When you’re looking for any insurance product, the name Metlife is sure to pop up.
Just because it’s popular and you recognize the name doesn’t mean they are the best option for you. Every family is different, and everyone has different insurance needs. It’s important you find the best company to meet your needs.
One important note when shopping for life insurance coverage through Metlife is all of their plans are sold through Brighthouse Financial. They were created by Metlife to sell and manage all of the life insurance products.
This post is going to look at both Metlife’s history in the insurance field and the products offered by Brighthouse. Life insurance is one of the most important purchases you’ll ever make for your family, and it’s vital you get the best plan for you and your loved ones.
The History of Metlife & Brighthouse
As a company, Metlife has been around for a long time. They were established in 1868, and they have become one of the largest life insurance companies in the United States. Metlife was created by some businessmen as the National Union Life and Limb Insurance Company, with the goal of giving insurance to Civil war soldiers. The company got off to a very slow start. After a year, they had only sold about 15 life insurance policies. After several more years of struggling through, they decided to make some changes, and one of those was to drop the injury protection and change the name to Metropolitan Life Insurance Company.
Not long after, their President, Joseph F. Knapp decided to grow the business in England. He decided to expand Metlife by offering industrial type insurance policies in London.
Through the years, they have seen a lot of growth and many changes. Today, they have become one of the most recognizable insurance names on the market. Not only are the one of the biggest life insurance company in the United States, but they are also one of the most prominent companies in Asia, Europe, the Middle East, Japan, and Latin America.
In March of 2017, they decided to create Brighthouse Financial as their life insurance branch of the company. Through the years, they have provided excellent customer service and quality products. This has led to an A+ rating from the A.M. Best.
Life Insurance Products from Metlife (Brighthouse Financial)
When you’re shopping for life insurance, one of the most important decisions you’ll have to make is what type of life insurance plan are you going to buy. Each type of plan has different pros and cons you’ll need to consider to ensure you’ve got the best plan possible.
Guaranteed Level Term Life Insurance
This plan is the typical type of life insurance coverage you can buy. Term insurance plans are purchased with a pre-determined length of activity. After this point is over, the plan is no longer effective, and you’ll have to reapply for coverage. If you’re looking for the most affordable kind of life insurance, a term policy is going to be the best option.
These plans can be purchased in a variety of lengths. Anywhere from 10 years to 30 years. You can purchase a plan which will meet the length of your life insurance needs.
They have a couple of different options when buying life insurance. You can purchase a traditional plan which has a medical exam, or you can choose a simplified issue or guaranteed issue life insurance plan. With their traditional policy, you’ll be able to get drastically more life insurance protection.
One additional benefit of these term plans is they have the option to be converted to a permanent plan. This is a nice advantage because as your life continues to change, your life insurance needs are going to change as well.
Premier Accumulator Universal Life Insurance
The other main type of life insurance Brighthouse sells is a universal life insurance policy. Unlike a term plan which is only temporary, the universal life is a permanent form of coverage, which means it’s never going to expire.
One of the other benefits of these plans is the plan builds cash value inside of them. Compared to other similar plans, the Premier Accumulator Universal policy accumulates much more than other policies.
One of the unique advantages of a Brighthouse universal policy is there are no surrender charges, which means you can access your money without having to pay expenses fees. If you decide you need to use this cash value somewhere else, you can get it without having it eaten up by fees and expenses.
Sample Rates for Brighthouse Life Insurance
Because every insurance company is different, and all of them have various underwriting, the quotes you get from two companies could be drastically different. It’s important you find the best rates for your life insurance.
Let’s assume you’re a younger applicant, age 35 who doesn’t smoke. You’re in good health and looking for $1 million of coverage. For a 30-year term insurance policy with Brighthouse, you’re going to pay around $85 a month for the plan. If you want to get a larger $2.5 million plan, then the premiums are going to jump up to around $200 a month.
Compared to a lot of the competitors on the market, Brighthouse has some of the top premiums. Their rates are going to be very competitive with the other companies you can choose from.
Areas Where Brighthouse Shines
Because every insurance company has different medical underwriting and stances on high-risk applicants, some companies are better for certain types of applicants than other companies. With Brighthouse, they have a few types of clients they tend to offer better rates for.
One area where Brighthouse excels is with applicants with diabetes. They are an excellent company for applicants with either type 1 or type 2 diabetes. With some companies, applicants with type 1 diabetes are going to be declined because of their health. With Brighthouse on the other hand, they can get affordable insurance protection.
They are also an excellent choice for any applicants who are getting older. Age is going to be one of the biggest determining factors in how much the premiums are going to be. The older the applicant is, the more they are going to charge for insurance. With Brighthouse, they tend to offer much more affordable rates for applicants who are in their 50’s or beyond.
The Final Verdict On Brighthouse
For a lot of applicants, Brighthouse is going to be an excellent option, but for other people, it’s possible to find more affordable insurance protection. If you’re in excellent health, with no health problems on your medical records, then there could be some better options on the market for you.
Overall, Brighthouse (Metlife) is an excellent option for life insurance coverage, but this doesn’t mean they are the perfect option for you. Always get options from other carriers before deciding on the best option for your goals.
Understanding that each insurer, with their different guidelines and rating systems, will show you vastly different rates. Which is why finding the ideal fit can be difficult.
You can waste your valuable time if you wish, but we think our agents would rather do that job for you. Since we’re an independent agency we represent many companies and offer max variety options.Working with our one of our agents will give you your time back and save money.
Concerns about the plans that Brighthouse offers? Thats okay! Reach out to one of our agents and they’ll be happy to talk you through the many situations that can arise. Life isn’t promised but you can promise your dependents life.