MetLife Insurance vs. NY Life Insurance — Which is Better?

MetLife Insurance vs NY Life Insurance Which is Better?
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MetLife Insurance vs NY Life Insurance 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 for life insurance, but it is important to understand why.  You can begin comparing rates between New York Life vs Metlife, as well as other top life 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 MetLife and New York Life.

Background on MetLife and New York Life

New York Life 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, this insurance provider has top ratings from ratings company A.M. Best. New York Life is not the most competitive company when it comes to life insurance rates, but it isn’t the most expensive either.

MetLife Insurance vs. NY Life InsuranceLikewise, MetLife was launched in 1868 and is actually bigger than New York Life. In fact, it is one of the largest global insurance providers in existence today. MetLife also has top ratings with A.M. Best, so you shouldn’t worry about them going bankrupt anytime in the near future…or ever! They have also 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 life 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 New York Life is not necessarily their rates or background histories, but the fact that MetLife focuses more on term life insurance while New York Life focuses more on whole life insurance. 

Each company offers multiple types of insurance, however, so you could get a term or permanent life 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” life insurance, is essentially coverage from the time your policy starts to the day you die. On the other hand, term life insurance is coverage that lasts for a specific period of time, usually anywhere from 10 to 30 years.

new york life vs metlife

Term life insurance is the cheaper option of the two, and in many cases it can be converted to permanent coverage like universal life insurance. Getting a cheap term life 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 life insurance is more economical and just makes more sense for most people.

Helpful Links: Life Insurance Types

Life Insurance Risks and Niches

Metlife, like all life insurance companies, uses underwriting criteria in order to qualify for their life insurance products.  Each company uses its own unique underwriting rules.  The following are a few of Metlife’s underwriting guidelines.

  • DUI: Metlife 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 Metlife offers.  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 your 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: MetLife Insurance vs. NY Life Insurance

Because New York Life is more of a whole life insurance company, it is not really wise to use them for term life insurance. However, it does still offer term life 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 life insurance policies are a bit more flexible.

They go up to 30 years and can also be converted into permanent life 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 life insurance, MetLife is the clear winner over NY Life. Their rates are just better, and MetLife is a quality company that is financially strong.

Which Life Insurance Company is Best for Me?

MetLife will usually have better rates than NY Life.

However, that doesn’t mean they are the lowest for every situation. Every life insurance company has the opportunity to provide shoppers the best rate based on age, health, lifestyle and a host of other factors.

metlife has lower rates

We can help you comb through dozens of life 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 MetLife and NY Life 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 — Which is Better?

To learn more about life insurance, make sure to visit our pages Life Insurance Types and Life Insurance 101 or find out how much you may end up paying for coverage on our Life Insurance Rates by Age page.

MetLife Insurance vs. NY Life Insurance — Which is Better?

Michael Quinn

Michael Quinn

Michael is a licensed life insurance agent, expert & owner of Life Insurance Blog. LIB has helped thousands of shoppers understand life insurance and secure affordable coverage.
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Michael Quinn
Founder – Life Insurance Blog

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