With over 145 years of experience in providing protective cover, MetLife Life Insurance has established itself as one of the most respected providers both in Australia and across the globe.
If the unexpected occurs and your family is hit by tragedy or a serious illness or injury, life insurance can offer crucial financial assistance in your time of need. MetLife offers a range of insurance and retirement solutions to customers across Australia.
MetLife, Inc. is a leading provider of insurance, annuities and employee benefit schemes in more than 40 countries around the world. With a history dating back more than 145 years, MetLife operates throughout the United States, Latin America, Asia, Europe and the Middle East.
If you want to protect your loved ones from the uncertainties of the future, MetLife offers Life Insurance, Income Protection Insurance, Trauma Insurance and Funeral Insurance. These policies are designed to offer flexible and affordable cover for a variety of Australians.
Cover Options Available from MetLife
Life Insurance
Term Life Insurance from MetLife offers a lump sum benefit payment to your beneficiaries if you die or are diagnosed with a terminal illness. The benefit of up to $2.5 million can be used to help your loved ones pay off the mortgage, manage ongoing expenses and maintain their current standard of living. Policyholders are covered 24 hours a day, anywhere in the world, and cover can be continued until the policy renewal date following your 99th birthday. Other policy features include:
- $10,000 Advance Funeral Benefit to help your family cover their immediate costs
- Total and Permanent Disability option that offers a lump sum payment of up to $2.5 million
- Waiver of Premium option when you are disabled and unable to work
- ChildCare option is also available and offers a $50,000 benefit when an insured child suffers a specific event, such as malignant cancer, heart attack or quadriplegia
Trauma Insurance
- LifeCare Trauma Insurance from MetLife provides financial support to your family if you suffer a serious illness or are involved in a serious accident. It offers a lump sum payment of up to $2 million if you suffer a listed trauma condition. Immediate cover is available for conditions such as Alzheimer’s Disease, blindness, coma, major head trauma and severe burns, while you need to serve a three-month waiting period before you can receive cover for events such as heart attack, malignant cancer or stroke. ChildCare Cover is also available for arrange of medical conditions and events. Other features include:
- LifeCare Continuation Benefit following your 70th birthday
- Term Life option that offers up to $2.5 million of cover
- TPD Benefit option
Funeral Insurance
The MetLife Funeral Plan is designed to help your loved ones look after the immediate expenses that arise following your death. You can select a level of cover to suit your needs up to $30,000, allowing your family to cover your funeral expenses, repay credit card debts, and cover any other unexpected medical and household expenses. Applicants aged 18 to 70 can take out cover without undergoing any medical exams or blood tests, while inflation protection allows you to ensure that you continue to have adequate cover in place. Worldwide cover and guaranteed renewability are other key policy features, while those who take out cover of $20,000 or more will receive a 10 per cent premium discount.
- Income Protection Insurance. When you suffer an illness or injury and are unable to work, MetLife Income Protection Insurance provides an ongoing monthly benefit to replace your usual income. Instead of having to dip into your savings in order to provide for your family, this policy allows you to continue to pay your mortgage and stay on top of any other ongoing expenses. This removes any stress about money and allows you to focus on getting better.
How much will insurance from MetLife Cost Me?
The cost of your MetLife policy will be influenced by:
- The type of policy you choose.
- Your sum insured. The more cover you want, the more you’ll have to pay for it.
- The options you select. Opting for a broader, more comprehensive range of cover than the standard offering will obviously result in increased premiums.
- Your age. The older you are, the more your insurance will cost.
- Your gender. Different types of policies cost more for men than for women, and vice versa.
- Whether you smoke. Smokers are at a greater risk of suffering from an extensive range of medical conditions, and this increased level of risk is reflected in higher premiums.
- Your medical history. Your overall health and any pre-existing conditions can affect the cost of your policy, as can your family medical history.
- Your occupation. Working in a job that regularly exposes you to potentially hazardous situations leads to higher life insurance premiums.
- Your pastimes. Applicants who participate in contact sports and adventure activities are at a greater risk of injury or death, and can therefore expect to pay higher premiums.
- The premium mode and frequency you select. Whether you choose variable or guaranteed premiums will impact upon the amount you have to pay at each policy renewal, while paying your premium annually is cheaper than paying it half-yearly or monthly.
- Any premium discounts you might be entitled to.
Some questions you might have about your MetLife policy
Q. Are there premium discounts available?
- A. Yes, MetLife offers discounts for a range of customers. For example, non-smokers and those who take out $500,000 or more of cover can receive a 10 per cent discount on their Life Insurance premiums. Similarly, if two or more people apply for MetLife Funeral Plan cover you can receive a family discount of 20 per cent.
Q. What is the cooling-off period?
- A. Once you have received your policy document and policy schedule, you have 19 days from the date your policy was issued to decide if the insurance policy you have chosen is right for you. As long as you haven’t made a claim, you can cancel your policy during this period and receive a full refund of any premiums you have paid.
Q. Am I covered outside of Australia?
- A. Yes, once you’ve been accepted for a policy you are covered 24/7 anywhere in the world. However, you’ll generally need to be an Australian citizen or permanent resident in order to apply for cover.
Q. How many people can I nominate as beneficiaries?
- A. You can nominate up to five beneficiaries on your MetLife insurance policy.
Q. Does MetLife Income Protection Insurance cover me for redundancy?
- A. No. This type of policy is only designed to provide cover when you are unable to earn an income due to illness or injury.
How do I make a claim for MetLife Insurance?
As any time when you need to make a claim on your life insurance policy can be quite stressful, MetLife aims to make the claims process as simple as possible. If you intend to claim, you’ll need to provide written notice of that intention to MetLife as soon as possible. You can also contact MetLife on 1300 134 669 to request a claim form, or download the relevant form for your type of claim from the MetLife website.
You’ll also need to provide any supporting documentation that MetLife requests along with your claim form. This could include medical reports, death certificates, test results and more. Once you have sent a completed claim form and supporting information to MetLife, you will be contacted within 10 days.
Interested in receiving a quote for MetLife?
Still not sure if this is the right policy for you or ready to receive a quote? You can make a secure enquiry by submitting your details in the form above. An insurance consultant will be in touch to discuss policies available from MetLife and provide you with a quote for cover. If you are still interested in taking out cover, your consultant can assist you with your policy application.
