Inside Snoopy…The Metlife Burial Insurance Guide
Disclaimer: We are not affiliated with Metlife or their burial insurance product. Our professional review is meant to inform you so you are better able to make decisions on your life insurance needs.
Are you looking for the scoop on Metlife Burial Insurance? Then again, maybe you have been searching for creditable, MetLife final expense insurance reviews? Either way… Good news!! You have come to the right place. We are going to provide you with a professional review of their guaranteed issue life insurance product.
In this article, you will hear about the offering they have for consumers of burial 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.
Company Profile and Details
Metlife or Metropolitan Life Insurance Company has been in the business for over 145 years. They are also one of the largest insurance companies in terms of overall 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 Guaranteed Acceptance Life Insurance
If you are reading different guaranteed acceptance life insurance reviews, you may have chosen to focus on MetLife for one reason or another.
Metlife offers 1 burial insurance product. If you are looking for MetLife Burial Insurance or MetLife Final Expense Insurance, you have the same option, one!! May sound nice and tidy, but it is far from a 1 trick pony solution.
Yes, this offering you are considering is a guaranteed issue whole life insurance policy which may sound nice. While the coverage is a permanent, whole life insurance policy, be aware it includes a graded, 2 year limited benefit waiting period.
What does this all mean? Well, this is a no medical exam policy, that also has no health questions. As such, even someone with a very serious medical condition can obtain permanent life insurance regardless of the medical outlook. While that sounds easy to qualify for, buyer awareness is required!!
You are doing your due diligence here which is a good thing. Too many people become victims by rushing into buying coverage without shopping to find the right product at a good price. Some will even hear a big name company and take the leap of faith and just purchase coverage.
While many of these companies are good ones, the policy may not suit your needs very well. A life insurance product that does not meet the end goal can be almost worthless. Whether a final expense policy or burial insurance, you want to be sure to money is available to the named beneficiary when the time comes.
Death Benefit amounts of $2,500-$50,000 available
Whole Life Insurance
Coverage available in 47 states. Exceptions OR, MT, NY
Cost of Insurance for MetLife Guaranteed Acceptance Life Insurance vs the Competition
MetLife Monthly Rate Comparison for $10,000 Death Benefit
|Age||MetLife||Gerber||Mutual of Omaha|
How Does MetLife Burial Insurance Work?
It may seem that this is a great policy to apply for. After all, you can’t be declined for any health condition like most other life insurance policies.
If only that was a true statement!!
Here is the scoop on how this MetLife insurance product works.
A waiting period or limited benefit period of 2 years is written into the policy contract that states that from the point of acceptance, the insured will not be covered for natural death 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 as the benefit amount. Obviously, this is not the full death benefit of the policy.
If however, if an accident should claim the insured’s life, the full death benefit would be paid regardless of the 2 year clause.
On a side note, this is not proprietary judt to MetLife. A 2 year waiting period which places a limited benefit amount in place for natural death is standard on all guaranteed acceptance life insurance.
Several companies even use a 3 year limited benefit clause in their policies.
Limited benefit clauses are how any life insurance company mitigates the near pure risk they take on with extreme high risk life insurance. Without doing so, the product funding (money pool) would not be available to honor the claims of policy beneficiaries.
After the 2 year waiting period has passed, MetLife insurance will pay the full death benefit to your beneficiary/trusted family member for both accident and natural death, just like any medically underwritten burial insurance policy.
The key points to remember or write down about this coverage from MetLife…limited benefits for the first 2 years and a considerably higher cost of ownership than any other type of life insurance. What happens to your loved ones if you pass away in those first 2 years?
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 and even guaranteed/no lapse universal life policies (permanent coverage) designed for seniors.
If you have not worked with a seasoned independent agent that deals with tough 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.
Ninety percent of the time, you don’t need guaranteed acceptance life insurance. No exam, life insurance is readily available to you.
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 cost you. 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?
Metlife Final Expense Insurance
The term burial insurance is really nothing more than a common use of final expense whole life insurance. Don’t get caught up on the name of the product. It is the type of life insurance product you purchase that is most important. This of course is followed by the value and cost of coverage.
For final expenses, burial insurance or even a funeral policy, permanent coverage such as whole life insurance, though more expensive, is a much more appropriate choice.
Yes, the Metlife final expense offering is whole life insurance, but still carries a 2 year waiting period for full benefits.
Here Are The Only Reasons to Buy a Guaranteed Acceptance Insurance Policy
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 guaranteed issue or end of life insurance like this. It is simply not in your best interest cost or benefit wise 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. They are more expensive than all other types of life insurance, period. Remember, they are meant for people who have serious health ailments that are very high risk to a life insurer.
Between term life insurance and guaranteed issue life insurance, we see a very high number of complaints. The consumers saw an ad for how easy it was to obtain or no agent will bother you at home etc. High paid celebrity endorsers bringing you a miracle products that seniors must call on today!!
Ladies and gentleman…the marketing is hazing over the limitations of the product. This ends of costing you a lot of extra hard earned money and leaves your family in a potential mountain of debt.
As you are doing your due diligence here today, let this all sink in. Big name and fancy ads don’t mean it is a good product for you.
