Risk Product Update
/MetLife updates products
Changes have been made to products and pricing for MetLife Protect and MetLife Protect Super Income Cover, with a new product disclosure statement published, effective 14 October 2022.
Changes include:
All new business from 14 October 2022 with a ‘to age 65’ benefit period, the ‘usual occupation’ definition will transition to ‘any occupation’ definition after 24 months on claim, however, olicyholders with one, two and five-year benefit periods will stay on the ‘usual occupation’ definition for the duration of the claim.
The income replacement ratio will move from a flat 70 per cent to a tiered model, with 70 per cent up to $240,000 annual income; 50 per cent up to $480,000 annual income; and 20 per cent for $480,000.01+ annual income.
Disability Extras for policyholders with a two-year waiting period is discontinued.
New calculations apply to the Superannuation Contribution option for lives insured who are on leave at the date of disability.
A new 180-day waiting period for current MetLife customers wanting to exercise a continuation option on Corporate policies.
The Booster option is to be discontinued.
The Partial Disability definition has been modified, so the life insured must be working for no more than 40 hours per week (was 50 hours) and earning income less than 80 per cent of their pre-disability income.
The expirty age for Standard Income cover is discontinued beyond age 65 (was age 75).
Increases and decreases to lump sum and income protection product ranges
Removal of large sum insured discounts for Income Cover
CFS launches adviser support platform
Colonial First State (CFS) has a new platform to support financial advisers, CFS Elevate. The new people and culture platform is designed by advisers to support advisers in developing and retaining the next generation of advisers, offering free training, networking events and collaboration tools.
