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MetLife GrandProtect Insurance Package Review

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency...

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Reviewed byJoel Ohman
Founder, CFP®https://res.cloudinary.com/quotellc/image/upload/insurance-site-images/truthaboutins-live/2020/03/joel-ohman.jpg

UPDATED: Mar 13, 2020

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metlife

MetLife recently began a campaign centered on their “GrandProtect® Insurance Package.”

The product caught the eye of TTAI, so we decided to do a little research to see what this new program is all about.

Let’s take a look.

What is the GrandProtect Insurance Package?

Simply put, it’s a comprehensive personal lines insurance package policy.

MetLife is offering an all-in-one insurance policy that is designed to insure your home, valuable items, cars, boat and RV (if you’re lucky enough to have all of these toys).

The goal here is to protect your assets with better coverage than what is offered on individual policies, while also making your life a little easier.

There are some pros and cons associated with these types of package plans, which, although not necessarily marketed on television, are offered by other insurers as well.

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Pros of the GrandProtect Insurance Package

1. MetLife offers increased umbrella insurance liability limits, excess uninsured/underinsured motorist coverage, and “special” coverage for RVs and valuables.

Tip: Most home insurance policies have sub-limits on personal valuables. MetLife simply includes them automatically.

2. MetLife also provides worldwide liability auto insurance coverage, along with rewards for claim-free driving, enhanced rental car damage coverage, and replacement cost for losses.

3. For homeowner’s insurance, MetLife provides a blanket property limit, replacement cost coverage, and identity theft protection. There’s also special landlord and personal property coverage.

[Why is landlords insurance more expensive than homeowners?]

4. You also only pay one insurance deductible for any one loss. For example, if your car, boat and home were all damaged by the same hailstorm, you would only be responsible for one deductible (the higher of any one piece of property…usually your home deductible).

In this example, you would not have to pay the car and boat deductible as part of your insurance claim payment.

5. One bill arrives at the house each month. Having multiple insurance policies, even with the same insurer, can result in two or more separate monthly bills to keep track of, which can lead to trouble.

Potential Cons of the GrandProtect Insurance Package

1. While it may be convenient to have all of your insurance on one policy with one insurer, you may be missing out on hundreds (or thousands) of dollars in savings each year by splitting them up.

MetLife may have the lowest home insurance rates in your state, but the highest auto insurance rates. The net result could be that you’re overpaying for all your insurance coverage.

2. Nobody likes to be non-renewed on an insurance policy. Perhaps you or your teen driver has had a few too many tickets or accidents and MetLife has decided to non-renew your auto coverage as a result.

Now what? Well, now you’re back to square one with your insurance coverage and may be searching for as many as four new policies. This may be a major headache, even though it’s not terribly common.

Why Met Life Wants You in the GrandProtect Package

Insurers are always looking for new ways to attract, and more importantly, retain business. It is common industry knowledge that an insured that has more than one insurance policy with a single company has a much smaller chance of moving to a different insurer.

As discussed above, we all know it can be time consuming and cumbersome to switch insurers.

With GrandProtect, MetLife has got you lock, stock and barrel into their program. The longer they retain your business, the more money they make.

Make no mistake; insurance companies spend hundreds of millions of dollars each year studying our shopping and buying behaviors, then advertising accordingly.

[How much do insurers spend on advertising each year?]

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Final Word

Always do your research. Get insurance quotes both online and offline, and sit down with an independent insurance agent to determine if you’re getting the best deal available for the coverage you need.

While receiving one bill in the mail is great, it may not be worth the convenience if it comes with an inflated price tag.

Of course, if money is no issue to you and you strive solely for convenience, MetLife GrandProtect or a similar package program from another insurer could be the greatest thing since sliced bread.

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