In 2016, MetLife announced a company transition to Brighthouse Financial. This transition effected ALL of Metlife’s term life insurance policies in that it limited the conversion options.
Previously, any MetLife term insurance policy (including their “Guaranteed Level Term” series) could be converted to any of their permanent products. This was a huge benefit to owning a MetLife term life insurance policy because MetLife had fantastic conversion options including their Promise Whole Life Series, Secure Flex Universal Life, Provider Universal Life, Equity Advantage Variable Universal Life.
The only product you can convert to now is the Premier Accumulator Universal Life Insurance product.
If you want quotes on converting your term life insurance policy into this product, please fill out the form on the side.
MetLife Term Conversion Availability
You can convert your MetLife term life insurance policy for your entire term up to age 70. If your policy was issued over the age of 65, you can convert your life insurance policy during the first 5 years. These conversion availability guidelines are still in tact even with the company transition to Brighthouse Financial.
If you had a “One Year Term” life insurance policy with a “Convertible & Renewable Option Rider” on the policy, you can convert during years 2-5.
Since you can only covert to the Premier Accumulator Universal Life Insurance product (referred to by MetLife agents as PAUL), let analyze that product.
MetLife Premier Accumulator Universal Life Insurance (PAUL) Review
Since this is the only product you can convert to currently – it’s worth giving an overview.
This product was designed to combine death benefit protection with high early cash accumulation as well as long term cash accumulation. Most of the time this product is purchased by high net-worth individuals or business owners wanting a key person policy.
For an individual, you’re most likely looking for the cheapest amount of coverage for a guaranteed amount of time – usually for life (the typical person we speak with). This policy is going to be more expensive without any premium guarantees, but you’ll (most likely) get some cash value building up inside the policy that you can access down the road.
While this policy isn’t ideal for the person trying to get the lowest possible cost life insurance for life or even a specific amount of time, it can be designed to get as close to that as possible. Every PAUL policy we design is based on our clients needs. Whether it be the cheapest premiums or the longest guarantees – we’ll always find something within your budget. Even if that means only converting a portion of your total coverage…we’ll always present the best option.
Bottom line is we work with consumers every day to help them convert their life insurance. Even though MetLife used to have some of the best conversion options available, we can still work with this PAUL product and compare it to what you can qualify for on the open market. In other words, we’ll do what’s in the best interest for you.
We don’t work for Metlife, we work on behalf of you as a licensed agent with MetLife (and 60+ other life insurance companies). Fill out the form of give us a call today to see if a MetLife term conversion makes sense for your situation.