MetLife Whole Life Insurance Review (2025 Update)

About MetLife

Popularly known as “MetLife,” the Metropolitan Life Insurance Company has been a serious player in the insurance industry for well over a century and is considered as one of if not the best life insurance company.

During the U.S. Civil War, MetLife’s ancestor company, then known as National Union Life & Limb Insurance Company, began marketing policies designed to provide protection to soldiers.

A few years later, the company changed its name and shifted its focus to life insurance. By 1909, it was the largest life insurer in the U.S., measured by insurance in force.

Today, MetLife holds the same distinction for North America. The company has evolved significantly over its long history, adapting to changing market conditions and customer needs while maintaining its position as an industry leader.

History and Evolution

MetLife’s journey has been marked by significant transformations:

Early Years (1868-1915)

Founded as Metropolitan Life Insurance Company in 1868, the company initially focused on industrial insurance, providing affordable coverage to working-class families. This approach helped MetLife grow rapidly during the late 19th and early 20th centuries.

Mutual Company Era (1915-2000)

In 1915, MetLife became a mutual company, meaning it was owned by its policyholders who shared in the company’s profits and could receive dividends. During this period, whole life insurance was a flagship offering, providing guaranteed death benefits, fixed premiums, and cash value accumulation, with dividends paid to participating policyholders.

Demutualization (2000)

On April 7, 2000, MetLife demutualized, converting from a mutual to a publicly traded stock company. Over 11 million policyholders became eligible for compensation in the form of stock, cash, or policy credits.

The demutualization process also created a “closed block” of participating whole life policies, ensuring that existing policyholders would continue to receive dividends and benefits as if the company had remained mutual. This closed block is backed by separate assets and continues to operate for the benefit of those pre-2000 policyholders.

Retail Business Spin-Off (2017)

In 2017, MetLife discontinued selling most individual life insurance policies under its own brand. The company spun off its U.S. retail life and annuity business to a new company called Brighthouse Financial. While MetLife still services in-force whole life policies and offers group/worksite whole life, new individual policies are now issued through Brighthouse.

Financial Ratings & Strength

MetLife is an exceptionally strong company financially. Its excellent ratings from all of the leading financial rating services reflect its stability, reliability, and capacity to meet policyholder obligations.

MetLife’s current financial ratings:

• A.M. Best rating: A+
• Fitch rating: AA-
• Moody’s rating: Aa3
• S&P Global rating: AA-
• Comdex Ranking: 95

These top-tier ratings place MetLife among the most financially secure insurance companies in the world, giving policyholders confidence in the company’s long-term stability and claims-paying ability.

Products Overview

MetLife and its affiliated companies offer a wide range of insurance and financial products:

Insurance Products:

• Group Life Insurance (through employers)
• Term Life Insurance (through Brighthouse)
• Auto, Boat, and Motorcycle Insurance
• Homeowner’s and Condo Insurance
• Renters’ Insurance
• Vision and Dental Insurance
• Disability Insurance
• Long-Term Care Insurance
• Pet Insurance

Financial Products:

• Annuities
• Retirement Plans
• Employee Benefits

MetLife Whole Life Insurance

Whole Life Before Demutualization (Pre-2000)

Prior to demutualization in 2000, MetLife’s whole life insurance was a classic participating product with the following features:

• Guaranteed lifetime coverage as long as premiums were paid
• Fixed, level premiums that did not increase with age
• Cash value accumulation at a guaranteed rate, with the potential for additional growth from dividends
• Dividends: As a mutual company, MetLife regularly paid dividends to whole life policyholders, which could be used to purchase paid-up additions, reduce premiums, or be taken as cash
• Strong focus on working families: MetLife’s “industrial insurance” allowed for small face amounts and frequent premium payments, making whole life accessible to the working class

Whole Life After Demutualization (2000-2017)

After demutualization in 2000, MetLife continued to offer whole life insurance, but with some structural changes:

Closed Block Policies:

Pre-demutualization participating whole life policies were managed in a closed block, with dividends and benefits funded by a separate pool of assets. This ensured that existing policyholders continued to receive dividends and benefits as if the company had remained mutual.

