MetLife is one of the most recognized names in insurance — a Fortune 500 company with over 150 years of history, nearly $70 billion in annual revenue, and top-tier financial ratings across the board. There’s no questioning the company’s strength.
But here’s what most review sites won’t tell you directly: MetLife no longer sells individual whole life insurance.
They haven’t since 2017, when they spun off their entire U.S. retail life insurance business to Brighthouse Financial. What remains is a group insurance and employee benefits operation — powerful, but not designed to serve individuals shopping for whole life coverage.
In this review, we’ll cover what MetLife was, what happened when they demutualized and abandoned the mutual model, what exists today for current policyholders, and — most importantly — where to look instead if you’re evaluating dividend-paying whole life insurance for wealth building or an infinite banking strategy.
TL;DR — MetLife Whole Life Insurance
- MetLife stopped selling individual life insurance in 2017. All retail policies moved to Brighthouse Financial.
- Demutualized in 2000 — converted from a mutual company (owned by policyholders) to a publicly traded stock company (owned by shareholders).
- Existing policyholders with pre-2000 “closed block” policies still receive dividends, but MetLife’s dividend scale (4.00–4.25% in 2023) significantly lags mutual competitors like MassMutual (6.60%) and New York Life (6.40%) in 2026.
- Financial ratings remain excellent: A+ (A.M. Best), AA- (S&P), Aa3 (Moody’s).
- Bottom line: If you’re looking for new individual whole life insurance — particularly for infinite banking or long-term wealth building — MetLife is not the company to consider. We recommend mutual companies with unbroken dividend histories instead.
Why Trust This Guide
Insurance & Estates is an independent agency with access to 40+ top-rated life insurance carriers. We have no affiliation with MetLife or Brighthouse Financial. Our team includes licensed agents and an estate planning attorney with 18+ years of combined experience in whole life insurance, cash value strategies, and estate planning. Every company review is fact-checked against current carrier data and financial rating agency reports.
Table of Contents
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About MetLife
Company Highlights
- Founded in 1868, with over 150 years of industry experience
- Converted from a mutual to a publicly traded company in 2000
- Spun off individual life insurance business to Brighthouse Financial in 2017
- Fortune 500 company with nearly $70 billion in annual revenue
- Approximately $6 billion in annual profits
- Serves roughly 100 million customers across 40+ countries
- Now focused exclusively on group insurance and employee benefits
MetLife — formally the Metropolitan Life Insurance Company — traces its roots to the U.S. Civil War, when its predecessor company marketed policies to soldiers. By 1909, MetLife was the largest life insurer in America measured by insurance in force.
For most of the 20th century, MetLife was a mutual company — meaning it was owned by its policyholders, not shareholders. That changed in 2000, and that single decision reshaped everything about the company’s relationship with individual policyholders.
The MetLife Story: Mutual → Stock → Spin-Off
Understanding MetLife’s transformation is essential — not just for evaluating MetLife, but for understanding why company structure matters when choosing whole life insurance.
The Mutual Era (1915–2000)
In 1915, MetLife became a mutual company. For 85 years, policyholders were the owners. The company’s profits flowed back to them through dividends, and whole life insurance was the flagship product — guaranteed death benefits, fixed premiums, cash value accumulation, and annual dividend payments that could be reinvested as paid-up additions.
During this period, MetLife served working families through “industrial insurance” — small face amount policies with frequent premium payments that made whole life accessible to millions of Americans. The company’s interests and its policyholders’ interests were aligned because they were the same people.
Demutualization (2000): The Turning Point
On April 7, 2000, MetLife demutualized — converting from a mutual company owned by policyholders to a publicly traded stock company owned by shareholders. Over 11 million policyholders became eligible for compensation in the form of stock, cash, or policy credits.
This is a critical distinction for anyone evaluating whole life insurance. When a company demutualizes, the fundamental question changes from “How do we best serve our policyholders?” to “How do we maximize shareholder returns?” These objectives aren’t always in conflict, but they aren’t always aligned either.
To protect existing policyholders, MetLife created a “closed block” — a segregated pool of assets backing pre-demutualization participating whole life policies. Those policyholders continue to receive dividends as if the company had remained mutual. But no new policies enter the closed block, and the pool gradually shrinks as policies mature or are surrendered.
The Brighthouse Spin-Off (2017): Exit from Individual Life
In 2017, MetLife completed its departure from individual life insurance by spinning off its entire U.S. retail life and annuity business into Brighthouse Financial (NYSE: BHF) — a separate, publicly traded company headquartered in Charlotte, North Carolina. MetLife also sold its U.S. retail advisor force to MassMutual for $291 million.
Brighthouse Financial now manages over $204 billion in assets and approximately 2.8 million insurance policies and annuity contracts. They offer term life, universal life, indexed universal life, and variable universal life policies, along with annuities. However, Brighthouse does not offer traditional participating whole life insurance — the kind that pays dividends. For a full breakdown, see our Brighthouse Financial review.
