Modular insurance designed for the way people live today
MetLife recognises that everyone is unique, so their insurance needs to be too. Meet the new modular cover you can tailor to match what truly matters for each and every client. Matt Lippiatt, MetLife’s Head of Retail Sales, explains how it works.
The way Australians live and work today is very different from what it was 20 years ago, but there hasn’t been much genuine innovation in insurance in that time. With this in mind, MetLife talked to consumers and their advisers to understand what could be done better.
We discovered that most people didn’t understand what insurance they had, how it worked or why they needed it. They told us that they found insurance confusing. They told us they couldn’t see the value because their insurance wasn’t tailored to suit them and didn’t change with them over time. Most viewed insurance as an expense rather than an investment.
Armed with these insights, we set out to design a solution which was easy for advisers to fit into their advice process and something consumers would truly understand and value.
The result was a market leading modular product – MetLife Protect and MetLife Protect Super – that can be tailored to meet consumers’ changing life cover needs.
Our modular solution differs from the traditional approach to insurance whereby advisers only have two options to offer their clients, basic cover or overly comprehensive cover that often forces consumers to pay for features that they may not need, can’t understand and likely don’t value.
MetLife Protect and MetLife Protect Super lets consumers build on the four Standard Cover types (Life, Trauma, TPD and Income Cover) with a range of optional Extras Covers. Put simply, it’s like building blocks that allows advisers to work with their clients to piece together different options that match their specific goals and objectives.
Best of all, as your clients’ needs change over time, they don’t have to replace their insurance. Instead, consumers can add or remove the different optional extras to best suit their changing circumstances.
There are currently eleven Extras Covers that can be turned on and off over time.
For example, if a business owner chooses to take out Life Cover, they can add Buy/Sell Extras Cover to their policy. This allows them to upgrade their cover to match the value of their business as it grows over time without having to undertake further underwriting. While this is relevant for business owners, it isn’t very relevant if you are an employee. Instead, non-business owners may find our Home Loan Extras Cover more suitable to help assist with loan repayments should they fall seriously ill. And, this Extras Cover can be removed when the mortgage is paid off.
We’re excited by this innovative approach. As a new player to the advice industry, we have the luxury of being able to think differently about insurance and build real solutions for advisers and their clients. From where we sit, the future looks bright. We are backing quality advisers and looking to partner with those in the industry who share our values and have a passion to lead change.
For more information on MetLife Protect and MetLife Protect Super, please call 1800 523 523 to speak to your MetLife State Manager or visit www.metlife.com.au/advisers
Matt Lippiatt
Head of Retail Sales, MetLife
The information about MetLife life insurance is general only and does not take into account your personal situation, needs or objectives. Before deciding whether to acquire, or continuing to hold, any of our products, please read the PDS available at metlife.com.au. Life insurance products are issued by MetLife Insurance Limited ABN 75 004 274 882 AFSL 238096.
AUTHOR
Partner Article
Recommended for you
Hybrid securities can offer investors equity-like returns, yet with a lower level of risk. Here’s a rundown on hybrids and why they are attractive investment options.
Diversified managed funds could make an ideal addition to a managed account, as the broad toolset available to the fund manager enables them to seek outperformance and manage risk, according to Allan Gray.
The number of advisers using managed accounts has exploded in recent years, often at the expense of diversified managed funds. But diversified funds deserve a place in almost any multi-asset portfolio, held either within or alongside a managed account, according to Allan Gray.
Over the years government regulations regarding financial advice delivery has increased complexity, compliance costs and time to deliver advice. As a result, financial advisers have been forced to “orphan” their less affluent clients.