Open Block Policies:

New whole life policies were issued outside the closed block and may have had different dividend scales and features.

MetLife Promise Whole Life Policy Options:

• MetLife Promise Whole Life – This policy was designed to have premiums paid until age 100.
• MetLife Promise Whole Life 120 – This policy was designed to be a more affordable option, stretching premium payments out another 20 years.
• MetLife Promise Whole Life Select 10 – 10 pay policy designed to be paid up in year 10.
• MetLife Promise Whole Life Select 20 – 20 pay policy designed to be paid up in year 20.
• MetLife Promise Whole Life Select 65 – This policy was designed to be paid up at age 65.

MetLife’s policies were participating insurance policies, which would offer an annual dividend based on company profits.

Current Whole Life Offerings (2025)

MetLife continues to offer whole life insurance, primarily through group and worksite channels, and for in-force retail policies:

Promise Whole Life Series:

Includes Promise Whole Life 120 and Promise Whole Life Select 10, 20, and 65. These policies provide:

• Lifetime coverage with guaranteed death benefit and fixed premiums
• Cash value accumulation with guaranteed growth and potential dividends
• Riders: Disability waiver, accidental death, children’s term insurance, guaranteed insurability, and more
• Accelerated Death Benefit Rider: Pays up to 80% of the death benefit if the insured is terminally ill
• Portability: Coverage can be continued if you leave your employer, subject to conditions
• Paid-up Options: Some policies allow for paid-up status after a certain number of years or at a certain age
• Coverage Range: Policies can be purchased in amounts ranging from $5,000 to $100,000 or more, depending on the product and eligibility

Dividend Performance:

MetLife continues to declare dividends annually for eligible policies, with rates adjusted based on interest rates, mortality experience, and other factors. For example, in 2023, the gross dividend scale for MetLife Promise Whole Life policies in New York was 4.25%, and 4.00% for other in-force policies.

Other Life Insurance Policies

Brighthouse One-Year Term

The One-Year Term policy is essentially what it sounds like. A term policy with a year-long, nonrenewable term.

The coverage is designed to “bridge the gap” between jobs or cover extended trips.

By purchasing an optional conversion option, an applicant can extend the coverage period to five years.

Brighthouse SimplySelect (Term Life)

Brighthouse offers term coverage to new applicants from age 18 through 69 in term lengths of 10, 20, or 30 years. Starting at age 50, the maximum term is 20 years, and applicants age 65 to 69 are limited to ten-year terms.

For individual policies, coverage amounts start at $100,000 and go up to $2 million. However, maximum coverage amounts are reduced starting at age 55.

A very similar policy, BrightHouse Guaranteed Level Term, has the option of a 15-year level term, along with the other periods available with SimplySelect.

Premiums are fixed during a policy’s initial term. Upon conclusion of the initial term, policyholders have the option of renewing annually, though premiums will almost always increase upon each renewal.

An initial term period will never extend beyond age 79, and the right to renew coverage ceases once an insured reaches age 95.

Brighthouse’s policies are no exam term life insurance, which means that a medical questionnaire is required as part of the application process and applicants with certain medical conditions will not be eligible for coverage.

The simplified-issue structure is generally quicker and more convenient than going through more thorough medical underwriting, but it also usually results in higher premiums for applicants who are in all-around good health without any significant medical conditions.

SimplySelect comes with a built-in conversion option allowing policyholders to convert the term coverage to whole life.

Brighthouse Conversion Whole Life

Conversion Whole Life is designed specifically as an option for holders of term policies, including group term policies, who want to upgrade to permanent coverage.

The whole life policy features fixed premiums, guaranteed level death benefits, and cash-value growth at guaranteed rates.

Brighthouse SmartCare (Hybrid UL, Long-term Care)

SmartCare combines an indexed universal life policy with a long-term care rider allowing acceleration of a policy’s guaranteed death benefit if the insured requires nursing home or similar long-term care.