Key Takeaway: Why This Matters
MetLife’s journey — mutual to stock to spin-off — is a case study in what happens when a life insurance company shifts its priority from policyholders to shareholders. The dividend-paying whole life insurance that built MetLife’s reputation no longer exists for new individual buyers. If you’re evaluating whole life insurance for wealth building, estate planning, or a personal banking strategy, the company’s structure matters as much as the product itself.
Financial Ratings & Strength
Whatever your opinion on MetLife’s strategic direction, there is no questioning the company’s financial strength. MetLife remains one of the highest-rated insurance companies in the world.
MetLife’s Current Financial Ratings:
- A.M. Best: A+ (Superior)
- Fitch: AA-
- Moody’s: Aa3
- S&P Global: AA-
- Comdex Ranking: 95
These ratings place MetLife in the top tier of financial strength globally. For existing policyholders, this means confidence in the company’s ability to pay claims and honor policy guarantees for decades to come. Financial strength is not the concern here — product availability and structure is.
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What MetLife Offers Today
Since 2017, MetLife’s life insurance products are available almost exclusively through employer-sponsored group plans. If you’re looking for individual coverage, MetLife is not an option.
What MetLife Still Provides:
- Group life insurance (term and whole life through employers)
- Employee benefits programs (dental, vision, disability, legal plans)
- Servicing existing individual policies (in-force whole life, including closed block policies)
- Group/worksite whole life (MetLife Promise Whole Life series, typically $5,000–$100,000 face amounts)
What MetLife No Longer Offers to Individuals:
- Individual whole life insurance
- Individual term life insurance
- Individual universal life insurance
- Individual annuities
- Auto and home insurance (sold to Farmers Insurance in 2021)
For individual life insurance and annuities formerly offered by MetLife, those products are now available through Brighthouse Financial. Note that Brighthouse is a stock company and does not offer traditional participating whole life insurance with dividends.
What Existing MetLife Policyholders Need to Know
If you already own a MetLife whole life policy — particularly one issued before the 2000 demutualization — here’s what matters.
Closed Block Policies (Pre-2000)
Pre-demutualization participating whole life policies are managed in a segregated “closed block” with dedicated assets. These policies continue to receive dividends and benefits as if the company had remained mutual. Your guarantees — death benefit, premiums, minimum cash value growth — are unaffected by MetLife’s corporate changes.
However, the closed block is a shrinking pool. As policies lapse, mature, or are surrendered, the block contracts. MetLife reported paying approximately $530 million in policyholder dividends in 2023. For context, Northwestern Mutual announced $9.2 billion in dividends for 2026 — the largest in industry history. This gap illustrates the long-term trajectory difference between a company that left the mutual model and those that stayed.
MetLife Promise Whole Life (Post-2000)
MetLife still services several whole life product lines issued after demutualization, including:
- MetLife Promise Whole Life 120 — premiums paid to age 120
- MetLife Promise Whole Life Select 10 — 10-pay policy, paid up in year 10
- MetLife Promise Whole Life Select 20 — 20-pay policy, paid up in year 20
- MetLife Promise Whole Life Select 65 — paid up at age 65
These are participating policies that may pay dividends, though the dividend scale for post-demutualization policies has generally underperformed comparable products from mutual carriers. If you’re evaluating whether to keep or replace a MetLife Promise policy, a proper in-force illustration comparison with a mutual company alternative is the right first step.
Available Riders (Existing Policies)
MetLife policies may include or allow the addition of the following riders:
- Accelerated Death Benefit: pays up to 80% of the death benefit if terminally ill
- Disability Waiver of Premium: waives premiums after 6+ months of total disability
- Accidental Death: additional death benefit for accidental death (reduces at retirement age, ceases at 90)
- Guaranteed Insurability Option: right to purchase additional coverage without evidence of insurability
- The Enricher: allows additional premium payments to increase cash value and death benefit
- Children’s Term Insurance: adds term coverage for children
For details on how riders work within whole life policies generally, see our guide on types of life insurance policies.
For Existing MetLife Policyholders
If you own a pre-2000 closed block policy, do not surrender it without a thorough analysis. These policies carry guarantees and dividend eligibility that cannot be replicated today. If you own a post-2000 Promise series policy, it may be worth comparing your current performance against what a mutual carrier can offer. An independent analysis — not from a MetLife agent — is the way to evaluate this properly.
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Who We Recommend Instead
If you’re shopping for new individual whole life insurance — whether for estate planning, cash value accumulation, or a Volume-Based Banking strategy — we recommend mutual companies with unbroken dividend histories and a demonstrated commitment to individual policyholders.
Our Position on MetLife
We don’t recommend MetLife for individual whole life insurance because they’re no longer in that business. A company that chose to leave the mutual model, sell its advisor force, and spin off its retail policyholders to a separate entity has made its priorities clear — and those priorities aren’t aligned with the individual policyholder seeking long-term, dividend-paying whole life coverage. For clients who want a company whose interests are structurally aligned with their own, mutual carriers are the answer.
