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MetLife's Conversion to a Stock Company

MetLife •Disability •Long Term Care •Billing •MetLife's IPO

Ryan of Carmel, IN writes (9/23/02):
My grandmother purchased a life insurance policy on me when I was an infant, listing herself as beneficiary. This policy was eligible for cashing out upon my reaching the age of 21. I made the last few monthly payments to completely pay the policy off and then attempted to cash out the policy. It was very difficult to get the appropriate paperwork from Metlife.

In the meantime, Metlife went public and the policy was transferred to shares of stock. At the time I was trying to cash the policy out, it was worth approximately $3,250. At the time of IPO, my policy was changed over into stock shares worth less than $300. I have called trying to resolve why I was given so little stock, but the explanation I've continually received is the policy transfer was based on an actuarial formula. That does not explain to me why I immediately lost about $3,000.

If the policy would have been transferred to shares on a dollar for dollar basis, the shares would now be worth over $5,000, instead they are worth less than $500. Metlife has avoided all methods of contact I've tried with them. I can recall reading about a threatened class action suit on behalf of all policyholder that this affected in this manner, but have not been able to find any further information about it.

As a result of not being able to recover the true value of the policy, I have experienced much anger, frustration and stress whenever I attempt to get fairly compensated by Metlife. Due to other things that occurred in that same time frame, I have completely drained my savings because I was counting on using the policy value for the downpayment on my home.

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