 10, 15, 20 or 30 years is ensured with affordable coverage. Your company may provide you with basic, supplementary, and dependent term life insurance coverage.
- Existence for all time. These adaptable plans allow you to keep your coverage as long as you like while paying for it as you go based on the worth of your account. Youll be able to accumulate money tax-deferred and have money in the bank when youre older.
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Metlife Life Insurance Rates
MetLife Life Insurance website does not display the pricing of its policies since the pricing is negotiated by the employers on behalf of their employees. The company states that it offers MetLife term life insurance quotes that are low and are sometimes available at no cost.
Your MetLife Life Insurance quote may be affected by a variety of factors, including the age, gender, height, weight of employees, their health and smoking status, whether they worked/work in a high-risk environment and other factors.
As you age, life insurance plans get even more expensive. Your MetLife Life Insurance payment also depends on how much coverage you have. Permanent policies are more expensive than term policies with the same benefit levels.
Metlife Insurance Customer Service
MetLife Life Insurance offers several convenient options to contact its customer support team. Here are some of the channels:
MetLife Life Insurance Contact Us Form: You can find the form and fill it out here:
MetLife Life Insurance Customer Service Number: You can call MetLife at 800-858-6506 Monday through Friday from 9 am to 6 pm ET.
MetLife Life Insurance Social: You can contact the company through its Facebook and Twitter channels.
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Unclaimed Life Insurance Benefits
Sometimes beneficiaries dont claim the money theyre owed. Insurers try to contact them, but don’t always succeed. For instance, it can be hard to find someone who moves or changes their name. Sometimes, the insurer doesnt even know about the insured persons death.
You may be able to find lost life insurance payouts through a few sources. Review the deceaseds records for any clues. You can also check your states unclaimed property division. Finally, the NAIC Life Insurance Policy Locator may be able to help. But, you might not get an answer if its unclear how youre connected to the policy.
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Metlife Life Insurance Reviews And Complaints
There are just roughly 100 TrustPilot reviews for MetLife as of 2020. However, 72% of them are rated as poor, with a TrustScore of 2.2. In addition, over the past year, the firm has failed to reply to any negative Trustpilot evaluations.
MetLife has a B- rating from 96 customer reviews but is not recognized by the Better Business Bureau. Thats not a good grade, especially when you consider that the majority of large insurers get an A. AM Best gives them a financial rating of A+.
JD Powers 2020 customer satisfaction survey for individual life insurance rated MetLife at 773 out of 1,000 points, placing it 8th overall and 10 points above the average.
Metlife Group Life Insurance Rates
There is no information on MetLifes pricing structure posted online, although they do take the following factors into account when calculating the price of life insurance:
- Age, gender, height, and weight are all required information.
- A persons general well-being, including things like smoking habitsjobs with a high level of risk exposure
- The cost of life insurance rises with age. The cost is also influenced by the sort of coverage you get. Term insurance is less expensive, whereas permanent insurance is more expensive.
- Check out some example quotations below for a policy with a term of 20 years for an individual in excellent health to get an idea of how much you may spend for your insurance.
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Keeping A Policy In Force
Youâve been interviewed, taken a medical exam, and paid your first premium, which effectively makes your policy active â now what? For your life insurance policy to remain in force, and in turn, for a death benefit to be paid out when you die, youâll need to continue to make premium payments on time.
There are other caveats as well. For example, if you lie on your life insurance application and the insurer finds out during your contestability period, they can cancel your policy and invalidate your coverage.
The Average Waiting Period Is A Few Years
Every life insurance policy is different in terms of the waiting period before it takes effect. Some policies will have you eligible for a death benefit immediately, while others will make you wait four or five years before it takes effect. However, the average amount of time before your life insurance kicks in is one to two years. Insurance companies implement these waiting periods to prevent insurance fraud and to protect themselves financially. If you purchase an insurance policy and then pass away the next month, this means you havent paid any premiums on the policy, so its not financially viable for the insurance company to pay your benefits in this case. These rules encourage consumers to purchase life insurance earlier on for better protection.
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How Long Do You Have To Have Life Insurance Before You Die
Life insurance is an important investment for anyone it protects your family from financial hardship in the event of your death. However, many people put off getting life insurance until later in life, when their chances of passing away are higher. If youve been putting off getting life insurance and are getting older, you may be wondering how long you have to have life insurance before you die in order for it to take effect. Heres what you need to know about purchasing life insurance later in life.
Fegli Coverage: What Is Basic Life Insurance Under Fegli
New Federal employees are automatically guaranteed Basic life insurance coverage on the date they are eligible for FEGLI. Premiums will be automatically deducted from employees paychecks unless they opt out. If an employee does not wish to participate in FEGLI, he needs to notify his employer in writing. If the employer receives such notice before the employee becomes insured, the insurance will not take effect on the effective date. If the employer receives notice after FEGLI takes effect, it will stop at the end of the pay period in which the notice was received.
