This is also known as life cover, death cover and term cover. Your beneficiaries will receive a lump sum of your entire cover amount if you die, or from the moment you are diagnosed with a terminal illness. You can nominate up to five beneficiaries to receive the proceeds.
Your loved ones will also receive a $30,000 payment right away to cover costs such as funeral expenses.
You can add Home Loan extras to your policy for extra protection or buy/sell extras if you’re a business owner.
Additional support services are available, such as mental health support and grief counselling for your loved ones.
TPD provides a lump sum payout if you become totally or permanently disabled so you are unable to work. Met Life offer “own occupation” (if you can no longer perform the role you’re trained for) and “any occupation” cover (if you can no longer work in any role that you could have skills for).
Trauma insurance, sometimes called Critical Illness Insurance, provides a one-off, lump sum payment if one of many insured events happens to you. These conditions are broken up into five categories: cancer conditions, heart conditions, neurological conditions, vital organ and digestive system disorders and disability conditions and accidental incidents.
The payment is designed to give you and your loved ones a form of financial security, so you can focus on recovery and not have to worry about lost earnings.
Unlike other trauma cover policies, MetLife trauma insurance is tier structured, based on the severity of your condition. You will receive 100% of your cover for Tier 1 benefits, 50% for Tier 2 benefits and 10-25% for Tier 3 benefits.
MetLife will also reimburse you for up to $5,000 of your travel expenses, if you are travelling over 100km to receive treatment.
Income protection insurance provides a regular payment in place of your income if you’re unable to work for extended periods due to injury or illness. It is designed to replace up to 75% of your income.
You can choose your benefit period to be a set number of years or to a specific age. You may be able to claim a tax deduction on income protection premiums.
Loan Protection and Credit Card Insurance
Loan protection and credit card insurance provide cover to help you meet your home loan and credit card repayment obligations, in the case of a serious illness or involuntary unemployment.
It may also pay off your loan, if you were to pass away or be diagnosed with a terminal illness.
1.79 million Australians were covered under a MetLife policy in 2019. MetLife paid over $504m in claims to policy holders in 2019 alone.
MetLife’s Policy Cancellation Rate is 11.9% (industry average 14.7%). See MoneySmart’s Life Insurance Claims Comparison tool for more information.
MetLife strives for empathy, sensitivity and to pay legitimate claims as fast as they can. They aim to keep the claims process transparent, only asking for information relevant to the claim and explaining in plain language why they require the information.
When you make a claim, you’ll be assigned a dedicated claims assessor, supported by a team of experts including doctors. You’ll always deal with someone who knows your story and can update you on your claim.
When you need to make a claim, contact Metlife and they’ll ask you to fill out a claim form. You can submit your claim via email, post or phone and you’ll then receive a dedicated case manager who will get in touch with you within 10 working days to work with you through the process.