MetLife Australia’s update to its flagship MetLife Protect product range drew strong reader interest this week…
MetLife Australia has announced updates to its MetLife Protect and MetLife Protect Super offers.
Detailed in a new PDS effective from 30 June 2024, key changes 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
- $10,000 Death Benefit added to the Own Business Option for Total and Permanent Disability.
In a statement released by the insurer, it says these key changes to income protection and lump sum cover are notable for not triggering a premium increase for existing policies, and adds other changes also include more favourable treatment of sick leave and TPD benefit calculations.
MetLife says it believes in “…providing the best possible product, pricing and service to advisers and their clients, and these product updates reflect that commitment.”
Chief Insurance Officer Meray El-Khoury adds the company is always looking for ways to make sure MetLife Protect remains a great choice for customers, 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 …”
Click here to review the new PDS.
