MetLife’s new MultiProtect plan is an accident and hospital cover solution designed to help individuals and families strengthen their financial safety net and can also complement more traditional protection insurance products.
Priced from just £7 a month for one unit, customers can choose from one to five units of cover, each one costing £7 a month. Each unit provides cover of:
* £500 for a major broken bone (arm; back; neck; hip; pelvis; cranium; mandible; shoulder, or wrist).
* £100 for each minor broken bone (broken noses are specifically excluded).
* £50 per 24 hour stay in a UK hospital as a result of accident or sickness. This benefit only kicks in after 12 months.
* £50,000 accidental death/ total permanent disability (TPD). Lower sums are payable, on a sliding scale e.g. £40,000 per unit for blindness down to £2,500 per unit for the loss of a finger or toe. In total there are 15 categories of injury plus TPD.
* Funeral benefit of £1,000 on death after one year (in the first year, benefit is limited to a refund of premiums).
In addition, child cover can be added at £1 a month per unit, which covers all children. Again this uses a sliding scale of benefits and pays £5,000 per unit on TPD, accidental death or cancer diagnosis, down to £40 per unit for a minor broken bone and £20 per 24 hour period in hospital.
UK healthcare workers can also add cover, at £1 a month per unit. This pays £10,000 per unit on HIV, septicaemia caused by MRSA, or hepatitis C and £2,500 for tuberculosis, hepatitis B, or clostridium difficile infection. In each case, the condition must come from occupational exposure.
Customers must be UK resident and aged 18 to 60 at outset, with cover continuing up to age 70. Children are covered from age six months to age 18 (or 23 if in full time education). There are no health questions and premiums are not dependent on age or health condition. MetLife says the whole application process should take around four minutes online.
The plan is not available to people in some occupations. Multiple claims can be made under the policy. Policy terms can be changed in future at 30 days’ notice. Exclusions are fairly typical for sickness and accident type cover.
A seven page brochure explains the plan and a 20 page combined policy summary and terms and conditions sets out the detail.
What They Say
Chief customer officer Claire Oldstein said: "Protection insurance should help with everyday life, and MultiProtect has been launched to provide vital accident and hospital cover, at a time when financial support will be a major boost.
"The financial impact of not being able to work after an accident or a sports injury can be devastating and the same applies when parents have to take time off work to help children when they are injured in accidents.
"Individual protection needs to be more flexible so customers can focus on their recovery without worrying about money, which is why we have specifically designed MultiProtect so it is competitive and delivers a solution that works alongside other insurance products, to plug the protection gaps that many UK households currently have."
What We Say
"MetLife says MultiProtect is particularly valuable for the more than four and a half million UK self-employed workers in the UK who do not have access to employee benefits schemes, sick pay or paid holiday and that the plan is specifically designed to ensure cash keeps flowing. The whole application process is quick and straightforward, with no deferred periods (although some benefits do not kick in immediately) and there is no medical underwriting.
"Accident cover is traditionally written as a monthly or annually renewable general insurance policy but, by writing this plan as a long term plan, there is no Insurance Premium Tax (IPT) to pay on the premiums. Cover can run through to age 70, although MetLife does reserve the right to change terms should it believe that to be necessary in future.
"The plan itself includes a good range of mainly accident benefits and the unit cover approach is simple and allows a degree of scalability.
"The plan does not negate the need to look at other forms of protection, such as life, income protection or critical illness cover, but it does provide useful add-on but different cover at low cost, which can pay benefit quickly if, for example, the customer is injured. Children’s cover is useful and includes cancer diagnosis), although the benefit mix is slightly different from that for their parents) while the optional healthcare worker cover is inexpensive and covers a range of workplace risks.
"All in all we can see this plan becoming a poplar add-on to other cover, providing a low cost option to add wider cover that can cover children too."