MetLife Australia simplifies medical thresholds
In a bid to help Australians access its life insurance more quickly, MetLife Australia (MetLife) has streamlined its medical thresholds for MetLife Protect and MetLife Protect, effective December 22, 2022.
The life insurance giant announced that it will use mini-checks rather than full medical exams for underwriting applications, depending on the type and level of coverage. Using mini-checks makes the life insurance sale process quicker as they only require clients to undertake height and weight measurements, blood pressure readings, pulse rates, and urine checks.
MetLife chief distribution officer Michael Mulholland said the life insurer wanted to speed up the process of helping Australians protect their future by making insurance more accessible.
“These changes simplify the process of applying for life insurance with MetLife, making it easier and faster for advisers to protect their clients’ lifestyles,” he said.
“Changing the medical requirements will also reduce the time it takes to apply for life insurance.”
MetLife’s commitment to making insurance more accessible
Other changes at MetLife include:
Higher sum insure limits before mandatory medicals are required:
Mandatory medical requirements for income protection cover increased to $15,000 monthly across all ages (up from $10,000 monthly); and
No medical required for life and TPD cover up to $1.5 million for all clients aged 46 and over;
Defined medical requirements for higher life cover amounts ($5 million to $10 million and over $10 million); and
Simplifying mandatory medical requirements to two age brackets (up to 45 and over 46) for all benefits.
“We’re always looking for ways to make it more efficient for advisers to serve more clients without compromising quality,” Mulholland said.
“Our approach enables advisers to spend more time understanding the needs of their clients and doing what they do best.”
