In approved states, MetLife is introducing the Enhanced Care Benefit as
a rider available on its entire whole life portfolio, for policies first
sold after September 3, 2013. This enhancement is designed to provide
consumers with greater flexibility and convenience when it comes to
meeting their insurance needs. Consumers will now have the option to use
their life insurance to not only help protect against the consequences
of an untimely death, but also, by accelerating a portion of the death
benefit in the event of the insured’s prolonged illness against the
consequences of the costs associated with ongoing care necessitated by
such an illness.
“This enhancement will provide producers and customers alike with a
solution-oriented whole life portfolio,” said Gene Lunman, senior vice
president, MetLife. “For the financial professional, they now have the
distinct advantage of providing customers with a new offering that our
research suggests consumers have a great interest in having included in
their policy. For consumers, they are receiving greater flexibility, and
a new benefit that allows them to help meet alternative financial needs
with one policy.”
The Enhanced Care Benefit provides policyowners the ability to
accelerate, generally on an income tax free basis subject to certain
limits, up to 90 percent of a policy’s death benefit over the life of
the policy which can be used to help pay for ongoing care if an insured
develops a prolonged illness. The rider can be included on all MetLife
Promise Whole LifeSM policies at no additional premium
charge. However, there will be a processing fee of $150 and the amount
of money accessed will be discounted by a certain percentage, but
consumers will not have to pay anything out-of-pocket to access the
Enhanced Care Benefit.
“The Enhanced Care Benefit offers consumers the confidence that if the
insured incurs a covered prolonged illness, the policyowner will have
access to money to help pay for the unexpected and substantial expenses
often associated with ongoing care either in their home or in a
facility,” explains Lunman. “By including the Enhanced Care Benefit on a
policy, people will be getting another level of financial protection in
the unfortunate event of the insured having a prolonged illness.”
This product enhancement is in direct response to the changing financial
needs of consumers. The guaranteed life insurance protection, level
premiums and cash value accumulation provided through whole life
insurance has made it an increasingly attractive option for consumers,
especially during times of economic uncertainty. The change also comes
on the heels of recent additions to MetLife’s Promise Whole LifeSM
portfolio. The recently introduced MetLife Promise Whole Life SelectSM
products are limited pay policies that offer the same guarantees as
other whole life policies . The premiums required to pay for these
products can be over a specified duration of 10 or 20 years or a paid up
policy by age 65. The new products provide the benefits of long-term
financial protection coupled with the advantages of cash value that is
guaranteed to grow each year on a tax-deferred basis and may be accessed
on a tax-favored basis. In addition, the potential for non-guaranteed
dividends may increase the cash value and death benefit of the policy
over time if paid.
For additional information on MetLife whole life product offerings,
visit metlife.com/promisewholelife.
About MetLife
MetLife is a subsidiary of MetLife, Inc. (NYSE:MET), a leading global
provider of insurance, annuities and employee benefit programs, serving
90 million customers. 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.
MetLife Promise Whole Life Select 10, MetLife Promise Whole Life Select
20, and MetLife Promise Whole Life Select 65 are issued by MetLife
Investors USA Insurance Company generally on Policy Form 5E-12-10 in all
jurisdictions except New York, where they are issued by Metropolitan
Life Insurance Company generally on Policy Form 1E-12-10-NY. All
guarantees are subject to the claims-paying ability and financial
strength of the issuing insurance company.
MetLife Promise Whole Life is issued by MetLife Investors USA Insurance
Company on Policy Form 5E-12-10 in all jurisdictions except New York,
where they are issued by Metropolitan Life Insurance Company on Policy
Form 1E-12-10-NY. All guarantees are subject to the claims-paying
ability and financial strength of the issuing insurance company.
MetLife Promise Whole Life 120 is issued by MetLife Investors USA
Insurance Company generally on Policy Form 5E-12-12 in all jurisdictions
except New York, where they are issued by Metropolitan Life Insurance
Company on Policy Form 1E-12-10-NY. All guarantees are subject to the
claims-paying ability and financial strength of the issuing insurance
company.
Certain age, state availability restrictions and state variations may
apply. Description of policy rider features is only partial. Please see
a specimen policy rider for limitations, conditions and complete
additional details.
Any benefits received under this rider may adversely affect the
recipient’s eligibility for public assistance programs; and the benefits
received under this rider may be taxable.
This product is a life insurance policy that accelerates the death
benefit on account of chronic illness, and is not a health insurance
policy providing long term care insurance subject to the minimum
requirements of New York Law, does not qualify for the New York State
Long Term Care Partnership program and is not a Medicare supplement
policy.
Copyright Business Wire 2013