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When Metlife Insurance Company opened its doors almost 150 years ago, no one expected that one day it would be one of the largest financial companies in the world. From humble beginnings of selling disability policies to Civil War Vets to agents going door to door selling small life insurance policies, MetLife grew to one of the largest providers of life insurance in the United States.
MetLife continues to hold a dominant position in the insurance industry by focusing on product innovation, financial strength and integrity, but the company that millions of consumers have come to love and trust will soon be transitioning their brand to Brighthouse Financial.
So with such a major change on the horizon coming to MetLife, should you trust your insurance planning to the new, rebranded company?
Here is our unbiased review.
Metlife Insurance Company | Brighthouse Financial Review
The company’s origins go back to 1863 where a group of New York City business men raised $100,000 to form The National Union Life and Limb Insurance Company. National Union insured Civil War members from disabilities resulting from war injuries and sickness.
In 1868 the company became known as Metropolitan Life Insurance Company with a focus on selling life insurance policies. Policies were issued in small amounts and agents went to policyholder’s homes to collect premiums in person.
In 1909, MetLife became the nation’s largest life insurer in the United States, as measured by life insurance policies in force.
In 2000, MetLife demutualized, meaning it converted from a mutual insurance company operating in the best interests of its policyholders to a stock company (NYSE: MET), operating for profit for its stockholders.
Today, MetLife, Inc. through its subsidiaries and affiliates, is one of the largest life insurance companies in the world. They are a global provider of life insurance, annuities, employee benefits and asset management products. MetLife serves approximately 100 million customers and has operations in nearly 50 countries holding the leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East.
MetLife’s Insurance Portfolio
Metlife offers all types of life insurance policies: Term life, whole life, universal life, Guaranteed universal life and variable life insurance. Their insurance portfolio is known for the company’s innovation to adjust to the needs of their customers over time. They do not offer the cheapest term policies on the market like some of their competitors such as Banner Life, William Penn and AIG.
MetLife makes our Top life insurance Companies list because their product innovation and liberal underwriting. They are our “go to” carrier for people with health issues such as Diabetes – both 1 and 2, high blood pressure, high cholesterol and even epilepsy. They are also one of the few insurers that offers a true no exam, guaranteed issue life insurance policy.
A New Beginning – Brighthouse Financial
Who is Brighthouse Financial?
On July 21, 2016 , MetLife announced it would spin-off its life insurance and annuity business under the name of Brighthouse Financial, phasing out their century old name. Upon completion of the separation, Brighthouse Financial will be a major U.S. life insurance and annuity company, with $240 billion of total assets and approximately 2.6 million insurance policies and annuity contracts in force as of June 30, 2016.
What products will Brighthouse Financial offer?
Brighthouse Financial will sell life insurance and annuities for the U.S. retail market through third-party distributors such as brokers and agencies. It will offer term life insurance, universal and variable universal life insurance, whole life insurance products rebranded under the Brighthouse Financial name.
Will The New Company be Financially Secure?
It appears that Brighthouse Financial will be taking on the promises and obligations of the existing book of business. Each of the two separated companies would be closely regulated, well capitalized, and capable of meeting all policyholder obligations
What Will Happen to Snoopy and The Gang?
When MetLife was mulling over the company divestiture, it appeared that Snoopy and the Peanuts gang of creator Charles M. Schulz, launched in 1985, was going to be phased out as the company’s mascots. However, the Peanuts gang was renewed with the MetLife brand.
The new company will be based in Charlotte, N.C., where MetLife received millions of dollars in financial incentives from the city and state according to the Charlotte Observer.
MetLife / Brighthouse Financial Ratings
A.M. Best (A+)
Fitch (AA-)
Moody’s Investors Services (AA3)
Standard & Poor’s (AA-)
Comdex (95)
Why Choose Us to Help With Your MetLife Policy?
No matter what your situation or if you have been declined for insurance before, we will work hard to find you the right coverage for the right price. We are an independent agency that not only works with MetLife – soon to be Brighthouse Financial – but we also work with 30 other insurance companies to help find you the right policy for your situation. Call us now at: 914-633-1717.