MetLife has announced the launch of its new Whole Life product, MetLife Promise Whole Life.
- Provides permanent life insurance coverage
- Traditional guarantees on premium, cash value and death benefit,
- Offers the new, optional Flex Term Rider with a competitive premium and
- Innovative rider death benefit guaranteed to age 85.
MetLife Promise Whole Life 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 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 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.
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