Meray El-Khoury
MetLife Australia has announced product updates to MetLife Protect and MetLife Protect Super effective from 30 June 2024.
Key changes to income protection and lump sum cover that deliver better value 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.