MetLife makes EOFY changes to flagship Protect products

Yasmine Raso

Senior Journalist

11 July 2024

MetLife Australia has made several changes to its flagship Protect and Protect Super products that have been backdated to 30 June.

The updates were made to enhance the level of income protection and lump sum coverage for members, as well as improve Total and Permanent Disability (TPD) benefit calculations.

The changes included:

• Additional 60-day Waiting Period option for Income Protection for all Benefit Periods and eligible occupations;
• Monthly Income Protection benefit calculation to include bonuses, which means customers can be insured for their bonuses, not just salary; and
• $10,000 Death Benefit added to the Own Business Option for TPD.

“We are always looking for ways to make sure MetLife Protect remains a great choice for our customers, and delivering benefits that meet their needs,” Chief Insurance Officer, Meray El-Khoury, said.

“We do this by making adjustments that ensure our product remains competitive in a changing market. These product upgrades provide more product options and better benefit terms that support a confident financial future with MetLife.”