MetLife Launches New Whole Life Insurance Product
January 04 2011 - 3:14PM
Business Wire
According to LIMRA, individual life ownership reached a 50-year
low in 2010, with only 44 percent of U.S. households owning
individual life insurance. To help consumers address their life
insurance protection needs, MetLife today announced the launch of
its new Whole Life product, MetLife Promise Whole LifeSM. In
addition to providing permanent life insurance coverage and
traditional guarantees on premium, cash value and death benefit,
MetLife Promise Whole LifeSM offers the new, optional Flex Term
Rider with a competitive premium and an innovative rider death
benefit guaranteed to age 85.
“Our new whole life insurance product offers clients and
families the benefits of long-term protection and the advantages of
guaranteed cash value that grows each year, tax-deferred, along
with dividend participation,” states Gene Lunman, senior vice
president, Individual Life Products, for MetLife U.S. Business.
“MetLife Promise Whole LifeSM adds flexibility through the optional
Flex Term Rider, which, when combined with a base policy, offers
the benefits of traditional whole life at a lower total
premium—providing the cornerstone for a solution that may best meet
an individual’s specific needs now and create a foundation for a
strong financial safety net going forward.”
MetLife Promise Whole LifeSM insurance is a permanent life
insurance policy that offers lifetime protection, as long as the
policy remains in-force, and is an attractive protection tool for
those looking for guaranteed level premiums, guaranteed cash value
and guaranteed death benefits. The policy also features annual
non-guaranteed dividend payments, which, if paid, may increase the
cash value and death benefit of the policy over time.
MetLife Promise Whole Life’sSM optional riders include:
- Flex Term Rider – this optional rider
offers policyholders additional premium flexibility. The Flex Term
Rider allows policyholders to purchase a combination of base whole
life protection along with additional coverage that starts out in
the form of term protection. The rider allows the term portion to
be gradually replaced over time to paid-up whole life protection.
If premium payments are made as planned, the policyholder will
receive any dividend payments that are paid, which can further
enhance the rider’s values. Policyholders who purchase this rider
are guaranteed coverage until the insured is age 85 as long as the
required premium is paid each year, even if the term costs increase
or if dividends decrease.
- The Enricher® – this optional paid-up
additions insurance rider allows the policyholder to pay additional
premiums, if desired (subject to rider limits). It includes a
premium payment duration to age 100, and a premium load of 5%.
- Several other optional riders are
available including Disability Waiver, Accidental Death Benefit,
Acceleration of Death Benefits, Children’s Term, Applicant’s Waiver
of Premium and a Guaranteed Issue Rider.
MetLife Promise Whole Life is issued by MetLife Investors USA
Insurance Company (Policy Form 5E-12-10) and in New York only by
Metropolitan Life Insurance Company (Policy Form 1E-12-10-NY)
(together “MetLife”).
About MetLife
MetLife is a subsidiary of MetLife, Inc. (NYSE: MET), the
leading global provider of insurance, annuities and employee
benefit programs, serving 90 million customers in over 60
countries. Through its subsidiaries and affiliates, MetLife holds
leading market positions in the United States, Japan, Latin
America, Asia Pacific, Europe and the Middle East. For more
information, please visit www.metlife.com.
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