— Insurance & Estates
Here are three carriers we consistently recommend for clients seeking what MetLife once offered:
MassMutual — Highest dividend rate among major mutual companies at 6.60% for 2026. Unbroken dividend payments since 1869. A++ rated (A.M. Best). MassMutual actually acquired MetLife’s retail advisor force in 2017, effectively absorbing what MetLife walked away from.
New York Life — 6.40% dividend rate for 2026 with the longest consecutive dividend payment history in the industry. A++ rated. The largest mutual life insurance company in the U.S.
Guardian Life — 6.25% dividend rate for 2026 with a record $1.7 billion dividend payout. A++ rated. Unbroken dividends since 1868. Strong cash value performance and flexible policy design.
For a full comparison of dividend rates and performance across all major carriers, see our whole life insurance dividends chart.
Frequently Asked Questions
Does MetLife still sell whole life insurance?
Not to individuals. MetLife stopped selling individual life insurance in 2017 when it spun off its retail business to Brighthouse Financial. MetLife still offers group/worksite whole life through employers, and it continues to service existing individual policies. If you’re looking for new individual whole life coverage, you’ll need to work with a different carrier — we recommend mutual companies with dividend-paying policies.
Is MetLife still a mutual company?
No. MetLife demutualized in 2000, converting from a policyholder-owned mutual company to a publicly traded stock company (NYSE: MET). This means MetLife’s primary obligation is now to its shareholders, not its policyholders. For a deeper explanation of why this distinction matters for whole life insurance, see our guide on mutual vs. stock insurance companies.
What is the MetLife closed block?
When MetLife demutualized in 2000, it created a “closed block” — a segregated pool of assets that backs pre-demutualization participating whole life policies. This ensures those policyholders continue to receive dividends and policy benefits as if the company had remained mutual. No new policies enter the closed block, and it gradually shrinks as existing policies mature or are surrendered.
What happened to my MetLife life insurance policy?
It depends on when your policy was issued. Pre-2000 participating whole life policies remain with MetLife in the closed block. Many individual policies issued between 2000 and 2017 were transferred to Brighthouse Financial during the 2017 separation. You should have received correspondence about any changes. If you’re unsure, contact MetLife at 1-800-638-5000 or Brighthouse at 1-855-222-0102.
What’s the difference between MetLife and Brighthouse Financial?
Brighthouse Financial was created in 2017 when MetLife spun off its U.S. retail life insurance and annuity business into a separate, publicly traded company. MetLife now focuses on group insurance and employee benefits. Brighthouse handles individual life insurance and annuities. They are completely separate companies — same origin, different entities. See our Brighthouse Financial review for details.
Should I keep my MetLife whole life policy or replace it?
If you own a pre-2000 closed block policy, it likely has valuable guarantees and dividend eligibility worth keeping. Don’t surrender it without a thorough analysis. For post-2000 MetLife Promise policies, it may be worth comparing your current performance with what a top mutual carrier can offer today. The right move depends on your specific policy values, health, age, and financial goals. An independent in-force illustration comparison is the proper way to evaluate this.
Does MetLife pay dividends on whole life insurance?
MetLife continues to pay dividends on eligible participating whole life policies — primarily those in the pre-2000 closed block and certain MetLife Promise series policies. In 2023, the gross dividend scale for MetLife Promise Whole Life policies was 4.00–4.25%. For comparison, the top mutual companies are paying 5.10–6.60% in 2026, and Northwestern Mutual announced a record $9.2 billion dividend payout.
Can I use MetLife whole life insurance for infinite banking?
Not anymore — at least not with a new policy. MetLife doesn’t sell individual whole life insurance, and their worksite group policies typically have face amount limits ($5,000–$100,000) that aren’t suitable for an infinite banking or Volume-Based Banking strategy. For new IBC or VBB policies, mutual companies with non-direct recognition loan features and strong paid-up addition riders are the standard.
MetLife Whole Life Insurance Review — Conclusion
MetLife is a financial powerhouse — one of the largest, most recognizable, and most financially stable insurance companies on the planet. That is not in dispute.
What is in dispute is whether MetLife belongs on anyone’s shortlist for individual whole life insurance. It doesn’t. The company made a clear strategic decision to prioritize shareholder returns over policyholder relationships when it demutualized in 2000, and it completed that exit when it spun off individual policyholders to Brighthouse Financial in 2017.
For existing MetLife policyholders — particularly those with pre-2000 closed block policies — the company continues to honor its obligations, and those policies may carry guarantees worth protecting. For everyone else, the companies that stayed mutual, that kept paying dividends through every market cycle, and that still serve individual policyholders as owners rather than customers — those are the companies worth building a financial strategy around.
If you want to see what that looks like for your specific situation, we can help you compare options across the top-rated carriers and find the right fit.
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