MetLife Introduces New Enhanced Care Benefit Rider on Whole Life Policies
MetLife Introduces New Enhanced Care Benefit Rider on Whole Life Policies
NEW YORK--(BUSINESS WIRE)-- 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. (NYS: 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.
MetLife, Inc.
David Hammarstrom, 212-578-2736
dhammarstrom@metlife.com
KEYWORDS: United States North America New York
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