Are you looking for the scoop on Metlife final expense insurance? If so, your a little too late. Metlife guaranteed acceptance has “left the building.” Apparently, Metlife decided they wanted out of the burial insurance business.
We will be updating this post in the near future but for now, if you are trying to find some of the best burial insurance companies and information, read all about it in our guide to burial insurance.
Disclaimer: We do not offer the Metlife final expense insurance product. Our product review is meant to educate readers so they are better able to make decisions for your life insurance needs.
Below you will find our professional and experienced based review of their burial insurance product. You can be assured as the writer and a licensed life insurance professional, that I am also speaking from extensive experience working with people of various financial means and needs.
In this article, you will hear about the offering they have for consumers needing final expense insurance, its features, some sample costs and the limitations of the policy.
There will not be any punches pulled here.
Without too much warm up, let’s get down to the nitty gritty of Metlife Burial Insurance.
Metlife Company Profile and Details
Metlife or Metropolitan Life Insurance Company has been in business for nearly 150 years. The been around the block a long time. They are also one of the largest insurance companies in terms of overall sheer size and various policies on the books.
The insurance giant does offer numerous insurance products including life, auto, home, disability and dental insurance for starters.
Financially speaking, MetLife is in excellent shape and very capable of handling claims. A.M. Best, has rated MetLife with an A+ at the time of this writing, which puts it in the upper range of all insurance companies in terms of financial strength.
MetLife Final Expense Life Insurance
If you have read different guaranteed acceptance life insurance reviews you may have found out it has some real limitations.
Met offers one senior burial insurance product. If you are looking for MetLife guaranteed acceptance burial Insurance or MetLife Final Expense Whole Life Insurance, you have found the “one and only.”
And wow… it accepts anyone ages 45-75 regardless of health as long as they are legally able to consent to the coverage. Metlife guaranteed acceptance life insurance is a lifetime policy.
May sound nice and tidy, but guaranteed acceptance, final expense insurance from Metlife it is far from a 1 trick pony.
Unlike level benefit whole life insurance, guaranteed acceptance whole life plans have very significant limitations written into the policy contract. This can really affect your pocketbook and may also affect your loved ones when that day comes.
At this time, Metlife does not offer any final expense whole life insurance with first day, full coverage. You would have to apply with another life insurance company who also offers no exam policies and has a full portfolio of senior whole life insurance products.
How does this benefit you? Well, qualifying based on your overall health history will get get you a better policy and considerably lower premiums.
With that all said, let’s continue with this burial insurance review for Metlife.
Metlife guaranteed acceptance whole life insurance is a permanent policy. This means the cost of ownership will never increase and the benefit amount will never decrease for the insured’s lifetime.
With that said, it still includes a 2 year limited benefit period built in. This means that for the first 2 full years of continued policy ownership, your family would not receive full death benefits for natural death causes if you passed away.
Why?
Well, Metlife Guaranteed Acceptance life insurance is taking on much higher risk. It has absolutely no health questions. As such, even someone with a personal situation with very high risk can obtain whole life insurance without disclosing their predicament.
For someone who cannot obtain life insurance do to a high risk condition, policies that offer guaranteed acceptance may be the only answer for their burial insurance needs. Be mindful here, this should be determined only by a licensed independent life insurance agent with extensive field underwriting experience.
The Guaranteed Acceptance policy from Metlife sounds easy to qualify for but buyer awareness is required!!
When there are no health questions in a life insurance application, a red flag should pop up.
Guaranteed acceptance life insurance is pure high risk life insurance, the most expensive life insurance on the market.
Regardless of the carrier, it includes a mandatory 2 or 3 year “waiting” period depending upon issuing life insurance company.
This policy costs seniors on a fixed income more each month for lower benefits than a policy that asks a few health history questions. For about 5-10% of burial insurance applicants, Metlife final expense insurance may be a solution to their end of life planning.
Never waste your time wondering if a no health question application will be competitive with a plan that asks actual health history questions.
It won’t!!
Why? Because the insurance company will not have enough information to know if an applicant/insured individual is a good risk for them.
In purchasing MetLife burial insurance you are transferring your end of life risk to the insurance company and reducing any financial burden to your loved ones.
