LIFE INSURANCE PLAN: WHICH ONE IS BETTER FOR YOU?

MetLife life insurance review

Everything is uncertain, so is life. We all plan things & save money as a precautionary motive. Many people save money & keep it idle at home, many people deposit it in the bank, but there are many of us who choose to go for life insurance plans. However, when you make up your mind, you are not supposed to adjust your budget only, but also there are many other factors that you have to look after.

 For example - which company is the best for you, what are their available plans, their terms & conditions & which one suits your budget, etc? These things are so important that they can not be ignored. However, there are so many that it gets difficult for anyone to decide. But do not worry, if you too are thinking of getting a life insurance plan, then you are in the right place. Here is our MetLife life insurance review, to help you in your decision-making.

Metropolitan life insurance company.

MetLife is a life insurance company of Metropolitan life insurance company, also known as MLIC. It was founded in March 1868. And today it has its branches in more than 60 countries all over the world with an aim to provide insurance, employee benefits programs, annuities & other related services.

In 2018 Fortune’s 500 lists of the largest corporations of the United States, it was ranked 43 on the basis of total revenue. MetLife life insurance is a well-known name in Japan, Russia, the Asia-Pacific region, the middle east, Europe & many other parts of the globe. 

Some of the available plans of MetLife:

  Though all the Metlife life insurance can be availed only through a workplace, there are many options from which you can see & decide. So let us look at some of the various available MetLife life insurance plans: 

Term life insurance plans:

This insurance provides coverage for a period of 10,20 & 30 years. It is often termed as “pure life insurance” as it is planned to support your loved ones (those who are dependent on you) if you die prematurely. They will receive an amount, as per your MetLife term life insurance plan.

Basic Term Life plan

It is a traditional MetLife life insurance plan that offers from 10 to 30 years of coverage. This plan offers you the option that if your term ends or age 70, you can convert it into a whole life policy. 

Dependent Term Life plan

This life insurance plan of Metlife provides term life insurance protection to people dependent on you, such as your spouse, partners, children,. It depends on the firm if you will be getting this plan or not in case you quit your job.

Supplemental Term Life plan

This plan offers you to add other Metlife life insurance plans to an existing plan at your own expense. This means that it is you who have to get this plan, not your workplace.

Whole Life MetLife insurance plan:

This is one of the best Metlife life insurance plans as this offers lifelong insurance, even after you change jobs or may choose to retire. If you would want to change your term life plan before it expires, then it would be changed into a whole life policy.

In other words, this provides whole life protection & cash value of the policy - an investment component. On this investment, you would not be required to pay taxes on the accumulated gains.

With the help of this tax-deferred account, you can borrow money, or can get the money by surrendering the policy. However, you would not be getting the protection anymore.

Whole life vs. term life: which one is the best for you! 

Term life is enough for any person & his family, however, whole life plans could be useful in certain critical situations. Because MetLife term life insurance plans may not provide you protection all the time.

You can choose term life if:

Your budget is tight, & want affordable plans

You want to replace your income for some years, e.g. when you are paying your mortgage or instalment, or in the initial years of parenting.

You want to convert to a permanent MetLife life insurance plan later on (terms & condition applied).

You can choose a whole life insurance plan if:

You want to pass on a certain amount to your descendants

Someone depends on you for a lifetime, such as someone with a disability, or incurable disease,.

You would not save your retirement fund or PF.

You want to keep the money for your final rituals, funeral, etc.

Frequently Asked Questions

What is the fundamental difference between whole life and term life insurance?

MetLife Whole life insurance covers a cash value where your savings is accumulated in an account & on the gains of that account you would not be supposed to pay taxes. On the other hand, MetLife Term life insurance plan will cover for a period of 10 to 30 years. Therefore, it is temporary, unlike the whole life term plan & hence also known as “pure life insurance”.

Do I get any amount if something unfortunate does not happen to me in term of life insurance? 

No, a term life plan has no such additional value. That means, if something does not happen to you within the coverage term, then not you or anyone ever would receive any amount.

Is this possible to convert a term life insurance into a whole life policy?

Some MetLife insurance plans offer such convertibility options, but not all of them. Though such plans are useful if you have a limited budget right now, you expect a rise in your wealth in the coming years.

So, with this MetLife life insurance review, we have tried to analyse some of the very popular MetLife life insurance plan, with an aim of helping you in deciding which one is best for you. So, let us know if you have any other queries, we will connect to you as soon as we can.