Is Metropolitan Life Insurance Company Good in 2024?

Metropolitan Life Insurance Company, better known under their trading name MetLife, is a global corporation offering health and life insurance, as well as retirement and savings products to millions of people around the world. 

Officially founded in 1868, Metropolitan Life Insurance Company has grown to be one of the largest companies in the industry with around 100 million customers spread over 40 countries.

Can you get Metropolitan Life Insurance in Canada?

Unfortunately, you cannot buy Metropolitan life insurance in Canada. MetLife sold its Canadian subsidiary, MetLife Canada, and its insurance business to Unity Life of Canada in 2009. In the acquisition, Unity Life also acquired nearly 100,000 health and life insurance policies in addition to a few corporate policies. 

Unity Life of Canada has since changed its name to Foresters Life Insurance Company, and the business still continues to administer the existing MetLife Canada insurance policies from before the acquisition in 2009.

What is the best life insurance in Canada?

Determining the best life insurance companies in Canada depends on individual needs, preferences, and circumstances. Several reputable insurance providers operate in Canada, each offering a range of policies with unique features including universal life insurance, whole life insurance, term life policies, and more.

If you're looking to buy a policy, we recommend that you compare multiple plans before zeroing in on one. While it may seem daunting, we've made it simple for you. You can use our comparator below to explore the best life insurance plans in Canada, compare their features, and get personalized quotes in no time right here.

What does life insurance cover in Canada?

Life insurance serves as a financial safeguard, providing a tax-free lump sum, known as the death benefit, to beneficiaries. This versatile resource plays a crucial role in addressing a range of needs, from covering debts and securing financial stability for families to serving as a vital income replacement mechanism. Let's explore its multifaceted benefits in navigating the complexities of financial planning.

1. Financial Safety Net: Life insurance creates a safety net by providing a tax-free lump sum to beneficiaries.
2. Debt Coverage: This sum can be used for various needs, such as covering debts and ensuring financial stability for the surviving family.
3. Debt Settlement: It plays a crucial role in settling outstanding financial obligations, preventing the transfer of debts to loved ones.
4. Income Replacement: Life insurance acts as a vital income replacement tool, helping families cope with the financial gap left by the policyholder's income.
5. Funeral Costs: It contributes to covering funeral expenses, and easing financial burdens during emotionally challenging times.
6. Enhanced Liquidity: Life insurance ensures liquidity, facilitating smooth asset distribution, and may reduce tax burdens for heirs.

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Patrik Shore Ex: Financial Crime Investigator

Patrik Shore has nearly a decade worth of experience in the financial industry and has been writing for HelloSafe over the past year. Having started his career investigating financial crime to moving on to financial planning, Patrik has a deep understanding of all things personal finance.