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.

You will receive correspondence each year ahead of your policy’s anniversary date.

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. 

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. 

Correspondence regarding changes to your policy will be sent 12 months and 3 months before any changes occur. 

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.

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. 

Your policy includes a schedule page that shows future premiums. Please review that page for details on future premiums.

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.

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. 

Yes, you can change the frequency of premium payments, however, in general paying more frequently than annually may increase your out-of-pocket cost. 

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.

Rider premiums will continue as described within your policy. Also, specifics about the coverage provided by each rider can be found within your policy. 

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.