How much is the FEGLI death benefit?
A Federal employees basic life insurance coverage amount usually equals his annual salary. An employee who is younger than 45 is eligible to be insured for an amount that is equal to the employees basic insurance amount multiplied by the appropriate factor based on the employees age. In addition to basic life insurance coverage, FEGLI insureds are eligible for optional coverage and AD& D coverage .
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Why Does Metlife Deny Claims
There are very few legitimate reasons to deny a life insurance claim. If the policyholder dies within two years of the policy going into effect , a life insurance provider can investigate and deny claims due to problems in the life insurance application. If a person provided false information on their life insurance application, then the provider can rescind a policy and refund the premiums rather than pay out death benefits. Typical reasons a policy may be rescinded include:
- Lying about income
- Failing to disclose medical history
- Lying about smoking, alcohol, or drug use
- Failing to disclose another life insurance policy
- Misrepresenting immigration status
- Suicide within two years of policy effective date
After the contestability period, life insurance providers cannot deny claims even if the policyholder lied on their application. Life insurance companies can only rely on very specific reasons to deny a claim, including:
- Lapse of a policy due to unpaid premiums
- Specifically excluded causes of death, such as death during the commission of a crime
- The death was the result of murder by a beneficiary
Can Anyone Say Paperwork Paperwork Paperwork
Another common holdup to the distribution of life insurance benefits is simply paperwork. Form after form, theres going to be piles of work to be done before any sort of payout can be expected that could take a lengthy period of time to complete.
There are huge amounts of paperwork associated with life insurance claims that need to be verified and completed by an insurance company prior to releasing any sort of death benefit or funds in the event of the insureds death.
This can be expected any time a company is parting with a large sum of money, even if its going to be the sole income of the beneficiary.
Benefits disbursement will be delayed if anyone is dragging their feet at any point in this process, which is certainly not uncommon. Questions can arise from any part of the process, widening the time frame it takes to complete a claim.
Make sure you stay on top of any party that may be involved in the process, such as the deceaseds employer if they had a life insurance policy issued through their company. You want to ensure that they have their records straight and arent causing a delay on their end.
Life insurance money can be something that some people end up depending on. If theres any sort of delay, that could put the beneficiary at risk of financial ruin. It might take some additional legwork, phone calls, and perseverance to get your money, but it should be worth it in the end.
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How Do I Get A Low Rate
Here are some of the main factors that can help you get a low rate:
Age: Even though death can come at any time, the younger you are, there is a lower risk of you dying and hence your premium will be lower.
Drinking or Smoking: People who drink or smoke excessively are high-risk policyholders and their MetLife Life Insurance rates are generally higher.
Medical History: If you do not have a medical history of chronic disease, cancer, or other qualifiable illnesses, your premium will be lower.
Driving Record: If you have a history of driving under the influence, this usually means higher premiums.
Occupation/Lifestyle: People who have high-risk occupations like miners and pilots or adventure seekers who like to practice in extreme sports may have to provide a higher premium to their insurer.
MetLife Life Insurance quotes for certain people are quite competitive like:
- People with Type 1 and Type 2 diabetes
- Seniors with high blood pressure
- Active military personnel
Multi-policy Discount: If you buy different types of insurance policies from MetLife, like car and auto insurance with a life policy, you will get a 10% discount.
The Life Insurance Company And The Policy Owner Have Lost Track Of Each Other
The main mode of contact between you and financial institutions is by snail mail. As with anyone with whom you wish to keep in contact after you move, you must tell them your new mailing address or they will lose track of you. The U.S. Post Office will only forward first-class mail for a year to a forwarding address, and the sender is not aware that the mail is being forwarded to a new address as the Post Office does not inform the financial institution of the change.
If you move, immediately inform every financial institution directly of your new mailing address, including your life insurer.
Of course, the same principle applies to other forms of communication: tell the life insurance company of new phone numbers , email address, etc.
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The Life Insurance Company Doesn’t Know The Insured Has Died
Life insurance companies typically do not know when a policyholder dies until they are informed of his or her death, usually by the policys beneficiary. Even if a policy is in a premium-paying stage and the payments stop, the insurance company has no reason to assume that the insured has died.
Moreover, there are policies that have benefits called cash values, with an Automatic Premium Loan feature. An APL policy borrows money from the cash value to pay a premium due if the money does not come in by the end of the grace period thus preventing an unintended lapse of the policy, which would have the disastrous effect of loss of the entire death benefit should the insured die after premiums due were not paid. Under an APL, the policy would continue in full force until all of the cash value had been borrowed, at which time it would lapse.
Also, many policies are in a stage in which no premiums are due. Some life insurance is bought with a single premium or a small number of premiums due , but the insured might live a long time after the premium payments end. Thus the life insurance company would stop sending premium notices after all premiums were paid.
Remember to provide your beneficiaries with the name and contact information for your life insurance company, so they can report your death and file a claim.