The policy is available for new applicants between 40 and 75 in benefit amounts up to $1 million. The application process requires a medical-history review and interview (for older applicants), but a physical exam and lab work are not required for most applicants.

Policyholders have the option of linking cash-value and LTC benefit growth to an equity index, allowing for improved appreciation in strong markets. However, growth is subject to a cap, and policy value can also decrease in down markets.

Alternatively, SmartCare lets policyholders opt for fixed growth or a level LTC benefit that never varies.

If the LTC rider is triggered, after a 90-day waiting period, benefits are paid out monthly in a fixed amount—rather than as a reimbursement for actual care expenses.

Thus, the payments can exceed the cost of care, and policyholders have flexibility in choosing how to apply the funds.

Accelerated amounts can total up to 95% of a policy’s face value and last for two years, though supplemental riders are available to extend the LTC benefit term by two or four additional years.

Life Insurance Riders

MetLife and Brighthouse offer various riders to customize policies to individual needs:

Terminal Illness:

In the event an insured is diagnosed by a healthcare professional as having less than 12 months to live, a policyholder may opt to accelerate some or all of the policy proceeds. The terminal illness rider comes standard with all term policies.

Accelerated Death Benefit Rider:

Pays up to 80% of the death benefit if the insured is terminally ill.

Accidental Death:

In exchange for an additional premium, this rider increases a policy’s death benefit if the insured’s death results from an “accident,” as defined in the policy. The supplemental death benefit amounts are decreased to 50% when the insured reaches retirement age and cease altogether at age 90.

Disability Waiver of Premium:

Premium obligations are waived if the insured becomes totally disabled for at least six months.

Conversion:

If selected, this rider lets a term policyholder convert to whole life.

Other Available Riders:

• Children’s Term Insurance
• Guaranteed Insurability Option
• Long-Term Care Guaranteed Purchase Option

Brighthouse Financial

Much of MetLife’s former individual life insurance and annuity business is now handled through an affiliated company, Brighthouse Financial.

In 2017, MetLife spun off its U.S. retail business to Brighthouse as part of a strategic shift to focus on group insurance and employee benefits. Brighthouse Financial now operates as a separate, publicly traded company (NYSE: BHF).

Brighthouse Products Include:

• Term Life Insurance
• Universal Life Insurance
• Indexed Universal Life Insurance
• Variable Universal Life Insurance
• Annuities

For individuals seeking new life insurance policies that were previously offered by MetLife, Brighthouse Financial is now the primary provider.

MetLife Whole Life Insurance Review Conclusion

MetLife’s journey from a mutual company to a publicly traded corporation, followed by the spin-off of its retail business to Brighthouse Financial, represents a significant evolution in the company’s approach to the life insurance market. While MetLife was once one of the best dividend-paying whole life insurance companies, its focus has shifted primarily to group insurance and employee benefits.

For existing MetLife whole life policyholders, the company continues to honor its commitments, particularly through the “closed block” created during demutualization. These policies maintain their guaranteed benefits and dividend eligibility, with dividend scales that remain competitive (4.00-4.25% in 2023).

MetLife continues to offer whole life insurance, primarily through group and worksite channels. These policies feature the traditional benefits of whole life insurance: guaranteed death benefits, fixed premiums, cash value accumulation, and potential dividends. Additional features such as portability and various riders enhance the value proposition for employees who obtain coverage through their employers.

For individuals seeking new individual whole life policies similar to what MetLife once offered, Brighthouse Financial now provides these products. Brighthouse’s Conversion Whole Life, available to term policyholders who wish to upgrade to permanent coverage, offers fixed premiums, guaranteed death benefits, and cash value growth at guaranteed rates.

MetLife remains an exceptionally strong company financially, with top-tier ratings from all major rating agencies. This financial strength provides security and peace of mind for both existing policyholders and those covered under group policies.

In conclusion, while MetLife’s role in the individual whole life insurance market has changed significantly, the company continues to honor its legacy policies while focusing on group coverage. For those seeking new individual policies, Brighthouse Financial now carries forward much of what made MetLife’s whole life insurance valuable to generations of policyholders.