If your product allows for conversions, this section provides information on converting your existing policy to a Whole Life policy.
Term Life FAQs
You may have questions about your Term policy, and we want to help you get the answers you need. If the information below doesn't address your questions, or if you need additional help, please contact us. To make sure your call is directed to the team that can best assist you, please use the phone number on the latest correspondence you received from us. Please keep in mind that there are different types of Term policies so these questions may not apply to your specific type of policy.
General:
How do I know if my policy is a Yearly Renewable Term or a Guaranteed Level Term?
A Yearly Renewable Term premium would likely adjust each year on your policy’s anniversary date. A Guaranteed Level Term policy has the same premium for a guaranteed number of years. Once the level term period has ended it adjusts each year on your policy’s anniversary date.
Yearly Renewable Term:
When can I expect to receive correspondence letting me know what premium increases are coming up for my policy?
You will receive correspondence each year ahead of your policy’s anniversary date.
When is my premium increasing/when is my policy renewing?
Your premium increase and policy renewal are effective on your next policy anniversary date. Please refer to your policy if you do not know your anniversary date.
My premium payment this year is higher than last year’s amount. Why is that?
The Yearly Renewable Term policy is designed to fit the needs of customers requiring life insurance for a limited period of time. The premium may increase as you age.
Guaranteed Level Term:
When can I expect to receive correspondence letting me know what changes are coming up for my policy?
Correspondence regarding changes to your policy will be sent 12 months and 3 months before any changes occur.
My level premium duration is ending, what do I need to do?
You will receive a bill for the new premium amount. Any prior electronic payment arrangements will be automatically cancelled before the new premium takes effect. If you want to continue your coverage at the new premium amount, you can pay the premium by mailing in your payment, or if you prefer to pay with an electronic bank draft please contact customer service to set that up.
If your premium is not paid, your life insurance coverage will end. MetLife will send the policy owner notice regarding unpaid premiums and provide the specific date that your policy will lapse without future coverage if the premium is left unpaid. A final notice will be sent when the policy terminates.
My premium payment this year is higher than last year’s amount. Why is that?
The Term policy is designed to fit the needs of customers requiring life insurance for a limited period of time, but we understand needs change. Recognizing that you may need insurance beyond the level premium period, this product allows for you to keep your coverage without evidence of insurability. Your premium may increase as you age.
How can I plan for the annual premium increase for future years?
Your policy includes a schedule page that shows future premiums. Please review that page for details on future premiums.
Can I purchase a new life insurance policy?
MetLife does not offer new individual life insurance policies. Please contact your financial professional to see what your available options may be from other companies.
Will MetLife charge me if I do not take any action on my policy when the premium increases?
No, there is no charge for choosing not to renew your life insurance policy, but your coverage will end if you do not renew it. If you have been paying your term premium by monthly bank draft, your policy will be taken off the automatic program and you will be sent a new bill, which you must pay if you decide to continue your coverage. Continuing your policy is your choice; if you decide not to renew your policy no action will be taken against you and your credit will not be impacted.
Can I change the payment frequency – for example, if I am paying annual premiums, can I switch to paying monthly?
Yes, you can change the frequency of premium payments, however, in general paying more frequently than annually may increase your out-of-pocket cost.
Am I able to reduce the amount of coverage for my policy?
If your coverage needs have changed, you may be able to reduce the coverage amount, if the amount requested is above the policy’s minimum. This would reduce the renewal premium required to maintain coverage.
If my premium is increasing does that mean my rider premium will increase also?
Rider premiums will continue as described within your policy. Also, specifics about the coverage provided by each rider can be found within your policy.
Can I remove a rider from my policy and keep my life insurance coverage
Yes, you can choose to pay only the base premium amount and maintain life insurance coverage. There are also some riders that do not have a premium charge. To terminate rider coverage a written request must be submitted, please contact customer service for further instruction.