MetLife, one of the most recognized names in life insurance, used to offer final expense whole life insurance policies designed for seniors seeking simple, guaranteed coverage to help cover funeral and burial costs. Unfortunately, as of [Insert Date], MetLife no longer offers final expense whole life insurance. For those who had been considering it, this leaves a gap — but not an insurmountable one.
What Was MetLife Final Expense Insurance?
MetLife’s final expense insurance was a type of whole life insurance policy targeted at seniors, usually aged 50–85, designed to provide a guaranteed death benefit with simplified underwriting. Benefits included:
- Coverage amounts typically ranging from $5,000 to $25,000.
- Level premiums that never increased over the life of the policy.
- Guaranteed acceptance for qualifying seniors (with age and health restrictions).
- Flexible payment options and minimal paperwork.
This type of coverage is sometimes referred to as burial insurance because the death benefit was often used to cover funeral, burial, or cremation expenses, along with final medical bills or other end-of-life costs.
Why MetLife Discontinued This Policy
While MetLife has not publicly stated all the reasons, discontinuation often stems from changes in market strategy, regulatory adjustments, and internal risk assessments. Many seniors who relied on MetLife’s brand recognition now need to look for alternative solutions for final expense coverage.
Alternative Options for Final Expense Coverage
Even though MetLife no longer offers final expense policies, there are numerous alternatives that seniors can consider. Independent agents, like those at Maple Valley Insurance Group, can provide access to multiple carriers with competitive rates.
No-Exam Whole Life Insurance
No-exam or simplified issue whole life insurance policies are available for seniors and often feature:
- Guaranteed coverage for ages 50–85 or higher
- Coverage amounts between $5,000 and $50,000
- Simple health questions instead of full medical exams
Guaranteed Issue Life Insurance
For seniors with significant health concerns, guaranteed issue policies provide coverage without any health questions, although the premiums may be higher and initial coverage periods may have waiting periods (typically 2–3 years) before the full death benefit is available.
Shopping Tips for Burial Insurance
When comparing policies, consider the following:
- Premium stability: Look for level premiums that won’t increase with age.
- Coverage limits: Make sure the death benefit meets anticipated funeral costs and any outstanding debts.
- Carrier reputation: Choose carriers with strong financial ratings and clear claims processes.
- Flexibility: Check if the policy allows additional riders, accelerated benefits, or other add-ons.
How Much Does Final Expense Insurance Cost?
Premiums vary based on age, gender, and health. For example:
| Age | $10,000 Coverage | $20,000 Coverage |
|---|---|---|
| 55 | $40/month | $75/month |
| 65 | $60/month | $110/month |
| 75 | $95/month | $180/month |
Exact premiums will vary by carrier, health, and underwriting method.
Why Work With an Independent Agent?
Independent agents/brokers like Maple Valley Insurance Group can:
- Compare multiple carriers to find the best coverage for your budget and needs.
- Help you understand simplified vs. guaranteed issue options.
- Provide guidance on how much coverage you need for funeral and burial costs.
Next Steps for Seniors Seeking Coverage
If you previously considered MetLife for final expense insurance, now is a good time to explore other carriers. Start by:
- Determining your coverage needs: funeral, burial, debts, and final medical costs.
- Deciding between simplified issue (no exam, some health questions) vs. guaranteed issue (no health questions, potential waiting periods).
- Requesting quotes from multiple carriers via an independent agent.
Looking for Final Expense Coverage?
Our independent agents at Maple Valley Insurance Group can compare multiple carriers and find the best coverage and rates for your needs.
Frequently Asked Questions
Does MetLife still offer final expense whole life insurance?
No. MetLife has discontinued their final expense whole life insurance products. However, there are multiple independent carriers that provide comparable final expense coverage with flexible pricing and benefits.
What are my options now that MetLife no longer offers this coverage?
You can compare plans from other reputable insurers who provide final expense or burial insurance. Independent brokers, like Maple Valley Insurance Group, can help you find a policy that fits your budget, age, and health profile.
Do I need a medical exam for final expense coverage?
Most final expense policies, including those from independent carriers, are no-exam. You typically answer a few health questions to qualify, making it faster and simpler than traditional life insurance.
Can I get coverage if I have health issues?
Yes. Guaranteed acceptance or simplified issue policies are available for those with pre-existing conditions. An independent broker can help match you with carriers that will accept your specific health profile.
How do I get a personalized quote?
You can request a free personalized quote from our office. We’ll compare multiple carriers and help you find the right final expense coverage for your needs and budget.
Why work with an independent broker?
Independent brokers are not tied to a single insurance company. This means we can compare multiple carriers to find the most competitive pricing and best coverage for your situation. Our guidance ensures you avoid unnecessary costs and get the policy that truly fits your needs.
Need Help Finding the Right Final Expense or Burial Insurance?
MetLife no longer offers this coverage, but we can help you compare options from top carriers to find a policy that fits your budget and health situation. Don’t wait—getting the right coverage is easier than you think.