The purpose of this guaranteed acceptance from Metlife is to attract applicants who have been denied life insurance elsewhere due to their overall risk classification. Sure, Metlife does take the money of fairly healthy people to… but you are going to pay the same price as those folks your current age who are diagnosed with a terminal illness, have Kidney Failure or Internal Cancer among other serious conditions.
I have access to dozens of life insurance companies across the country. I can tell you that all insurers who offer a guaranteed acceptance, final expense policy will follow the same process of controlling their risk. Make sure you know the differences among the different types of whole life insurance.
Do I have access to Metlife? Yes, but I do not use them for burial insurance including cases where guaranteed acceptance life insurance is required.
It is a good that you are doing some due diligence.
Too many people become victims by rushing into buying burial insurance without shopping to find the correct product for themselves, their budget and the most important… the needs of their family.
Sadly, some will just buy a familiar big name company and take the leap of faith. They just purchase coverage without getting qualified advice and knowing the limitations of the policy.
Have you gotten your instant quote from the “Final Expense Insurance” tool on this page? Find out who the serious final expense life insurance companies really are.
Passing away due to natural causes in the first couple years with this Metlife final expense insurance policy… your loved ones will not be seeing much in the way of benefits.
Whether it is a Metlife final expense insurance whole life policy or not, you want to be sure the money is available to your loved ones when the time comes, right?
MetLife Guaranteed Acceptance Whole Life Insurance Details
- Death Benefit amounts of $2,500-$50,000 available
- Ages 45-75
- Whole Life Insurance
- Coverage available in 47 states. Exceptions OR, MT, NY
Cost Of The MetLife End of Life Insurance Policy vs the Competition
MetLife Monthly Rate Comparison for $10,000 Death Benefit
| Age | MetLife | Gerber | Mutual of Omaha |
|---|---|---|---|
| 50 | $42.50 | $28.14 | $24.67 |
| 55 | $48.50 | $35.84 | $28.40 |
| 60 | $57.50 | $46.48 | $32.87 |
| 65 | $69.50 | $55.46 | $41.01 |
| 70 | $88.50 | $68.75 | $53.24 |
| 75 | $118.50 | $90.29 | $72.41 |
How Does MetLife Final Expense Insurance Work?
I’m going to reiterate this earlier point. This policy may seem like a great one to apply for. After all, it is whole life insurance and you can’t be declined for any health condition like most other life insurance policies.
Unfortunately, for many families, it ends up not being great at all. You are going to pay a high price for it in multiple ways.
Here is the scoop on how this MetLife guaranteed acceptance burial insurance plan works when you pass away. This is very important in comparing whole life insurance policies to one another. Burial insurance while commonly being whole life insurance, is not a commodity.
A waiting period or limited benefit period of 2 years is written into the Metlife burial insurance contract that states that from the point of first premium payment, the insured will not be eligible for the full death benefit for natural death causes for a period of 2 years.
During that time, if the insured should pass away, their loved ones would receive all paid premiums plus 10% compounded interest. Obviously, this is far from the full death benefit of the policy though it is nothing to sneeze at. 10% compounding is among the better guaranteed issue policies.
An important note, if an accident should claim your life, the full death benefit would be paid regardless of the 2 year limited clause.
On a side note, this is not proprietary to MetLife either. A 2 year limited benefit for natural death is standard on guaranteed acceptance life insurance.
Some companies even use a 3 year limited benefit clause in their policies.
Limited benefit clauses written into guaranteed acceptance insurance is how a life insurance company mitigates their losses in issuing high risk life insurance policies.
This is how an insurer can be sure that the funding (money pool) will be available to honor the claims of beneficiaries who were named in a Metlife guaranteed acceptace policy.
After the limited benefit period has passed, MetLife final expense burial insurance will pay the full death benefit to your loved ones for both accident and natural death, just like any no exam, health history based, burial insurance policy.
Folks, before we go much further here….
We do not recommend Guaranteed Acceptance Life Insurance unless all medically underwritten options have been exhausted. There are plenty of no exam, simplified issue whole life policies designed for seniors out there. Our company sends business to those carriers daily and is by far the largest portion of our senior life insurance clientele.
If you have not worked with a seasoned independent agent that deals with lots of health conditions, you need to find one. Don’t make that mistake. It may result in your family not having the financial protection you are seeking and overpaying for insurance.
Ninety percent of the time, you don’t need guaranteed acceptance life insurance. No exam, level benefit life insurance is readily available offering much lower premiums and full benefits day 1 for people 50-85.