This burial insurance policy from Metlife is intended for people in very serious situations.
However, they are not going to tell you that.
Insurance companies are more than happy to take your hard earned cash if you are in the healthiest 90% of seniors on a guaranteed issue policy, believe me. In fact, you put more money in their coffers each year.
If you have not already done so, take action now.
What would that be?
Go to our free, instant burial insurance quote that itemizes all the top insurance carriers in the senior life insurance business.
And/or better yet…
Find a seasoned, independent life insurance agent who specializes in cases like this. They will have the knowledge and resources to help guide you to an affordable product that will get the job done right. Give them some insight to your goals and answer all their questions as best as possible.
What About Term Life Insurance From MetLife Insurance? They Mentioned It To Me
Are you a senior or someone near that age?
Forget about it.
Term life insurance is not for burial insurance, funeral insurance or final expense life insurance.
No, No and No!!
This is the second largest mistake after purchasing guaranteed issue life insurance unnecessarily. Sorry, but extensive experience dictates this.
I mentioned this previously as one of the largest complaints we have heard over the years from people who requested our help.
With all of them…had they bought affordable, permanent life insurance instead of the term insurance to pay for end of life expenses they would have been all set.
Some we could bail out, others were not so fortunate or ended up with guaranteed issue life insurance sadly.
Ladies and gents, buy permanent life insurance for end of life protection. Whole life or Guaranteed Universal Life only.
I feel a rant coming on so I will drop the subject right here.
The Take Home
You’re very likely to realize that I cannot recommend MetLife Insurance Company’s Guaranteed Acceptance Life Insurance product.
Is it an affordable burial insurance product? Compared to many other senior burial insurance products, no.
You should understand…
Though Metlife has a very well known name and top notch financial strength, this is not a serious burial insurance company while offering just 1 product for the masses.
Guaranteed Acceptance/guaranteed issue coverage is only for very high risk individuals. Most seniors are not in need of such liberal coverage and a needlessly overcharged.
Life insurance companies that are serious about end of life insurance products offer multiple products to accommodate different levels of health and protection. This provides maximum affordability for those who are on a fixed income as well as full, immediate benefits.
This is what the majority of seniors need and want.
A company like MetLife not having a medically underwritten policy available for seniors is really disappointing. I’d like to see them do that so I could give them an endorsement.
Do it right or don’t do it at all is our motto here.
We see a lot of seniors buying policies like this thinking it must be good offering do to familiarity with the insurance carrier name. Problem is, this policy is not full, immediate benefits like most of these folks believe. Further, it is very costly compared to the numerous options out there
While there are other companies that offer guaranteed issue life insurance products in their “senior” offerings, those are typically dedicated life insurance companies that market life insurance as their central focus. As such, it makes sense why they may offer a guaranteed acceptance senior product among others.
Some folks do need this type of insurance. They are high risk candidates. We see about 10% of of clients with needing a product like the Metlife final expenses offering.
It is important to note that…
Often times, some of the best final expense offerings actually come from lesser known companies that don’t spend all kinds of money advertising on the TV.
A suggestion…avoid television ads and junk mailers. There are some pretty crafty life insurance ads out there where some of the fine print is carefully kept “fine.”
There is a reason the company offering coverage doesn’t want you to find an independent agent/broker. Saving you money isn’t their goal, that’s for sure.
Don’t get me wrong, MetLife is a quality company with a long history of paying its claims.
Yes, they are financially strong which indeed is a plus.
However, 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’ product due to the household name it carries.
It simply is not true.
Take that to the bank!
This Metlife product is certainly not the best burial insurance for a seniors needs especially those on a fixed income.
Some of best burial insurance offerings often comes from some of the lesser known companies. Many of these insurers also have top notch financial ratings.
These are often companies that focus on limited lines of insurance.
In other words, they are just in the life and or senior health insurance business. They don’t write auto and homeowners insurance policies.
Light and fast on their feet and easy to work with.
Consensus and recommendation
Snoopy just didn’t design a product that is very affordable or in the best interest of the average senior.
While many Metlife life insurance reviews reveal the high cost of this offering, the more important detail to grasp is that guaranteed issue burial insurance coverage is typically not needed. Not only does it cost you a good deal more to own, but it may penalize your loved when you are no longer here.
Don’t get married to the name of the insurance company. It can cost you and or beneficiary(s) big time!!
After reading this if you feel you need guaranteed acceptance coverage or have been declined elsewhere for coverage, please give us a call. There are cases that do require it.
This should be sorted out by a professional that works with all the top carriers. You can also our free, final expense quote tool on the right of your screen. Be sure to select “poor healh” to see just the products that are apples to apples comparison to the Metlife burial policy. You will be me in most cases, Gerber Life, Mutual of Omaha and even AIG are much more affordable options for most people (just to name a few). You have everything to gain, but little to lose.
The good news…odds are you can get better rates than you think. Again, 90% of seniors qualify for much more affordable burial insurance than these higher priced, high risk life insurance policies.
Now we are talking about some serious savings. Keep that in mind as you mind forward.
We’re here to help. 269-244-3420
Oh…and as always, feel free to comment below.