Life Insurance FAQs
It depends on the type of life insurance policy. MetLife offers Guaranteed Acceptance Whole Life Insurance, which is guaranteed acceptance-no medical questions or health exam.
For most other MetLife products, your health does affect the price. Depending on your health status, MetLife will offer you a fair price for the risk that they take on when providing you with coverage (assuming you qualify for coverage). For example, there will be a difference in policies for someone who is a heavy smoker compared to the same person who has never smoked.
Also, for MetLife's Simplified Issue Term Life Insurance, your health affects whether you qualify for coverage or not, but does not affect the price.
The policy owner is the person who owns the life insurance policy. In many cases, the policy owner is also the person who is insured by the policy. However, the policy owner may also be a relative of the insured, a trust, partnership, or a corporation.
A beneficiary is the person(s) selected by the policy owner to receive the life insurance payments upon the death of the insured.
Premiums are the payments made to the insurance company to purchase and keep a policy active.
A death benefit is the amount paid to the beneficiary at the time of the death of the insured.
The face amount of the policy is the amount of the death benefit as stated in the policy. This does not include additional amounts that the policy may provide.
Insurability refers to how likely an applicant is to be offered coverage based on current health, medical background, family history and other factors.
- Buy it now. Premiums for the same coverage generally increase the older you become. And the longer you wait, the more you risk developing a health condition that could increase your premium further, or make you uninsurable.
- If you want permanent life but you're on a budget, consider some term for now. You can save money initially by buying some term life in combination with permanent life. Then later, if your budget increases, consider converting the term policy to permanent life.1
- Consider group life insurance offered through your employer. It may be available at a relatively low cost. But keep in mind that your group coverage may end or become more expensive when you leave your job or as you get older.
- Were recently married or divorced
- Have a child or grandchild who was recently born or adopted
- Provide care or financial help to a child or parent
- Need to provide assistance or long-term care for a loved one
- Purchased a new home recently
- Have children or grandchildren who are about to enter college
- Refinanced your home mortgage in the past six months
- Received an inheritance
- Retired or your spouse has retired
- Started a business
1 You should check your policy for details on whether it can be converted.
2 Cash values can be accessed through loans and/or withdrawals, but these will reduce the death benefit and may have tax consequances. 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.
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 financial 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.
Metropolitan Life Insurance Company (MLIC), 200 Park Avenue, New York, NY 10166. Life insurance products are issued by: MetLife Insurance Company USA 11225 North Community House Road, Charlotte, NC 28277. And in NY by: Metropolitan Life Insurance Company 200 Park Avenue, New York, NY 10166.