MetLife Term Life Insurance

Information verified correct on September 27th, 2016

Keep your families financial future secure with life cover from Term Life

Metlife branches can be found throughout the Americas, Asia Pacific and Europe as well as in Australia, where it is a specialist life insurance provider. It now services 90 million customers globally under the brand name 'Metlife' and is considered a leading provider of insurance and other financial services to individuals as well as its group customers.

Metlife term life insurance provides a lump sum benefit to your dependents in the event of your death or on diagnosis of a terminal illness, so that your family can meet their financial commitments such as mortgage repayments, education expenses, and daily living expenses that will be impacted due the loss of your income. This review will provide an overview of the policy features.

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Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.
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What does the policy cover?

Metlife term life insurance provides a lump sum benefit to your dependents in the event of your death or on diagnosis of a terminal illness, so that your family can meet their financial commitments such as mortgage repayments, education expenses, and daily living expenses that will be impacted due the loss of your income.

Metlife term life insurance policy will offer the following benefits and options:

  • Death and Terminal Illness (life cover). The agreed sum benefit is payable when the life insured dies or has been diagnosed with a terminal illness, with less than 12 months to live.
  • Advance Funeral Benefit. A cash advance of $10,000 will be provided to help with the expenses associated with funerals.
  • Total and Permanent Disability (TPD) Option*. You can add a TPD option onto your existing life cover policy, which will provide you with a benefit payment if you become totally and permanently disabled. The TPD sum insured must be equal to or less than your life cover sum insured (no greater than $2.5 million.
  • Single TPD Option. You will receive a benefit if you become totally and permanently disabled and your life cover sum insured will be reduced to that TPD amount paid (if the sum is higher than the TPD cover). Premiums will be reduced to reflect the lower amount of coverage.
  • Double TPD Option. With this option, if you become totally and permanently disabled, the TPD benefit will be paid without reducing your life cover. The premiums you pay for your life cover will also be waived after the payment for TPD benefit, until your death or you turn 60 (whichever comes first). This option is available for additional cost.
  • Waiver of Premium Option. Your future premiums will be waived if you have been absent from work for six months due to an injury or illness, and you are totally and permanently disabled, until you return to work or after your 65th birthday.
  • Guaranteed Benefit Increase Option. You can increase the your coverage amount at specific events without having to provide further medical evidence.
  • ChildCare Option. You include additional protection for your children between the age of 1 and 16 for specific events such as Cancer, Major Head Trauma, Multiple Sclerosis, Major Organ Transplant, etc.

*Definition of Total and Permanent Disability (TPD)

You have suffered the loss of use of two limbs, or sight in both eyes, or one limb and loss of sight in one eye (a limb is defined as being the whole hand or whole foot).

OR

subject to the category of cover you choose, one of the three categories below applies to you before the first annual renewal date after your 65th birthday:

  • Any Occupation. You have become incapacitated for six consecutive months and are unlikely to be able to undertake your usual occupation again, and you are unlikely to be able to perform any other reasonable occupation for which you are reasonably qualified (supporting evidence must be provided to prove your inability work)
  • Own Occupation**. You have become incapacitated for six consecutive months and are unlikely to be able to undertake your usual occupation again, and this was your current and only occupation at the time of the injury or illness preventing your ability to work (supporting evidence must be provided to prove your inability work)**This category is only available to those working in a white collar profession/a profession requiring tertiary qualifications (you must be working in a position directly related to your qualifications for at least 12 months prior to a claim). Call MetLife on1300 134 669 to find out if you qualify.
  • Homemaker. You are fully occupied with full-time unpaid domestic duties in your own residence; you are receiving medical care due illness/injury and are unable to undertake normal domestic duties or leave your home unaided, or be engaged in any employment for six consecutive months; and at the end of the six month period, you are likely to require ongoing medical care and it is confirmed that you will never again be able to perform normal domestic duties nor any occupation.
The descriptions for built-in benefits and features listed above should only be viewed as broad summaries. Each policy will often contain its own set of requirements for the policy holder to be able to add a feature to their policy and the conditions for a claim being paid.

More reasons to choose Metlife?

With Metlife term life cover, you and your family can rest assured that you are protected with a world class insurance product with comprehensive policy benefits and built-in features such as (but not limited to):

  • Guaranteed continuity. Metlife guarantees to continue your policy cover every year, regardless of any changes to your health, until after your 99th birthday, provided that your premiums are paid on time.
  • Worldwide, 24/7 cover. You will be covered with Metlife life cover 24 hours, 7 days, and no matter where you are in the world.
  • IndexationThe amount of insured will be automatically increased every year in line with the Consumer Price Index (CPI) to keep up with inflation.
  • Choice of premiums, variable or guaranteedWith variable premiums, the rate you pay will fluctuate every annual renewal date and the changes will be communicated to you in writing. Choose the guaranteed premium option to lock in the future rates for your life cover.
  • Premium discountsDiscounts on premiums rates are offered for non-smokers and 10% discount if you take out cover for $500,000 and above.
  • Premium freezeYou can lock in your premium rates so it will not increase, and your cover will be adjusted accordingly.

Who can apply for Metlife Term Life Cover

You are eligible to apply for Metlife life insurance cover if you are an Australian resident and are between the age of 16 to 79. Some benefits and options do have further age restrictions, therefore, it is important to refer to the Product Disclosure Statement for more information. Should the policy no longer meets your insurance needs, you have a 19 days cooling-off period for cancellation from the date your life policy was issued by Metlife.

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