To better guide you, here is a life insurance generality to jot down…
The easier an insurance policy is to qualify for, the more it will typically cost you and/or the lower the benefits.
Guaranteed issue life insurance is as easy as it comes.
It is high risk life insurance.
Who likes to overpay for insurance coverage and have lower benefits?
Is Metlife Final Expense Whole Life Insurance the Same As End of Life Insurance?
Yes. Are they all “apples to apples,” no.
End of life insurance is the same as final expense insurance or burial insurance. Funeral insurance is also used interchangeably here as well.
Have you looked into the cost of a funeral or cremation and decided that you want the guarantees of whole life insurance for your family’s needs?
Be sure not to get caught up on the marketing name of the whole life insurance product. These are all just different marketing terms for smaller whole life insurance policies designed for senior needs, nothing more.
It is the cost and any limitations that are most important.
For senior needs, whole life insurance, is the most appropriate choice. You simply cannot outlive a whole life policy.
Metlife burial insurance is indeed whole life coverage but it still carries that “little” 2 year waiting period for full benefits and a high price tag.
Reasons to Consider Guaranteed Acceptance Life Insurance From MetLife or other Carrier:
- Terminal Illness with Less Than 2 Years of Life “Expectancy”
- Confined to a Nursing Home
- Currently have Internal Cancer or serious skin cancer
- On kidney dialysis
- Receiving Hospice Care
- Receiving an Organ Transplant
- Have AIDS (HIV is medically insurable)
- Diagnosed with Alzheimer’s or treatment for Dementia
Outside of these rare examples, you should not be applying for any guaranteed issue end of life insurance like this. It is simply not in your best interest let alone your loved ones whom you are trying to protect in the first place.
Don’t let those television ads and junk mailers convince you into believing in something these guaranteed acceptance policies cannot deliver.
Guaranteed acceptance whole life is more expensive than all other types of life insurance, period. Remember, it is meant for people who have serious health ailments and/or other high risk situations.
Between term life insurance and guaranteed issue life insurance for seniors, we see a very high number of complaints.
The story is quite typical.
The applicant saw an ad for how easy it was to obtain coverage with no health questions or even how no salesmen would bother them at home etc. In some cases… it is even a high paid celebrity endorser glamorizing a product that is “affordable” and that you can’t be turned down for any reason!!
Ladies and gentleman…the marketing is hazing over the limitations of the product and this ends up costing you a lot of extra, hard earned money and leaves your family in a potential mountain of debt upon the insureds death.
In completing your due diligence here today, let this all sink in. Big names and fancy ads don’t mean it is a good life insurance policy.
The Metlife final expense policy is designed to accept the very unhealthy. However, you receive no value for being able to qualify for a better policy offered by other life insurance companies.
However, they are not going to tell you that.
Insurance companies are more than happy to take your hard earned cash and will still insert limitations found in all guaranteed issue life insurance. You put more money in their coffers each year. Once you purchase Metlife end of life insurance or any other guaranteed acceptance life insurance policy, it doesn’t matter if you are in the healthiest 90% of seniors or not.
Why?
You didn’t answer any health questions. You’re evaluated the same way as a person who has terminal cancer who has no other life insurance options.
If you have not already done so, take action now. Look at simplified issue whole life insurance. Very limited in health questions and it eliminates the high cost and 2 year waiting period of the Metlife burial insurance policy.
To do so, give a phone call for help or go to our instant final expense insurance quote tool on this page. In 1 minute it will give you the top final expense insurance companies in the final expense, burial insurance business. Select “Excellent Health” under the “Health Class” menu.
That is what 85% are qualifying for and buying here. Yes, these are people 40-85 as well. Many of whom thought they couldn’t qualify for such an affordable policy either.
What About Term Life Insurance From MetLife?
Are you a someone who is nearing your senior years?
Forget about it. Most term insurance is hard to qualify for and not designed for seniors.
Term life insurance is NOT for the inevitable like end of life insurance. Term protection is temporary protection.
This is the second largest mistake we see. The first of course is purchasing guaranteed issue life insurance unnecessarily.
The representative is trying to sell you something rather than nothing. Term life insurance is for a defined period of time, such a the length of a mortgage or loan.
