MetLife has relaunched its group term life plan, which now includes the following enhancements:
- Registered and excepted policies are both available, offering tax advantages on contributions and benefits.
- The maximum age that cover can run to has been extended from 70 to 75.
- Early retirement cover is available to retirees.
- Maximum temporary cover above the free cover limit has been raised from £1.25m to £3m and cover expanded to include all causes of death, not just accidental death.
- Activity at work requirements have been softened. Scheme members now only need to be at work on the day before the scheme starts in order to qualify for membership.
- Switch terms for schemes transferring from other providers have been improved.
The plan itself can include from three employees upwards. MetLife operates a one step underwriting system and simplified administration approach, with no end of year adjustment if the number of members in the scheme changes within the policy year.
Varying levels of cover can be chosen for different categories or partners and employees, with a choice of either defined sum insured or a multiple of salary. For example, shop floor workers could get two times salary cover, while managers get four times salary cover.
MetLife promises a five day claims turnaround and says that can often be beaten by choosing a scheme trust arrangement. There is also a bereavement counselling and probate service available.
Dedicated sales support and administration teams aim to provide a better service to intermediaries and there is a useful literature toolkit available to download online too.
What They Say
Employee benefits director Stephanie Baillie said: “Enhancing our existing Group Life product is a logical first step in building our offering in the employee benefits market. MetLife’s global expertise and strong heritage in the group protection market gives us a robust base from which to build our tailored approach for the UK market.”
What We Say
"This plan now offers the prospect of more cover for longer, with improved underwriting and tax-efficient options. It adds up to a tranche of enhancements that should be attractive to a wide audience.
"The big advantage of group life cover is low cost and simplicity. This plan offers both, with a range of other useful options to tailor the cover to particular employers’ needs, backed up by a group with a market capitalisation of almost $40bn. MetLife also has further plans in the employee benefits space planned for later this year, which could further improve its appeal."