We Reveal What Metlife Insurance Is

Published: January 23, 2018

MetLife Insurance Limited is one of the largest life insurance companies in the world with over 150 years of financial experience. MetLife Australia was launched in 2005 and offers a range of life cover products, including Term life, TPD cover, Trauma Cover and MetLife Income Protection insurance. With MetLife, you have the opportunity to tailor your life insurance policy to fit your individual budget and requirements.

MetLife-new

When you take out a MetLife life insurance policy, you are providing financial protection to your loved ones should you be unable to work or pass away, depending on the policy type you choose.

However, whether MetLife Australia offers the best cover for your particular circumstances can only be determined by reviewing what they have to offer:

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How does Metlife Life Insurance work?

MetLife Life Insurance provides you with a cash benefit in the event of a valid claim being lodged. In exchange for the benefit, based on the cover amount you choose, you pay the insurer a premium either directly through a debit order or via your credit card. You can choose to pay fortnightly, monthly or annually, however paying premiums yearly generally results in more affordable premiums.

To apply, you first need to fill out a MetLife life insurance application form. Your application will then be assessed by the Underwriters, who will determine whether you are a good insurance risk to receive a policy. Usually, the cost of your MetLife premium will be calculated based on:

  • The policy type you selected;
  • The amount of cover you want;
  • Your age and gender;
  • Whether you are a smoker or non-smoker;
  • Your overall health, including your family’s medical history;
  • Your occupation, if purchasing income protection or TPD cover;
  • Your pastimes and
  • Any premium discounts you might be entitled to.

MetLife offers Guaranteed Upgrades, meaning your policy will be upgraded automatically, starting from your next policy renewal date, if the insurer enhances their products in the future in any way. Ensuring you never get left behind.

Term Life Insurance

Term life insurance provides you with 24/7 coverage anywhere in the world and pays a lump sum to your beneficiaries when you are diagnosed with a terminal illness or if you pass away. Take note: You will be considered terminally ill if you are diagnosed with having less than 12 months to live.

  • Eligibility: All Australian residents between the ages of 16 and 79 are eligible to apply for a MetLife Life Insurance policy.
  • Discounts: When you take out $500,000 or more worth of cover, you will receive a 10% discount on your premiums.

MetLife insurance limited offers customers many benefits, as well as additional options which you can usually add for an extra fee.

Advanced funeral benefit

  • Receive a cash advance of $10,000, upon valid death and birth certificate, to help your loved ones pay for your funeral. This advance will reduce your total sum insured.

Premium freeze benefit

  • You can select to freeze your premium payments so they will not increase. However, your cover amount will be adjusted accordingly to compensate for the premium freeze.

Waiver of premium option

  • With the Waiver of Premium Option, you will not have to pay your MetLife premiums when you’ve been absent from work for 6 months due to an illness or injury and meet the definition of totally and permanent disablement. Your premiums will be waived until you return to work or when you reach your first annual renewal date after your 65th birthday.

Guaranteed benefit increase option

  • You can increase your life cover benefit at specified times, for example when getting married or having children, without having to satisfy any additional medical requirements.

ChildCare option

You can add a ChildCare option to your policy which pays up to $50,000 when your insured child, aged 1 to 16, suffers any of the illnesses or injuries listed in the MetLife PDS, for example, malignant cancer, quadriplegia or a heart attack.

No ChildCare benefit will be paid if claims are due to any self-inflicted injury to the insured child or the child is unable to survive 14 days after the event listed in the PDS has incurred. For a full list of exclusions, please consult the MetLife Australia PDS.

Consumer price index (CPI) adjusted cover

  • To keep your policy on par with inflation, your cover will automatically increase each year, unless you select to remove it. Take note, your premium will be similarly adjusted.

MetLife Life cover exclusion

  • No claim will be paid if the life insured commits suicide within the first 13 months of the policy commencement date, or any increases in cover (in respect to the increased amount) or reinstatement date.

Total Permanent Disablement (TPD) Option

A TPD option can be added to your term life policy, paying up to $2.5 million if you become totally and permanently disabled. Such a payout might be useful if you need to modify your home or car, to pay your medical bills and of course to keep up with everyday expenses.

