Metlife Life Insurance Review 2024

MetLife was established in Australia in 2004, and is now one of the fastest growing life insurers. They currently protect 1.5 million Australians, and paid out over $533 million in claims in 2020.

Under the MetLife Protect brand, they offer a flexible range of products that let you make changes to your policy as your life changes.

What types of cover does MetLife offer?

Nobody likes thinking about falling ill, having an accident or worse, but it’s important to be prepared if something were to happen to you. It’s all about providing a secure financial future for anyone who depends on you.

If you’ve got no dependents but not much in the way of savings, you may simply want income protection to cover your bills.

Have a history of illness in your family? You may want to consider trauma (critical illness) cover. And if you have a growing family or big financial commitments like a mortgage, you might prefer the reassurance of life cover.

MetLife offers a range of flexible products, some of which you can pay for through your super. 

Life cover

MetLife Protect Life Cover is designed to build your insurance and adjust your cover as your life changes. If you die, your beneficiaries will receive 100% of your Life Cover amount. This one-off lump sum will help to pay off any debts, and give your loved ones financial security. 

Key features:

• A one-off payment if you die or are diagnosed with a terminal illness

• A generous advance of up to $30,000 to help with expenses like a funeral

• The ability to nominate up to five beneficiaries

Trauma cover (Critical illness cover)

MetLife Protect Trauma Cover gives you a one-off payment for specified critical illnesses such as cancer and heart disease. The benefit is paid out under a three tier system, based on the severity of the illness.

Key features:

• A one-off payment if you suffer a common critical condition

• Receive a 100% benefit for Tier 1, 50% for Tier 2 or 10-25% for Tier 3 conditions

• Up to $5,000 in travel expenses if you travel more than 100km for medical treatment

Total permanent disability (TPD)

MetLife Protect TPD Cover is designed to lighten the financial burden if you were to suffer a serious injury or illness that permanently prevented you from working or doing everyday domestic duties. Our TPD guide has more information on how this type of cover works.

Key features:

• One-off payment of 100% of your TPD cover amount if you can’t ever work again

• 100% of your TPD Cover Amount if you can’t do home duties without someone’s help

• Partial payment of up to 25% or up to $500,000 (the lesser of the two) if you lose the use of one limb or sight in one eye (only available outside of your super)

Income protection

MetLife Protect Income Cover is there to replace up to 70% of your lost income if you become sick or injured and can’t work. That way you’ll have financial security while you get back on your feet. 

Key features:

• Monthly payments to replace part of your income if you’re sick or injured and can’t work

• Premiums waived for up to three months if you become involuntarily unemployed

• Choose a waiting period of 30 days, 90 days or 2 years

What member benefits does MetLife offer?

Members have free access to a wellness blog, with lifestyle tips and health insights for you and your loved ones.

Can I get MetLife life insurance through my superannuation?

Yes, you can get life, TPD and income protection through your super. Compare Club can help with this. 

Trauma/critical illness cover isn't available with your superannuation through any insurer. 

Want to know more about how life insurance works with superannuation? Read our guide.

Performance of MetLife

According to Moneysmart.gov.au, MetLife’s number of finalised claims between 1 July 2020 and 30 June 2021 is too small to provide a reliable reading on how long, on average, they take to pay a claim, as well as their claims acceptance rate.

The industry average during this period for claiming on advised life insurance policies is 1.5 months to settle a claim, with a 96.6% acceptance rate. MetLife has a 22.9% policy cancellation rate, which is significantly higher than the industry average of 13.6%.

Maximum cover amount*

• Life cover – no maximum

• TPD – $5 million

• Critical illness – $2 million

• Income protection – $30,000 per month or $5,000 a month depending on your occupation class

*Cover amounts are subject to financial underwriting.

Maximum entry age

• Life cover – 73 (Stepped), 59 (level)

• TPD – 64 (Stepped), 59 (level)

• Critical illness – 64 (Stepped), 59 (level)

• Income protection – 64 (Stepped), 59 (level)

Expiry age

• Life cover – 130 (outside of super), 75 (inside of super)

• TPD – 75

• Trauma cover (Critical illness) – 75

• Income protection – 75

Key exclusions

MetLife has listed its key exclusions by product type. You can see them below.

Life cover

A Life Cover claim will not be paid if the Life Insured’s death was caused or contributed by:

• Suicide within the first 13 months of the date that the Life Cover starts or is increased

TPD

A TPD Cover claim will not be paid if total and permanent disablement is either caused, or contributed to, by:

• a suicide, attempted suicide or intentional self-inflicted injury within the first 13 months of the cover start or reinstatement date, which will impact the Death benefit under TPD Cover

• A direct or indirect result of the Life Insured’s attempted suicide or an intentional self-inflicted injury, where no benefits will be paid

• Something MetLife has specifically excluded

Trauma cover (Critical illness)

A Trauma (Critical illness) claim will not be paid if:

• You do not survive for at least 14 days after the date you first met the definition of the relevant trauma condition

• A claim arises as a direct or indirect result of the Life Insured’s attempted suicide or an intentional self-inflicted injury

• There is a no-claim period noted for a trauma category

• Something MetLife has specifically excluded

Income protection

An Income Protection Insurance claim will not be paid if the total disability or partial disability is either caused, or contributed to, by:

• An intentional self-inflicted injury or attempted suicide

• A normal or uncomplicated pregnancy or childbirth

• War or an act of war

• the Life Insured’s participation in criminal activity or resulting from incarceration

• Elective surgery and if it occurs within the first six months of the cover start or reinstatement date

• Something that MetLife has specifically excluded

We have not listed every exclusion here, but if you are interested in learning more, please check the PDS.

MetLife life insurance costs

Everybody’s different, so your premium will be based on your individual circumstances, including your age, occupation and your insurance needs.

That's where Compare Club's specialists can help, by working out what type of policy could be right for you at a cost that fits in with your budget.

Of course, it’s worth consulting a financial advisor before making any financial decisions.

FAQs

Who owns MetLife Life?

MetLife Protect is owned by MetLife Insurance Limited.

Do I need a medical exam to get life insurance with MetLife?

Possibly yes, as the underwriter may require blood tests/ health checks to be done. If this is the case however, it will be at no additional cost to you. 

Does smoking affect my premiums?

Yes. Smokers can pay up to 60% more for their premiums than non-smokers.

Does MetLife life insurance include funeral cover?

An advance of up to $30,000 is included with Life Cover insurance funded outside of super.

Is it easy to cancel MetLife Life Insurance?

Yes. You can cancel in writing within the cooling off period, which is  30 days  from the start date at no cost to you. You can cancel at any time after the cooling off period in writing; however, premiums paid through monthly instalments are not eligible for a refund. 

Where can I buy life insurance with MetLife?

Compare Club’s life insurance experts can help you find an affordable policy quickly and easily, and take care of the paperwork for you.

The information contained in this guide is of general nature only and has been prepared without taking into consideration your objectives, needs and financial situation. As such, it is important that you consider the appropriateness of any advice and the relevant product disclosure statement (PDS) before proceeding. Any opinions expressed within an article are those of the author and do not specifically reflect the views of Life Insurance Comparison Pty Ltd.