Metlife vs New York Life – Which is Better? – The right answer to this question really depends on your personal insurance needs. For most people, MetLife is going to be the better company, but it is important to understand why. You can begin comparing rates between these two carriers, as well as other top insurance companies at any time.
Start out by using our free calculator below to get instant quotes. In the meantime, keep reading for a thorough comparison of these 2 insurers.
Background on MetLife and New York Life
New York Life (NYL) is actually the largest mutual life insurance company in the U.S., as well as one of the largest in the world. Founded in 1845, NYL has top ratings from ratings company A.M. Best. NYL is not the most competitive company when it comes to rates, but it isn’t the most expensive either.
Likewise, MetLife was launched in 1868 and is actually bigger than NYL. In fact, it is one of the largest global insurance providers in existence today. They also have earned top ratings with A.M. Best, so you shouldn’t worry about them going bankrupt anytime in the near future…or ever! Met has won numerous awards for its various insurance options and customer service.
Overall, MetLife is actually a fairly competitive insurance provider when it comes to rates for insurance.
Fortune magazine named MetLife: The Number One World’s Most Admired life insurance carrier. Some of what Fortune measured included innovation, quality of products, services, and social responsibility.
Term vs Whole Life Insurance
The debate between term vs whole life insurance is quite popular. The main difference between MetLife vs NYL is not necessarily their rates or background histories, but the fact that MetLife focuses more on term insurance while NYL focuses more on permanent insurance.
Each company offers multiple types of insurance. So you could get a term or permanent insurance policy with either one. However, term is typically better than perm for most people.
What is the difference, you ask?
Whole life insurance, also known as “permanent” insurance, is essentially coverage from the time your policy starts to the day you die. On the other hand, term insurance is coverage that lasts for a specific period of time, usually anywhere from 10 to 30 years.
Term is the cheaper option of the two, and in many cases it can be converted to permanent coverage like UL insurance. Getting a cheap term insurance policy is great, but most people’s needs for coverage (usually in the form of dependent children) are gone by the time the term is up. Term insurance is more economical and just makes more sense for most people.
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Health Risks
Metlife, like all companies, uses underwriting criteria in order to qualify for their insurance products. Each company uses its own unique underwriting rules. The following are a few of their underwriting guidelines.
- DUI: They will deny coverage for any applicant who has been convicted while driving under the influence in the past 5 years.
- Blood Pressure: If you are 40 years old or younger and have a blood pressure reading of 130/80 or below, you can qualify for the absolute best rates that they offer. This best rate class is called “Preferred Plus” or “Preferred Best”. Standard rates will occur if your blood pressure readings are 145/90.
- Substance Abuse: If you have a history of drug use or alcohol, your rates will depend on when you use occurred. In order to qualify for preferred rates, the last 15 years would have to show that there was no abuse. In order to qualify for standard rates, you would have to show a good history for the past 10 years.
- Nicotine: You must not have had nicotine during the past 5 years and pass a nicotine test in order to qualify for the absolute best non smoker rates. You can qualify for standard non smoker rates if you haven’t used nicotine for the past 2 years. You would also have to pass the nicotine test via a urine sample.
Term Options
Because NYL is more of a permanent insurance company, it is not really wise to use them for term insurance. However, it does still offer term policies. Their policies typically range from 5 to 20 year term and can be renewed. However, policyholders can only do so by paying a higher premium.
On the other hand, MetLife term policies are a bit more flexible.
They go up to 30 years and can also be converted into permanent insurance. As a bonus, you don’t have to take a medical exam or provide additional health information in order to do this.
When it comes to term, MetLife is the clear winner over NYL. Their rates are just better, and they are a quality company that is financially strong.
Which Insurance Company is Best for Me?
MetLife will usually have better rates than NYL.
However, that doesn’t mean they are the lowest for every situation. Every company has the opportunity to provide shoppers the best rate based on age, health, hobbies and a host of other factors.
We can help you comb through dozens of insurance companies to find the ones that will provide you the best rates.
You can always compare rates right on this page using our online quote form, or you can reach out to us. We look forward to getting to know you and helping you get the best term coverage possible easily and quickly.
MetLife Insurance vs NY Life Insurance Which is Better?
At the end of the day, you want to get a great deal and buy a policy from a top rated company. Will either of these 2 companies give you the best deal or another carrier like GEICO, AAA, etc?
Give us a call and we’d be happy to find the right carrier for you.
Thank you for reading our post, MetLife Insurance vs. NY Life Insurance. To learn more about insurance, make sure to visit our pages Insurance Types and Insurance 101 or find out how much you may end up paying for coverage on our Rates by Age page.
