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Life Cover + Optional Extras

MetLife Protect Insurance Range

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April 2023

MetLife Protect Life Cover helps you protect your family’s financial future by providing a lump sum payment in the event of your death or Terminal Illness. 

How it can help

Life Cover provides you with the assurance that your loved ones will be financially protected if you die or become terminally ill. The money your family receives could help pay off debts, replace lost earnings, and maintain your family’s quality of life.

Key Features and Benefits

Death Benefit
If you die, we’ll pay the Policy Owner or your nominated beneficiary(ies) (as applicable) 100% of your Life Cover Amount.
Life Cover - Terminal Illness Benefit
If you’re diagnosed with a Terminal Illness that is likely to result in death within 24 months, we’ll pay the Policy Owner 100% of your Life Cover Amount.
Life Cover - Immediate Expenses Benefit^
^Important: This benefit is not available inside superannuation. To help your family deal with immediate expenses that may arise at the time of your death (such as funeral costs) we’ll advance $30,000 of your Life Cover Amount as an upfront payment while we complete our full assessment of your claim.
Indexation
On each Policy Anniversary, we’ll automatically increase your Life Cover Amount to help your cover keep up with inflation, unless you ask us not to (or choose a 5-year or 10-year Fixed Term Option, where Indexation is not available).
Involuntary Unemployment Premium Waiver Benefit
If you lose your job due to Involuntary Unemployment, we will waive your Life, TPD and Trauma Cover premiums across all MetLife Protect/MetLife Protect Super Policies for up to three months, whilst you are not working.
Life Events Increases Feature
If you increase your home loan, get married, have a child, or have an increase in your salary (refer to the PDS for the nine listed life events), you can request an increase to your Life Cover Amount without any further medical underwriting. Your premium will be increased to reflect the new Life Cover Amount.
Financial advice after claim
If we pay you or your nominated beneficiary a benefit under Life Cover on a Policy outside superannuation, we’ll cover up to $5,000 for the fees associated with the preparation of a financial plan by a Financial Adviser.
Multiple beneficiaries
You may nominate up to five beneficiaries to receive claim proceeds if you pass away
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What we mean by...

Life Cover Amount
The amount of cover we agreed to insure you for (which may increase over time, due to Indexation). The payment you receive at claim time is based upon your Life Cover Amount. 

Beneficiary
A person, corporation or trust who/which has been nominated to receive all or part of the benefits payable under your Policy, in the event of death. 

Extra Cost Options
Specified Events Option
Designed for people who might require extra protection to assist with Accidental Injury.
Premium Waiver Disability Option
Premiums for Standard Life Cover, Extra Cost Options and/or Extras Cover are waived when the Life Insured + becomes Totally Disabled.
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What you need to know about Life Cover, Extra Cost Options and Extras Cover

  • Adding Extra Cost Options and/or Extras Cover to your Life Cover will increase your premium.
  • All Life Cover Extra Cost Options and Extras Cover expires at age 65.
  • The Specified Events Option and Buy/Sell Extras can’t be held inside superannuation. However, if your Life Cover is inside superannuation, you can have any associated Specified Events Option and/or Buy/Sell Extras Cover you need outside superannuation under a self-owned Policy.
  • Eligibility criteria may apply. Please refer to the MetLife Protect and MetLife Protect Super Combined Product Disclosure Statement and Policy Terms (PDS) for full details.
View PDS
Making a Claim
We’ll tell you what information we need

When we are contacted regarding a claim, we’ll identify and request all the information we need up-front, to make a decision. We’ll only ask for, and rely on, information and
assessments that are relevant to your claim and will explain why we’re requesting them. 

We assess your claim

We’ll review all of the information provided and make a decision on whether your claim can be paid. We
pay every genuine claim we receive, quickly and with compassion and care.

We calculate the payment

If the claim is successful, we’ll calculate any benefits
payable based on your Policy details – including your Life
Cover Amount and whether you hold any additional Extra Cost Options and/or Extras Cover. Benefits will be paid as a lump sum.

Claims Process

This page provides a summary only. For full details of the product including information on making a claim, please refer to the MetLife Protect and MetLife Protect Super Combined Product Disclosure Statement and Policy Terms (PDS).