{"id":54867,"date":"2021-03-30T08:15:41","date_gmt":"2021-03-29T22:15:41","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=54867"},"modified":"2021-03-30T09:21:50","modified_gmt":"2021-03-29T23:21:50","slug":"metlife-product-update","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2021\/03\/30\/metlife-product-update\/","title":{"rendered":"MetLife Product Update"},"content":{"rendered":"<p><a href=\"https:\/\/www.metlife.com.au\/\" target=\"_blank\" rel=\"noopener\">MetLife Australia<\/a> has announced a number of key product changes, including a three-year rate guarantee for all lump sum retail products.<\/p>\n<p>A statement from the insurer says this will provide financial certainty, better value and minimise premium concerns for customers.<\/p>\n<p>It says that for the first three years of a new retail policy, \u201c\u2026MetLife will guarantee there will be no unexpected increases to the base rates of a client\u2019s premium\u201d. <a href=\"https:\/\/riskinfo.com.au\/news\/files\/2021\/03\/MET-R-MetLife-Protect-PDS-20210329F.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to view the PDS.<\/p>\n<p>Premiums will only increase due to:<\/p>\n<ul>\n<li>Indexation (if applicable)<\/li>\n<li>Customer-requested increases<\/li>\n<li>Age-based increases<\/li>\n<li>A reduction in specific discounts<\/li>\n<li>Any change to tax or government stamp duty<\/li>\n<\/ul>\n<figure id=\"attachment_54871\" aria-describedby=\"caption-attachment-54871\" style=\"width: 145px\" class=\"wp-caption alignright\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2021\/03\/Meray-El-Khoury-2-e1616985318987.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-54871\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2021\/03\/Meray-El-Khoury-2-e1616985318987-217x300.jpg\" alt=\"\" width=\"145\" height=\"200\" srcset=\"https:\/\/riskinfo.com.au\/news\/files\/2021\/03\/Meray-El-Khoury-2-e1616985318987-217x300.jpg 217w, https:\/\/riskinfo.com.au\/news\/files\/2021\/03\/Meray-El-Khoury-2-e1616985318987-304x420.jpg 304w, https:\/\/riskinfo.com.au\/news\/files\/2021\/03\/Meray-El-Khoury-2-e1616985318987.jpg 374w\" sizes=\"auto, (max-width: 145px) 100vw, 145px\" \/><\/a><figcaption id=\"caption-attachment-54871\" class=\"wp-caption-text\">Meray El-Khoury.<\/figcaption><\/figure>\n<p>The company adds that in addition to the rate guarantee, retail policies will include MetLife\u2019s 360Health offering &#8220;&#8230;an end-to-end health solution which includes tools, resources and information for holistic health management \u2013 designed to ensure greater value and a better experience for both advisers and their clients\u201d.<\/p>\n<p>Other enhancements include:<\/p>\n<ul>\n<li>Implementation of automatic buy back options<\/li>\n<li>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)<\/li>\n<\/ul>\n<p><strong>Meray El-Khoury<\/strong>, 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.<\/p>\n<p>She says these changes will make the company&#8217;s products &#8220;&#8230;more accessible representing better value and making it easier for advisers to find products that suit their clients changing needs\u201d.<\/p>\n<p>The product changes came into effect on 29 March.<\/p>\n<p><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2021\/03\/MET_Summary-of-Product-Changes_2103.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to see a one page summary of the product changes and <a href=\"https:\/\/riskinfo.com.au\/news\/files\/2021\/03\/MET-R-MetLife-Protect-PDS-20210329F.pdf\" target=\"_blank\" rel=\"noopener\">here<\/a> for the full PDS.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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, \u201c\u2026MetLife will [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":54878,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,4],"tags":[],"class_list":["post-54867","post","type-post","status-publish","format-standard","has-post-thumbnail","category-company-news","category-products"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/54867","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=54867"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/54867\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/54878"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=54867"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=54867"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=54867"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}