MetLife announces suite of product changes, including three-year rate guarantee
Sydney March 29, 2021
MetLife Australia has today announced a number of key product changes, including a three-year rate guarantee for all lump sum Retail products, providing financial certainty, better value and minimising premium concerns for customers.
For the first three years of a new retail policy, MetLife will guarantee there will be no unexpected increases to the base rates of a client’s premium. Premiums will only increase due to Indexation (if applicable), customer-requested increases, age-based increases, a reduction in specific discounts and any change to tax or government stamp duty change.
In addition to the rate guarantee, retail policies will include MetLife’s award winning 360Health offering – an end-to-end health solution which includes tools, resources and information for holistic health management – designed to ensure greater value and a better experience for both advisers and their clients.
MetLife will also implement automatic buy back options so that clients remain continuously covered with no action required from the adviser or client, and a Life Events Increase feature for business clients that will allow sum insured increases of up to $4 million, compared to $2 million offered by most other insurers.
Meray El-Khoury, Chief Retail Insurance Officer at MetLife, said the product changes would help enhance the value of life insurance for advisers and the clients they serve.
“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.” Ms El-Khoury said.
The product changes come into effect from today. For more information visit MetLife or contact your relationship manager.
Media Contact
Sarah Kelly
MetLife Australia
+61 (0)411 893 890
About MetLife
MetLife Insurance Limited (MetLife), an affiliate of MetLife, Inc., is a specialist provider of life insurance to affinity partners, superannuation trustees and employers in Australia. MetLife has expertise in designing and executing direct insurance programs for partners’ customers and insurance solutions to meet the needs of specific member groups. MetLife has been a specialist provider of life risk insurance products in Australia since 2005. For more information, visit metlife.com.au.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates, is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit metlife.com.