MetLife has removed the need for clients to undergo a full medical for income cover of up to $15,000 a month – having introduced what it calls ‘mini-checks’.
Depending on the type and level of cover required, the firm will only ask clients to provide their height and weight measurements, blood pressure reading, pulse rate, and a urine check.
MetLife Chief Distribution Officer Michael Mulholland says the change simplifies the process of applying for life insurance with the firm, “…making it easier and faster for advisers”.
“We’re always looking for ways to make it more efficient for advisers to serve more clients without compromising on quality,” he says. “Our approach enables advisers to spend more time understanding the needs of their clients and doing what they do best.”
Other changes include:
- Higher sum insured limits before mandatory medicals are required
- Mandatory medical requirements for income protection cover increased to $15,000 a month across all ages (up from $10,000 a month)
- No medical required for life and TPD cover up to $1.5 million for all clients aged 46 and over
- Defined medical requirements for higher life cover amounts ($5 million – $10 million and $10 million-plus)
- Simplifying mandatory medical requirements to two age brackets (up to 45 and 46-plus) for all benefits
The changes came into effect on 22 December 2022 and will be applied retrospectively to applications submitted by post.
