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MetLife introduces product changes

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MetLife Australia announced today it will offer a three-year rate guarantee for all lump sum retail products as part of a number of changes being made to its offerings.

In addition to the rate guarantee, retail policies will include the insurer’s 360Health offering – an end-to-end health solution which includes tools, resources and information for holistic health management. It is designed to ensure greater value and a better experience for both advisers and their clients.

MetLife will also implement automatic buy back options so that clients remain continuously covered with no action required from the adviser or client. There will be a Life Events Increase feature for business clients that will allow sum insured increases of up to $4 million, compared to $2 million offered by most other insurers.

“MetLife is committed to regularly improving our offering to stay in step with the needs of our retail partners and, in turn, their clients,” Chief Retail Insurance Officer Meray El-Khoury said.

“These changes will make our products more accessible representing better value and making it easier for advisers to find products that suit their clients’ changing needs.”