Life insurance provides financial security if you pass away, suffer a terminal illness, become disabled or are unable to work due to illness or injury. It can help ensure that if you suffer one of these events, you can continue to meet your financial commitments, protect your assets, or leave a legacy for your dependents or loved ones.
What to Consider When Taking Out Life Insurance
- Calculate your current and future financial needs, including daily expenses, home loans, and debts.
- Read the Product Disclosure Statement (PDS) and the Insurance Guide/Policy from your fund or insurer. These documents have all the details about benefits, exclusions, conditions, waiting periods, and other important information
- If you need to provide detailed information on your medical history, health, lifestyle, income, and employment to obtain your cover, ensure you take care not to misrepresent your circumstances.
- After approval, review the policy to confirm it meets your needs.
MetLife Australia Insurance Options
Life insurance policies can differ, depending on what is covered by the insurer and how you acquire the cover. Insurance products availabe at MetLife Australia include:
- Life Cover: A lump sum payment to your beneficiaries in the event of your death, or to you in the event of a terminal illness.
- Income Protection: Pays a monthly benefit based on a proportion of your income if you can’t work due to illness or injury.
- Trauma Insurance: pays a lump sum if you’re diagnosed with a major illness or injury (not available in superannuation).
- Total and Permanent Disablement (known as TPD): TPD insurance gives you a lump sum payment if you are totally and permanently disabled and unable to ever work again.
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It's more than just death cover
Life Insurance
Support and peace of mind for people facing the consequences of death and terminal illness.
Income Protection Insurance
Income Protection gives you a regular payment while you’re unable to work due to injury or illness.
Total and Permanent Disability Insurance
Provides protection if you’re permanently unable to work due to injury or illness.
Trauma Insurance
A lump sum payment to help you and your family cover medical and living costs – so you can focus on recovery.
The value of life insurance
It can provide financial security for your family in the event of your death. Life insurance can help to cover funeral costs, medical bills, and other expenses that may arise.
It can also provide a source of income for your family in the event of your death, allowing them to maintain their lifestyle and continue to pay bills.
Income protection insures your income and protects your lifestyle
It pays you a benefit if you are unable to work for a period of time because of illness or injury. Income protection insurance covers you for a percentage of your pre-tax income and provides regular payments until you can return to work or for an agreed period – whichever is sooner.
Secure your future
If you become permanently disabled due to illness or injury, a TPD insurance pay-out can help protect your financial well-being by covering expenses such as:
- Medical treatment and rehabilitation costs not covered by Medicare or your private health fund
- Modifications to your home to improve accessibility
- A carer or other support
- Covering debts and living expenses while you are unable to work
What is Trauma Insurance?
Trauma insurance can sometimes be called 'critical illness' or 'recovery insurance' and pays a lump sum amount if you suffer a critical illness or a serious injury.
This can include advanced cancer, or having a major heart attack or stroke. Trauma insurance does not typically cover mental health conditions.
While care has been taken in preparing this content, MetLife Insurance Limited (ABN 75 004 274 882, AFSL 238096) (MetLife) does not warrant or represent that the information, opinions or conclusions contained in this information are accurate.
The information provided is general information only and is current as at the time of production. It has been prepared without taking into account your personal objectives, financial situation or needs and you should consider whether it is appropriate for you. It is not intended to be a substitute for professional advice and should not be relied upon as such. MetLife recommends that you obtain independent and specific advice from appropriate professionals before implementing a financial strategy, including reading any relevant product disclosure statements and/or terms and conditions.
Before deciding whether to acquire, or continuing to hold, any of our products, please read the Product Disclosure Statement and Target Market Determination available at metlife.com.au. MetLife Protect is issued by MetLife and MetLife Protect Super is issued by Equity Trustees Superannuation Limited
(ABN 50 055 641 757, AFSL 229757) (ETSL).