Overview
Life insurance gives you the peace of mind you only get from knowing that you've protected your loved ones.
In the event of your passing, life insurance provides money directly to your beneficiaries. They can use the money for whatever they want, such as:
- Make up for your lost income
- Fund your child's education
- Paying off household debt
- Paying for your funeral and other related expenses
In addition, Permanent Life Insurance offers a cash value component which can be put to good use during your lifetime.1
Get the Right Coverage
How much life insurance do I need?
What kind of life insurance do I need?
The MetLife solutions: Term Life Insurance, and several types of Permanent Life Insurance
Term Life Insurance for temporary simplified coverage and no cash value.
Whole Life Insurance for permanent coverage, with guaranteed premiums, death benefits and cash value growth.
Universal Life Insurance for permanent coverage, flexibility and less emphasis on cash value.
Variable Universal Life Insurance for permanent coverage, and potentially higher cash value through investment options, but you accept some risk.
Survivorship Life Insurance for lifetime protection for two people that pays a benefit upon the passing of the surviving insured.
Life Insurance Glossary
Beneficiary
The person(s) named by the owner of the policy to receive the life insurance proceeds upon the death of the insured.
Cash Value/Cash Surrender Value
The amount that is available in cash for loans and/or withdrawals during the life of the insured. Withdrawals may be subject to surrender charges and could have a permanent effect on the cash value. Loans reduce the cash value and death benefit by the amount of the loan outstanding plus interest. If the policy is surrendered, the cash surrender value is paid to the policy owner.
Convertible Term Insurance
Term insurance that can be exchanged (converted) to a permanent insurance policy at the option of the policy owner without evidence of insurability.
Death Benefit
The amount paid to the beneficiary(ies) at the time of the death of the insured. Dividend
A partial return of the premium on participating insurance that is based on the insurer's investment, mortality, and expense experience. Dividends are not guaranteed.
Face Amount
The death benefit stated on the policy. It does not include additional amounts acquired through the application of policy dividends or amounts payable under accidental death or other special provisions.
Insurability
An applicant’s acceptability to the insurance company.
Insured or Insured Life
The person on whose life the policy is issued.
Level Premium Term Life Insurance
Term Life Insurance for which the premium remains the same for a specific number of years - usually 10, 20 or 30 years. At the end of the specified term, coverage can usually be continued, but the premium payments would increase each year.
Loan (Policy Loan)
A loan made by a life insurance company to a policy owner based on the cash value of a policy. Generally, loans reduce the policy's death benefit and cash value by the amount of the outstanding loan plus interest.
Paid-up Insurance
Insurance that will remain in force with no additional premiums needed.
Participating Policy
A life insurance policy that is eligible for dividend payments by the insurer. (see also Dividend)
Permanent Life Insurance
Insurance that can last a lifetime and may build up a cash value that can be accessed during the insured’s lifetime. Whole Life, Universal Life, Variable Universal Life and Survivorship Life are all examples of Permanent Life Insurance.
Policy Owner
The person who owns a life insurance policy. This is usually the insured person, but it may also be a relative of the insured, a trust, partnership, or a corporation.
Premiums
Payments to the insurance company to buy and keep a policy in force.
Term Life Insurance
Life insurance that does not build up cash value and provides coverage for a specified period of time.
Universal Life Insurance
A Permanent Life Insurance policy which allows you, within limits, to change the death benefit and vary the amount or timing of premium payments. A part of your premium can go towards building a cash value that grows at an interest rate that varies over time, but not below a guaranteed minimum. Your cash value is available for you to use in a variety of ways, including to pay premiums.1
Variable Universal Life Insurance
A form of Universal Life Insurance that allows you to invest your cash value in various funding options that invest in such things as stocks and bonds. You decide how your net policy values are invested, and you bear the investment risk. The premium required to maintain the death benefit, and your cash value depends on the performance of the underlying investments.
Whole Life Insurance
A type of Permanent Life Insurance which can provide lifetime protection with a level premium, guaranteed death benefit and guaranteed cash value. Premiums must be paid for as long as the policy is in force. Most Whole Life policies are eligible to receive dividends, if declared and paid. Dividends can be used to reduce or eliminate out-of-pocket premiums in later years.
1 Cash values can be accessed through loans and/or withdrawals, but these will reduce the death benefit. In addition, withdrawals from some policies may be subject to surrender charges and could have a permanent effect on the cash value and the death benefit.
2 MetLife, its agents, and representatives may not give legal or tax advice. Any discussion of taxes herein or related to this document is for general information purposes only and does not purport to be complete or cover every situation. Tax law is subject to interpretation and legislative change. Tax results and the appropriateness of any product for any specific taxpayer may vary depending on the facts and circumstances. You should consult with and rely on your own independent legal and tax advisers regarding your particular set of facts and circumstances.
3 Not all transactions available for all products.
Like most insurance policies, MetLife's policies contain exclusions, limitations, reductions of benefits and terms for keeping them in force. For complete costs and details, see your MetLife Representative.
Guarantees apply to certain insurance and annuity products (not securities, variable or investment advisory products) and are subject to the insurer's claims-paying ability and financial strength.
Variable insurance products, including variable annuities and variable life insurance, are offered by prospectus only. The prospectus contains information about the product's features, risks, charges and expenses, and the investment objectives, risks and policies of the underlying portfolios, as well as other information about the underlying funding choices. and consider this information carefully before you invest or send money. Product availability and features may vary by state. All product guarantees are based on the claims-paying ability of the issuing insurance company.
The amounts allocated to the variable investment options of your account balance are subject to market fluctuations so that, when withdrawn or annuitized it may be worth more or less than its original value.
Feedback