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MetLife announces suite of product changes

MetLife has made a range of product changes, attempting to address concerns about rising premiums.

The insurer will now offer a three-year rate guarantee for all lump sum retail products.

For the first three years of a new retail policy, MetLife will guarantee there will be no unexpected increases to the base rates of a client's premium.

However, premiums may increase due to indexation (if applicable), customer-requested increases, age-based increases, a reduction in specific discounts and any change to tax or government stamp duty change.

Retail policies will now also include MetLife's 360Health offering - a tool designed to offer wellness solutions and information for clients.

MetLife will also implement automatic buy back options so that clients remain continuously covered with no action required from the adviser or client, and a life events increase feature for business clients that will allow sum insured increases of up to $4 million, compared to $2 million offered by most other insurers.

MetLife chief retail insurance officer Meray El-Khoury said the product changes would help enhance the value of life insurance for advisers and the clients they serve.

"MetLife is committed to regularly improving our offering to stay in step with the needs of our retail partners and, in turn, their clients," El-Khoury said.

"These changes will make our products more accessible representing better value and making it easier for advisers to find products that suit their clients changing needs."

Read more: MetLifeMeray El-Khoury