The way Australians live and work today is very different from what it was 20 years ago, but there hasn’t been much genuine innovation in insurance in that time. With this in mind, MetLife talked to consumers and their advisers to understand what could be done better.
We discovered that most people didn’t understand what insurance they had, how it worked or why they needed it. They told us that they found insurance confusing. They told us they couldn’t see the value because their insurance wasn’t tailored to suit them and didn’t change with them over time. Most viewed insurance as an expense rather than an investment.
Armed with these insights, we set out to design a solution which was easy for advisers to fit into their advice process and something consumers would truly understand and value.
The result was a market leading modular product – MetLife Protect and MetLife Protect Super – that can be tailored to meet consumers’ changing life cover needs.
Our modular solution differs from the traditional approach to insurance whereby advisers only have two options to offer their clients, basic cover or overly comprehensive cover that often forces consumers to pay for features that they may not need, can’t understand and likely don’t value.
MetLife Protect and MetLife Protect Super lets consumers build on the four Standard Cover types (Life, Trauma, TPD and Income Cover) with a range of optional Extras Covers. Put simply, it’s like building blocks that allows advisers to work with their clients to piece together different options that match their specific goals and objectives.
Best of all, as your clients’ needs change over time, they don’t have to replace their insurance. Instead, consumers can add or remove the different optional extras to best suit their changing circumstances.
There are currently eleven Extras Covers that can be turned on and off over time.
For example, if a business owner chooses to take out Life Cover, they can add Buy/Sell Extras Cover to their policy. This allows them to upgrade their cover to match the value of their business as it grows over time without having to undertake further underwriting. While this is relevant for business owners, it isn’t very relevant if you are an employee. Instead, non-business owners may find our Home Loan Extras Cover more suitable to help assist with loan repayments should they fall seriously ill. And, this Extras Cover can be removed when the mortgage is paid off.
We’re excited by this innovative approach. As a new player to the advice industry, we have the luxury of being able to think differently about insurance and build real solutions for advisers and their clients. From where we sit, the future looks bright. We are backing quality advisers and looking to partner with those in the industry who share our values and have a passion to lead change.
For more information on MetLife Protect and MetLife Protect Super, please call 1800 523 523 to speak to your State Manager or visit metlife.com.au/advisers
Head of Retail Sales, MetLife