Review MetLife Life Insurance
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What Life Insurance Does MetLife Offer?
MetLife Protect allows you to choose different types of cover depending on what you want to cover. Some types of cover can be bought on their own or linked together.
| Cover type | What it provides |
|---|---|
| Life Cover | A lump sum if you die or meet MetLife’s definition of Terminal Illness. |
| TPD Cover | A lump sum payment if you meet one of the applicable definitions of total and permanent disability. |
| Trauma Cover | A lump sum or partial payment if you meet the definition of a specified Trauma Condition. |
| Income Cover | Monthly benefits if illness or injury affects your ability to work and you meet the applicable policy definition. |
MetLife also provides different ways of structuring eligible insurance, including Standalone, Linked and Super Linked Cover.
MetLife Life Cover
Life Cover pays a lump sum if you pass away or are diagnosed with a terminal illness that meets the policy definition. The payment can help your family cover everyday living expenses, repay debts such as a mortgage, or provide ongoing financial security.
MetLife includes several built-in features with eligible Life Cover policies, such as automatic indexation to help your cover keep pace with inflation and the ability to apply for additional cover after certain life events without further medical evidence, provided the policy conditions are met. Optional extras are also available for eligible applicants.
- Entry age: 15 to 73 for Variable Age-Stepped premiums, 15 to 59 for Variable premiums to age 65 or 70, or 15 to 54 for a 5 or 10-year Fixed Term Option.
- Expiry age: 130 for Standard Life Cover, although different conditions can apply to MetLife Protect Super and fixed-term cover.
- Minimum cover: $50,000.
- Maximum cover: No maximum specified for Life Cover at application, subject to MetLife’s underwriting and other policy requirements.
- Premium options: Variable Age-Stepped, Variable to age 65 or 70, or a 5 or 10-year Fixed Term Option.
- Available through super: Yes.
MetLife TPD Cover
MetLife Total and Permanent Disability Cover provides a lump sum if you become totally and permanently disabled and satisfy an applicable TPD definition. The payment could be used towards expenses such as rehabilitation, medical treatment, modifications to your home, debt repayments or ongoing living costs.
MetLife provides several ways of assessing TPD depending on your eligibility and the cover selected.
- Entry age: 15 to 64 for Variable Age-Stepped premiums, 15 to 59 for Variable premiums to age 65 or 70, or 15 to 54 for a 5 or 10-year Fixed Term Option.
- Expiry age: 75 for Standard TPD Cover.
- Minimum cover: $50,000.
- Maximum cover: $5 million, subject to applicable limits and underwriting. If applying for TPD Cover after age 60, the maximum cover amount reduces to $1 million.
- Premium options: Variable Age-Stepped, Variable to age 65 or 70, or a 5 or 10-year Fixed Term Option.
- Available through super: Yes, for TPD Cover assessed on an Any Occupation basis. The Own Occupation Option is not available inside superannuation.
MetLife Trauma Cover
MetLife Trauma Cover provides a benefit if you meet the policy definition for one of its specified Trauma Conditions. Unlike Life Cover, the amount paid isn’t necessarily the entire Trauma Cover Amount because MetLife groups conditions into different benefit tiers based on severity.
Trauma Cover cannot be held inside superannuation.
- Entry age: 15 to 64 for Variable Age-Stepped premiums, 15 to 59 for Variable premiums to age 65 or 70, or 15 to 54 for a 5 or 10-year Fixed Term Option.
- Expiry age: 75 for Standard Trauma Cover. From age 70, cover is restricted to Tier 1 Benefits.
- Minimum cover: $30,000.
- Maximum cover: $2 million, subject to applicable limits and underwriting. If applying for Trauma Cover after age 60, the maximum cover amount reduces to $1 million.
- Premium options: Variable Age-Stepped, Variable to age 65 or 70, or a 5 or 10-year Fixed Term Option.
- Available through super: No. Trauma Cover cannot be held inside superannuation.
MetLife Income Cover
Income Protection provides a monthly benefit if illness or injury prevents you from working and you satisfy the policy’s disability definition. The payments are designed to replace a portion of your income while you recover, helping you continue to meet everyday expenses.
MetLife offers a range of waiting periods and benefit periods, allowing eligible applicants to tailor their cover to suit their financial situation and employment circumstances.
- Entry age: 15 to 59.
- Expiry age: 65.
- Minimum Monthly Cover Amount: $1,500, excluding superannuation.
- Maximum Monthly Cover Amount: Up to $30,000 per month for eligible occupation classes, subject to income-based limits. Some occupation classes have a maximum of $5,000 per month, while others aren’t eligible for Income Cover.
- Premium options: Variable Age-Stepped or Variable to age 65.
- Available through super: Yes, subject to eligibility and the requirements applying to cover through superannuation.
How Much Does MetLife Life Insurance Cost?
The cost of MetLife life insurance depends on several factors, so premiums vary from one person to another. When you apply, MetLife considers your individual circumstances to determine the premium you’ll pay.
Some of the factors that can affect your premium include:
- Your age
- Your health and medical history
- Whether you smoke or vape
- Your occupation
- Your lifestyle and hobbies
- The type and amount of cover you choose
- Any optional benefits you add to your policy
- Your chosen premium structure
Generally, younger applicants and those in good health may pay lower premiums than older applicants or those with higher insurance risks. Choosing a higher sum insured or adding optional features may also increase the cost of your policy
How to Apply for MetLife Life Insurance
When you’ve chosen the right cover for you requirements, you’ll be able to apply for a MetLife life insurance policy. As part of the application process, you’ll be asked questions about your health, occupation, lifestyle and the level of cover you’re seeking.
Once your application has been submitted, MetLife will generally assess the information provided through its underwriting process. Depending on the outcome, your application may be accepted on standard terms, accepted with special conditions or premium loadings, or declined.
Compare MetLife Life Insurance With Other Insurers
Life insurance policies that provide similar types of cover can still vary considerably between insurers. Premiums, definitions, optional benefits, exclusions, entry ages and the way cover can be structured can all vary.
Life Insurance Direct can help you compare MetLife life insurance with policies from other leading Australian insurance brands. Looking at several options side by side can help you understand the differences in price and features before deciding whether to apply.
Frequently Asked Questions and Answers
What is MetLife Protect?
MetLife Protect is MetLife’s retail insurance product offering Life Cover, TPD Cover, Trauma Cover and Income Cover. Depending on the insurance selected, cover can be structured as standalone, linked or through eligible superannuation arrangements.Can I get a MetLife life insurance quote?
Yes. The premium will depend on factors such as the cover you select and MetLife’s assessment of your application, so you’ll need a personalised quote to determine the premium that may apply. You can also compare a MetLife quote with other insurers before deciding whether to apply.Can MetLife life insurance be held through super?
Eligible Life, TPD and Income Cover can be structured through MetLife Protect Super. Trauma Cover cannot be held inside superannuation.Can MetLife Life Cover and TPD Cover be linked?
Yes. MetLife allows eligible TPD Cover to be linked to Life Cover. Because payment of a linked TPD benefit can affect the corresponding Life Cover, you should understand how the structure works before selecting your cover.Where can I read MetLife life insurance reviews?
MetLife life insurance reviews can provide insight into other customers’ experiences, but reviews don’t necessarily indicate how a policy will apply to your circumstances. When comparing MetLife with another insurer, consider factors such as premiums, definitions, benefits, exclusions and eligibility alongside customer reviews.
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