MetLife announces updates to MetLife Protect and MetLife Protect Super

MetLife Australia has announced product updates to MetLife Protect and MetLife Protect Super effective from 30 June 2024.

There are key changes to income protection and lump sum cover that deliver better value and are notable for not triggering a premium increase for existing policies. MetLife believes in providing the best possible product, pricing and service to advisers and their clients, and these product updates reflect that commitment.

Commenting on the changes Chief Insurance Officer Meray El-Khoury said: “We are always looking for ways to make sure MetLife Protect remains a great choice for our customers, and delivering benefits that meet their needs. We do this by making adjustments that ensure our product remains competitive in a changing market. These product upgrades provide more product options and better benefit terms that support a confident financial future with MetLife.”

Changes to MetLife Protect and MetLife Protect Super, include:

• Additional 60-day Waiting Period option for Income Protection for all Benefit Periods and eligible occupations;
• Monthly Income Protection benefit calculation to include bonuses, which means customers can be insured for their bonuses, not just salary; and
• $10,000 Death Benefit added to the Own Business Option for Total and Permanent Disability (TPD).

Other changes include more favourable treatment of sick leave and TPD benefit calculations. For more information, advisers should reach out to their MetLife BDM. Meet the team here.

MetLife Insurance Limited (MetLife), an affiliate of MetLife, Inc., is a specialist provider of life insurance to superannuation trustees, employers and financial advisers in Australia. MetLife has expertise in designing holistic insurance solutions to meet the needs of its customer groups, which includes the award winning 360Health program. MetLife has been providing life insurance products in Australia since 2005. For more information, visit metlife.com.au. 

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Asia, Latin America, Europe and the Middle East. For more information, visit metlife.com.