The TPD option provides a lump sum payment in the event that an accident or injury has left you totally and permanently disabled, which MetLife defines as either of the following, depending on the TPD category you’ve chosen:

  • Suffered the loss or use of Two limbs (defined as the whole hand or whole foot), or sight in both eyes, OR one limb and loss of sight in one eye.
  • Any Occupation: Unable to return to work, for 6 consecutive months, in Any occupation for which you are reasonably qualified.
  • Own Occupation: Unlikely to ever able to return to your Own or specific occupation and already been incapacitated for 6 consecutive months.
  • Homemaker: Totally and permanently disabled and unlikely to ever be able to return to normal domestic duties, for example, shopping for the family’s food, cooking family meals, cleaning the family house and taking care of children or dependants.

Single TPD option

  • Your life cover will reduce by the amount you receive for the TPD benefit if the sum is higher than the TPD cover. Your premiums will also reduce to reflect the lower amount of coverage.

Double TPD option

  • Allows you to reinstate your full life cover benefit after receiving your total and permanent disablement claim.

LifeCare Trauma Insurance

With MetLife’s LifeCare Trauma Insurance you’ll receive a lump sum of up to $2 million, should you suffer any of the critical illness listed in the PDS. For example:

  • Blindness
  • Alzheimer’s Disease
  • Major head trauma
  • Severe burns

However, when diagnosed with malignant cancer, heart attack or stroke you will have to serve a 3-month waiting period before receiving your pay-out.

Exclusions

  • No benefit will be payable if the claimable event arises out of or in connection with a self-inflicted injury or where the insured person was unable to survive for a period of 14 days after experiencing the event covered under the policy.

MetLife Income Protection Cover

Metlife Income Protection Cover is there to remove any financial stress you might have when suffering an injury or illness that prevents you from returning to work for a specified period of time. You will generally receive a monthly benefit of up to 75% of your income when lodging a valid claim.

  • Waiting period: Your choice between 30 and 90 days.
  • Benefit period: The length of time your monthly benefit will be paid can range from 2 to 5 years or up to your age 65.

You are encouraged to find out more about what each of the above insurance products offer, by carefully reviewing the MetLife PDS.

Frequently asked questions

Is Metlife a good insurance company?

Whether MetLife is a good insurance company for you depends on whether their policy options provides the benefits and features you want and can afford. Although a large worldwide insurance company with a stable financial history, now operating in more than 40 countries worldwide including USA, Latin America, Europe, the Middle East and Asia, it’s important that you review and compare their policies with similar policies from other leading life insurance companies in Australia.

I have a Coles life insurance policy, what happens now that it’s been transferred to MetLife?

Coles Life Insurance, underwritten by MetLife, originally started as an affordable cover option to complement their established car and home insurance products. However, after only two and a half years, they stopped new policy sign-ups and on 1 January 2017 all their life insurance cover was transferred to MetLife Essentials. 

If you have a Coles life insurance policy your policy will remain unaffected, meaning terms and conditions will be handled by MetLife Life Insurance. You can contact MetLife for any information regarding your Coles policy, now renamed MetLife Essentials.

Is Metlife a mutual insurance company?

Yes, MetLife is a mutual company operating without external shareholders and is thus entirely owned by its policyholders. In fact, MetLife completed the mutualisation process on January 6, 1915.  The beauty of this is that any profits earned by MetLife are either held by the company for re-investment or returned to customers in the form of lower premiums.

Who owns Metlife insurance?

MetLife Australia is owned by MetLife Incorporated. MetLife Incorporated is the holding company for the Metropolitan Life Insurance Company (MLIC) and its associates and has been active in the insurance industry for over 150 years.

How can I get a MetLife quote?

Easily request a MetLife quote by visiting their website and sending them an email. Alternatively, if you want to receive a MetLife quote on-screen and compare their offering to other leading life insurance companies in Australia, simply fill in the quote form above and you’ll be directed to price on screen in less than 60 seconds.

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