MetLife Life Insurance and Marijuana go hand in hand. It’s surprising for such a large insurance company to take a progressive view. Yet as more states legalize recreational marijuana, it will probably turn out to be a good decision. Plus, consumers and industry experts alike hold MetLife in high regard. Meaning you can get fair prices for a good product.
You might recognize MetLife from their ads featuring Snoopy from the cartoon Peanuts. They are also known for their partial ownership of MetLife stadium, home to the New York Giants and the New York Jets.
Is MetLife life insurance a good fit for your situation if you use marijuana medically or recreationally?
Probably. Read on to find out why this is one of our top rated companies for marijuana users. We also look at their underwriting criteria for getting the best rates, their financial stability, and price comparison to other life insurance company offering products to cannabis.
The company began with a group of New York City businessmen during the Civil War in 1863. They initially named the company the National Union Life and Limb Insurance Company. They focused on insuring soldiers and sailors who received injuries on the battlefield.
The company struggled over the next few years and then was taken over by James R. Dow. He directed the company to become involved with life insurance. The company also changed its name to the Metropolitan Life Insurance Company on March 24, 1868.
MetLife initially designed its approach based on the highly successful “workingman’s insurance programs” in England.
The company quickly began to prosper and by 1909 MetLife became one of biggest life insurers in the country – a role which it maintains to this day. MetLife continues to provide that same leadership in the insurance industry in North America. They also sell products globally to over 90 million clients.
MetLife Financial Ratings
Knowing the financial strength of a company you are looking to work with long term is a key component to any life insurance decision. You want to know that the company invests its profits in a responsible manner so your long term insurance policy remains secure. Thus they can pay you if you need to make a claim and won’t go out of business 15 years after you buy your policy.
The top 4 rating agencies in America perform financial assessments every year. So you (or your insurance agent) can always keep an eye on your insurance provider.
Below we list current financial ratings for MetLife. We take into account the top four financial rating agencies.
A.M. Best Ratings – A
Fitch Ratings – A+
Moody’s Investor Service Ratings – A3
Standard and Poor’s Ratings – A+
Based on the ratings above, it’s safe to say MetLife insurance company is on a solid financial footing. Although the company is currently stable, we suggest that you periodically review these ratings over the time you maintain your policy.
At Marcan Insurance, this is part of our regular review. If something suddenly happens to a company you choose to work with and their ratings drop, then we will let you know.
MetLife Life Insurance and Marijuana Use Products
Our MetLife life insurance and marijuana use review will now delve into the products MetLife sells. Their range of products is fairly impressive since they include:
• Term life
• Guaranteed Acceptance life
• Whole life
• Universal life
Below you will find a brief overview of each product offered for MetLife life insurance and marijuana use.
MetLife Term Insurance
The company provides 3 kinds of term life insurance products which can be used for assorted purposes. We also would remind you that term insurance is the most basic form of life insurance available. It provides death benefits only and is much less expensive than other types of life insurance.
The terms offered in all 3 of these policies are for 10, 15, 20 and 30 year terms.
The 3 types of term life insurance which MetLife offers include:
• Level Term – Level term means your premiums and coverage amount remains the same over the life of the policy. The minimum death benefits begin at $100,000.
• 1 Year Term – This is a short 1 year term policy which can be ideally used for business or personal loans. You can convert the policy to a permanent policy after 1 year. The policy offers a renewable feature so you can extend coverage to 5 years.
• Simplified Issue Term – This is a no-exam policy and is also ideal for coverage needs under $100,000. You can apply for this policy online or by phone. Then receive approval in as little as 24 hours.
MetLife Whole Life
Whole life insurance is permanent life insurance. Meaning you have coverage for your entire lifetime regardless of how long you live. Whole life not only offers death benefits but additionally includes a cash value accumulation portion which grows during the life of the policy. Death benefits and the cash value portion are both non-taxable.
MetLife offers 2 types of whole life insurance:
• Whole Life – This policy guarantees that your premiums and death benefits remain the same through the life of the policy. They also include a guaranteed cash value accumulation. You may be eligible to receive dividends.
• Guaranteed Acceptance Whole Life – This whole life policy has policy limits from $2,000 – $20,000 dollars. You can use this type of policy to pay for medical bills, debts and funeral costs. This type of policy will not decline someone 50 to 75 years of age because of their health.
MetLife Universal Life
Universal life is very similar to Whole life. The main difference is that you have some flexibility in managing both your premiums and death benefits. You also have a greater degree of control in how your cash value accumulation portion is used.
MetLife Universal Life products available to marijuana users are:
Universal Life Insurance – Allows you to select both the protection guarantee and the premium schedule.
Variable Universal Life Insurance – Has a variety of investment feature and gives the option of purchasing an insurance rider to guarantee you receive a minimum death benefit despite how the investment portion performs
Survivorship Life Insurance – Covers 2 people where the coverage amount is payable when the second person passes. You can use this policy to manage a special needs child, or for estate taxes.
Not only is MetLife a marijuana friendly company, it is also one of our “go to” companies when it comes to no-medical exam life insurance.
How do MetLife Term Prices Compare?
We did a quick survey of several types of term policy coverage amounts, term lengths, and ages of applicants.
We looked at how this company fared to determine whether their prices were competitive. In nearly every scenario we looked at, MetLife Insurance Company and marijuana use ranked in the top 10 lowest prices. In many instance, the company was in the top 5 lowest rates for both men and women. Meaning, even if you don’t enjoy cannabis, it’s a good deal.
The level term policy offered by MetLife could be especially attractive to marijuana users because of its low cost. MetLife life insurance and marijuana have a positive track record. Their low prices are also a bonus.
For other options on marijuana friendly life insurance companies, we listed our top 12 favorites here. We systematically review the marijuana friendliness of all 70 life insurance companies we work with.
Underwriting Ratings for MetLife life insurance and Marijuana Use
This company is one of the most lenient companies for patients and people who enjoy marijuana. Here how the the underwriters might rate you:
1x Per Month – Can be rated as “Preferred Non Tobacco”
1x – 2x Per Week – Can be rated as “Preferred Non Tobacco”
3x – 4x Per Week – Recreational Use Only – Can be rated as “Preferred Non Tobacco”
Daily – Can be rated as Table B – D assuming no social or occupational impairment
Overall, we believe people who occasionally enjoy recreationally smoking or edibles will be pleased with their rates.
Need More Information About MetLife?
If you any more questions about MetLife Insurance Company and marijuana use, we would strongly advise you to contact one of our independent agents here at Marcan Insurance. We pride ourselves on discretion.
We can discuss your circumstances and see if MetLife is the right fit for your situation. Marcan Insurance not only knows which companies is marijuana friendly, we also know which are the best companies for no-medical exams and business life insurance.
Whether you enjoy marijuana for recreation, are a patient with a medical marijuana card, or even if you don’t use marijuana but work in the industry, we can help you to find a life insurance solution ideal for your family.
Call us at (888) 987-8447 to learn more about MetLife life insurance and marijuana use today! You can also use our Instant Quotes tool on the left (top on mobile) to see real quotes from 10 to 20 companies right now.