MetLife Life Insurance

MetLife is a provider of a range of personal and business insurance products as well as superannuation. MetLife’s life insurance policies are only available by speaking with a MetLife financial adviser. Although Canstar does not rate MetLife products, we have rounded up some key product info below.

What life insurance products does MetLife offer?

At the time of writing, MetLife offers a variety of life insurance options depending on the level of personal and family cover that you require:

MetLife Protect: MetLife offers a suite of life insurance products within MetLife Protect, including:

  • Life Insurance: Pays a lump sum to your beneficiaries if you die.
  • Total and Permanent Disability (TPD) Insurance: Pays a lump sum in the event of your permanent inability to work.
  • Trauma Cover: Provides a lump sum in the event of an insured trauma event such as cancer, heart attack or stroke.
  • Income Protection Insurance: Provides compensation for lost income if you are unable to work due to illness or injury.

Insurance inside super: MetLife also gives customers the option of including a MetLife life insurance policy within a super fund from one of their superannuation partners, or linking it with an existing fund. 

What features does MetLife life insurance offer?

Some of features that can be included in your MetLife Protect Life Insurance policy include:

  • Death cover: This provides your beneficiaries with a lump sum payment if you die.
  • Terminal illness payment: Provides payments if you are diagnosed with a terminal illness, that is likely to result in death within 24 months, from the time of diagnosis.
  • Advance claim payment: Payment can be claimed by your beneficiaries quickly in some circumstances, for example to cover funeral costs.
  • Indexation: Your policy cover amount automatically increases each year to keep up with inflation, unless you state otherwise.
  • Multiple beneficiaries: You may nominate up to five beneficiaries to receive the payment from your insurance.
  • Optional Extras: Extras, such as home loan cover to help pay off a mortgage or buy/sell cover for business owners with a buy/sell agreement in their business succession plan, can be added to you life insurance policy.

How to apply for a MetLife life insurance policy

You can apply for MetLife life insurance policy by visiting the MetLife website, downloading the relevant forms and documents, and arranging to speak with a MetLife financial adviser. You can contact MetLife online, over the phone or by requesting a call back.

Eligibility to apply for MetLife life insurance

To be eligible for a MetLife life insurance policy, you must:

  • Be an Australian or New Zealand citizen or a permanent Australian resident
  • Have an Australian residential address
  • Be within the entry age range required for the cover that you choose

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MetLife Life Insurance FAQs

The cost of your MetLife life insurance premiums may vary depending on a number of factors, including:

  • The type of cover you choose
  • The amount you choose to be covered for
  • Your age
  • Your medical history  
  • Lifestyle factors, such as whether you smoke

The MetLife website says that, in general, the higher the amount of cover you have and the older you are, the higher your premium will be. Premiums are paid regularly and can be stepped, fixed-term or level depending on your age.

As for life insurance policies built-in to your super fund, premiums are paid out your superannuation account rather than from your regular income.

Considering taking out life insurance? While we don’t compare advised life insurance policies or life insurance taken out through super funds, we do compare direct life insurance policies. 

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Generally speaking, premiums for forms of life insurance such as term life insurance, TPD insurance or trauma insurance may not be tax deductible, according to the Australian Taxation Office (ATO). Ask your tax accountant or financial adviser for more details on this. 

The ATO however, states that you can claim the cost of premiums you pay that cover the loss of your income, such as income protection insurance. You can’t, however, claim a deduction for premiums that compensate you for physical injury or are taken out through your super fund. Ask your tax accountant or financial adviser for more details on this.

You or your beneficiaries can make a claim by contacting MetLife over the phone or by email.

According to MetLife, you or your beneficiaries can expect the following process when making a claim:

  • Information required: When Metlife is contacted regarding a claim, they request all information that will be needed upfront in order for it to make a decision. Only information relevant to the claim will be required.
  • Claim is assessed: All the relevant information provided will be assessed to determine whether the claim can be paid.
  • Payment is calculated: If the claim is successful, the total of your life insurance cover will be calculated, including any benefits and extras, and paid to your beneficiaries as a lump sum.

At the time of writing, MetLife has a selection of exclusions which outline circumstances that may make claims unpayable. The full terms and conditions can be found on the MetLife website.

According to MetLife, it offers a choice of ‘stepped’ premiums where your premium increases each year as you get older, ‘fixed term’ premiums where your premium stays the same for a set period of time, or ‘level’ premiums where your premiums stay the same. Check with MetLife for any limits or restrictions that might apply.

 

At the time of writing, medical tests are not required to apply for MetLife life insurance. However, in the event of a claim, MetLife may require additional evidence, a full review of your medical records or an examination by a medical practitioner or assessor.

Once you’ve applied for cover, MetLife will contact you if a medical examination is required throughout the claims process.

After buying a MetLife life insurance policy, you can apply to increase the amount of your cover at any time. Your application to increase your cover will be subject to an eligibility criteria and may require further medical assessment. Depending on your level of cover, specified life events such as the birth of a child or a loan increase allow you to increase your cover without a review of your health. You can request to change your cover by contacting MetLife or your financial adviser.

Keep in mind that increasing your level of cover or adding your spouse or children to your policy is likely to result in you having to pay a higher insurance premium.

It depends on the condition and policy you decide to take out. When applying for MetLife life insurance, you must disclose any pre-existing medical conditions you have now or had in the past, as well as current medications and health issues.

If a claim arises from a pre-existing medical condition, benefits may not be payable.

Operating for over 150 years, MetLife currently provides insurance and superannuation products to customers in over 40 countries worldwide. According to its website, MetLife insurance products are designed to help customers move through life with financial confidence.

Written by: Eliza Parry-Okeden | Last updated: November 14, 2019