I mentioned this earlier, but buying term insurance should only be done if you know how long you will need life insurance. Many of those who call us for consultation will share their previous life insurance experiences.
Ladies and gents, buy permanent life insurance for end of life protection. At least the guaranteed acceptance policy from Metlife is a whole life insurance product, meaning it will cover you for the rest of your life as long as you pay your premiums.
As a senior, permanent coverage is usually a requirement for effective planning for our loved ones.
Conclusion: Metlife Final Expense Insurance For Seniors
Does Metlife provide an affordable end of life insurance product?
Compared to the vast majority of other senior burial insurance products out there… nope.
Now maybe you’re thinking you get what you pay for…well, you’d be very mistaken when it comes to life insurance.
You should understand…
Though Metlife has a very established name and top notch financial strength, this is not a serious burial insurance company.
They offer just 1 product for the masses that is not priced competitively and penalizes a tremendous number of consumers who choose to purchase it.
Guaranteed Acceptance/guaranteed issue coverage is only for very high risk individuals. Most seniors are not in need of such liberal coverage and are needlessly overcharged.
Life insurance companies that are serious about end of life insurance products offer multiple products to accommodate different levels of health. This provides maximum ease of application (no medical exam), affordability for those who are on a fixed income as well as full, immediate benefits.
This is what the majority of seniors need and/or want.
A company not offering a medically underwritten burial policy available is really very disappointing. I’d like to see them design and market a Metlife end of life insurance plan with full first day coverage so I could give them an product endorsement.
Do it right or don’t do it at all is our motto here.
Here is the problem for consumers…
We see a lot of burial insurance consumers age 50-80 buying policies like this. The purchase of the Metlife burial insurance life seems to be attractive because there are no health history questions and a familiar brand name.
Do you want a 2 year waiting period and higher costs in your policy? Answering a few health questions can not only remove the 2 year waiting period but also lower the premium drastically. In real life, this transfers into better benefits and protection for your loved ones.
Metlife burial insurance is only as good as to what is written in the actual policy. A life insurance policy is a legal and binding in a court of law to the exact terms written in your policy. A household name on the policy does not influence the terms of the contract.
Just ask all the angry life insurance consumers or loved ones who found out the hard way. I have callers looking for end of life, whole life insurance daily. No one requests guaranteed issue policies unless they think they won’t qualify for better coverage. The most common question I get when talking about burial insurance with my clients “is this one of those policies that my family has to wait 2 years for?” Once we have completed a health history, 85% of the time, the answer is “No.”
While there are other insurance companies that do offer guaranteed issue life insurance, those are typically carriers that market life insurance as their central focus. As such, it makes sense why they may offer a guaranteed acceptance senior product among others. They do have their place.
Some folks do need a policy like Metlife guaranteed acceptance burial insurance. These individuals are true high risk candidates. We see about 10% our clients needing a guaranteed acceptance product like Metlife final expense insurance.
Are there any guaranteed acceptance life insurance with no waiting period?
No and I’m very confident there never will be…with any insurance company.
Is burial insurance with no waiting period available?
Yes, you bet. It is readily available in fact and you do not need to be in optimal health to qualify.
Just run the “final expense insurance” quoting tool on this page if you’d like. These are all no-exam lifetime policies. Since most people 50-85 qualify for level benefits (best policy option), I would suggest selecting “Excellent” under the health class dropdown unless you have internal cancer, on kidney dialysis, have a terminal illness, had a recent organ transplant, Alzhemier’s diagnosis etc.
It is important to note that…
Often times, some of the best final expense offerings actually come from “quiet kept” companies that don’t spend all kinds of money advertising on TV or sending lots of junk mail.
There are some pretty crafty life insurance ads out there where some of the fine print is carefully kept very “fine.”
There is a reason the companes offering coverage don’t want you to find an independent agent/broker. Saving you money isn’t their goal, that’s for sure. They want to sell you their life insurance product if they can.
Don’t get me wrong, MetLife is a quality company with a long history of paying out claims. Just understand that Metlife end of life insurance is not a premium whole life insurance policy. It has limitations and a price consistent with a policy that accepts very high risk individuals. Do you want to pay much higher premiums and have lower benefits for your loved ones?
Yes, Metlife is financially strong which indeed is a plus. So are a lot of life insurance companies.
When doing a fair and professional insurance review, it is not correct to compare one insurance company to another company and insist company A’s product must be better than Company B’s because the household name it carries.
