MetLife Australia has announced a number of key product changes, including a three-year rate guarantee for all lump sum retail products.
A statement from the insurer says this will provide financial certainty, better value and minimise premium concerns for customers.
It says that 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”. Click here to view the PDS.
Premiums will only increase due to:
- Indexation (if applicable)
- Customer-requested increases
- Age-based increases
- A reduction in specific discounts
- Any change to tax or government stamp duty
The company adds that in addition to the rate guarantee, retail policies will include MetLife’s 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”.
Other enhancements include:
- Implementation of automatic buy back options
- Enhanced Life Events Increase feature for business clients that will allow sum insured increases of up to $4 million on Life and TPD cover (the insurer notes this compares with up to $2 million offered by most other insurers)
Meray El-Khoury, Chief Retail Insurance Officer at MetLife, says the product changes would help enhance the value of life insurance for advisers and the clients they serve.
She says these changes will make the company’s products “…more accessible representing better value and making it easier for advisers to find products that suit their clients changing needs”.
The product changes came into effect on 29 March.