MetLife Term Insurance

MetLife Term Insurance 

MetLife is one of the biggest global insurance providers that render services in more than 60 countries with more than 90 million customers all across the globe. The company is headquartered in Manhattan, New York City, United States. MetLife offers an array of insurance products and solutions to its customers that includes term insurance plans as well.

Before we dive deep into the nuances of the MetLife term insurance, it is vital to understand what are term insurance plans and how do they work?

Term Insurance

Term insurance is the simplest and the most affordable form of insurance products that are meant to mitigate the degree of risk associated with one’s life. When an individual purchases Metlife term insurance they are supposed to pay a premium (monthly fee), in return to which the insurer provides a sum assured for a given period which is known as the term of the policy.

Insurance seekers have the choice of choosing the term and the sum assured based on their budget and convenience. An important point to be kept in consideration while understanding term insurance plans is that the sum assured is only payable to the nominee of the policy if the policyholder passes away within the term of the policy. If the policyholder surpasses the term of the policy there is no payout since no maturity benefits are associated with term insurance plans.

MetLife Term Life Insurance

MetLife offers term insurance plans by the name of term life insurance which is one of the simplest yet most affordable ways to safeguard your loved ones against the strokes of uncertainties. The plan works by providing a lump sum amount to the nominee of the policyholder in case of any event that leads to the disability or demise of the policyholder.

The best part about the MetLife Term plan is that it gives the insurance seeker freedom to alter and customize the insurance plan based on their individual needs and budget. Furthermore, insurance seekers have the option of paying the premium in different forms of currencies such as USD, AED, GBP, etc.

Features and Benefits of the MetLife Term Life Insurance 

The major features and benefits of the MetLife term insurance plan are as follows-

High Coverage

The MetLife Term plan comes with a high coverage option of up to USD 5 million. Insurance seekers can choose the coverage depending upon their individual needs and budget.

Add-on Riders

The plan comes along with a plethora of riders that are meant to enhance and improve the protection quotient of the basic plans. Some of the most important add-on riders that are available with the MetLife term life insurance are critical illness coverage, terminal illness coverage, waiver of premium, personal accidental coverage, disability coverage, etc.

Term of the Policy

Insurance seekers have the freedom of choosing the term of the policy i.e. for how long the policy will offer coverage. One can assess and analyze their needs and choose the policy term for 5 years, 10 years, 15 years, 20 years, and so on.

Low Premiums

The payable premium for the MetLife term plan is quite affordable which is one the primary reasons behind the popularity of the plan in the UAE insurance market.

Flexibility

The Term life plan from MetLife offers quite a lot of flexibility to insurance seekers in terms of the mode and frequency of making the premium payment. Policyholders can pay for the premium in the currency they wish to i.e. USD, GBP, INR, AED, etc. Moreover, the frequency of premium is also flexible and dependent on the policyholder. One can choose to make the payment of the premiums monthly, quarterly basis, semi-annually, or annually depending on their expediency.

Convertible Term Option

A distinct feature that differentiates the MetLife term life insurance plan from other similar products is the feature of conversion. Policyholders can convert their term life policy to either whole of life policy or an endowment policy based on their choice and ease.

Overview of Features of MetLife Term Life Insurance

Here’s a quick rundown on the features of MetLife term life insurance plan:

Feature Availability

Plan can be used to cover the mortgage

Yes

Plan can provide sum assured for family and loved ones

Yes

Coverage remains the same throughout the plan

Yes

Insurance seekers can choose the sum assured

Yes

Joint coverage

No

Investment Element

No

Pay in multiple currencies

Yes

Why Choose MetLife Term Life Insurance?

MetLife is one of the oldest market players in the insurance industry with an overall experience of more than 15 decades. The company is known for its transparency, high claim settlement ratio, and application of the innovative approach to conventional insurance products. The customer support service and resolution are best in class and highly reliable.

Claim Process of MetLife Term Life Insurance 

The claim procedure of MetLife term insurance is quite simple and user-friendly. The claim is processed in three steps that are as follows-

Inform the Provider about the event

In the first step, the nominee/family members of the policyholder are supposed to inform the provider about the demise of the policyholder followed by registering and lodging the claim request.

Documentation

In the second step, all the required documentation is to be submitted to the insurance provider for further processing of the claim.

Review of Claim and Disbursement

In the last step, the insurer investigates and a team of experts reviews the claim request followed by the disbursement of the death benefit.

FAQ’s on MetLife Term Insurance

Q1: What is the maximum sum assured available in the case of MetLife term life insurance?

Ans: The maximum sum assured offered by term life plan is USD  5 million.

Q2: Can the term life plan be used to cover the mortgage?

Ans: Yes, the plan can be used to cover the mortgage.

Q3: Can the term life policy be converted into another policy?

Ans: Yes, within the first 10 years of the plan one can convert their term life policy to either an endowment policy or whole of life policy.

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