It simply is not true.
Take that to the bank!
This Metlife guaranteed acceptance life insurance product is certainly not the best burial insurance for seniors. Most of the senior we work with are on a fixed income and need long term affordability and benefits.
Top offerings often come from unknown names, though this is not always the case. You will find these insurers also have top notch financial ratings. They just don’t spend a fortune on marketing campaigns as do some of the household brands.
Most often, quiet kept companies focus on limited lines of insurance.
In other words, they are just in the life and or the health insurance business. They don’t write auto and homeowners insurance at all.
Light and fast on their feet and easy to work with.
Recap: End of Life Insurance from Metlife
While I let the insurance companies financials and history, I cannot recommend Metlife guaranteed acceptance life insurance.
Snoopy just didn’t design a product that is very affordable or in the best interest of the vast majority of seniors. Guaranteed issue life insurance is designed for people with very poor health.
I don’t know how to say it any other way.
Final expense insurance from Metlife or any other carrier must be affordable for those on a limited income and get the job done for the family. The majority of seniors who call on us for assistance with their life insurance needs are able to obtain better benefits and lower premiums with insurance companies that offer multiple senior life insurance plans. Only about 10% of the people 50-85 we speak with need to pay for guaranteed acceptance life insurance.
When life insurance is hard to afford, it is typically dropped.
Most seniors want to get the best policy they can. Qualifying based on your health as a senior is what end of life insurance is really designed for. While your age at application will be a primary factor in your monthly premium cost, getting affordable rates and full, 1st day coverage does not mean you can’t have any medical conditions.
Make your best attempt by trying to qualify medically with an experienced independent life insurance agent/broker. They can shop any health predicament(s) out to get you the best offer.
While I’m sure many Metlife final expense insurance reviews have mentioned the high cost of this policy, the very important point for you to note is:
Guaranteed acceptance whole life insurance from Metlife or any other insurance company is not the answer for the vast majority of people. It leaves loved ones exposed or in jeopardy of not receiving the monies you desire them to have during those first couple of years.
I’ll say it again, in our office, we see 8+ out of 10 seniors qualify for first day full coverage on permanent whole life insurance with no medical exam, blood test etc.
Why even give Metlife final expense life insurance anymore thought?
Consider what would happen if you passed away in the first couple years from natural causes.
So not only does the Metlife guaranteed acceptance whole life insurance cost you a good deal more to own, but it may penalize your loved ones when you are no longer here.
After reading this and you believe you need coverage like the Metlife final expense insurance plan, please give us a call @ (269) 244-3420 for a life insurance assessment. Be sure you’ve explored the best options with a independent professional that works with dozens of life insurance companies. Life insurance carriers all have different health questions to qualify their applicants. While a few companies may not approve you for a 1st day, level benefit whole life policy, others may. We can sort this out for you, before applying. Your assessment should only be sorted out by a professional that works with all the top carriers and has extensive field underwriting experience. We help everyday people obtain first day coverage. Even with heart issues, CHF, COPD, previous cancer history etc. Yes, you may qualify for first day, full coverage on a whole life insurance policy.
The truth is…
Burial insurance with Metlife should be considered a last resort.
Want to see the difference? Use our instant quoting tool on this page to see the pricing for these policies. Be sure to select “Excellent Health” under “Health Class” for the companies and plans.
You may also use the instant quoting tool on this page to see the companies that offer, no health question, guaranteed acceptance whole life insurance for those may have a terminal medical condition, active internal cancer etc. Select “Poor Health” under the “Health Class” menu for an “apples to apples” comparison with Metlife guaranteed acceptance life insurance. In the poor health classification you will see the top companies for this high risk life insurance. In most cases, Gerber Life and AIG/Corebridge Financial are much more affordable options (just to name couple).
Whether you are still considering guaranteed acceptance insurance from Metlife or not, as a senior, it is most important that you take action. Time is working against you us all but particularily in the senior years. The vast majority of people can qualify for full, immediate benefit life insurance rather than higher priced, high risk life insurance policies that that multiple year waiting periods for full benefits.
Now we are talking about some serious savings and better insurance to protect those you love the most. Keep that in mind as you move forward.
We’re here to help you obtain the best life insurance policy for you and your family. 269-244-3420
Oh…and as always, feel free to comment below.