MetLife announces key product changes

MetLife announces key product changes | Insurance Business

MetLife announces key product changes

MetLife Australia has made a few product changes to enhance the value of life insurance for advisers and their clients.

One of the recent changes includes a three-year guarantee, where MetLife promises not to unexpectedly increase the base rates of a client's premium for the first three years of a new retail policy.

It will only increase the premium for the following reasons:

  • indexation (if applicable);
  • customer-requested increases;
  • age-based increases;
  • a reduction in specific discounts; and
  • any change to tax or government stamp duty change.

MetLife's retail policies will also include the insurer's 360Health offering, an end-to-end health solution that includes tools, resources, and information for holistic health management.

Moreover, MetLife will implement automatic buy-back options, so clients remain covered without action required from the adviser or client. It will also introduce a Life Events Increase feature for business clients, allowing sum insured increases of up to $4 million compared to $2 million offered by many insurers.

Meray El-Khoury, the chief retail insurance officer at MetLife, commented: “MetLife is committed to regularly improving our offering to stay in step with the needs of our retail partners and, in turn, their clients. These changes will make our products more accessible, representing better value and making it easier for advisers to find products that suit their clients changing needs.”