MetLife UK has enhanced its Individual Protection offering with the launch of EverydayProtect. An innovative customer-led proposition, EverydayProtect is a flexible and cost-effective protection policy, tailored to suit individuals’ evolving lifestyles.
One of the key enhancements to the new offering has been designed to ensure people are protected for longer. Life expectancy has increased.* Our lifestyles have changed, and we are now living and working longer. Understanding this shift in working patterns, MetLife has increased the entry age up to a client’s 65th birthday and the policy can continue until their 75th birthday.
For the self-employed, who can find themselves excluded from other protection policies, EverydayProtect doesn’t require any proof of income and claims payments are made quickly in order to account for any impact on household finances, as a result of an accident or hospitalisation.
EverydayProtect has been designed for the day-to-day realities of family life, with no health questions asked. Policyholders can continue to protect those that matter the most from just £1 a month. Child Cover, for example, protects children until they reach 18**, The ability to protect children under the same policy shows how the offering can change with customers based on their needs and personal circumstances.
Cost continues to be a significant barrier for people to seek advice or help with their finances. Our research shows that more than a fifth (23%)*** of people cite cost as the biggest barrier to seeking advice, even at key life moments such as purchasing a home or starting a family. MetLife understands the financial pressures many face, which is why EverydayProtect policies start at just £9 per unit per month, allowing more clients to begin their protection journey.
Amidst the ongoing uncertainty that people find themselves in, protection can offer a level of safety and peace of mind. Advisers play a critical role in helping customers understand their current – and future – protection needs and finding a policy that best suits their needs.
Rich Horner, Head of Individual Protection at MetLife, comments: “What the past 18 months have shown us is that you never know what is around the corner. Whether it’s our health or our finances, for many it can feel like they are currently being presented with more questions than answers. While we can’t predict the future, having the right protection in place can empower individuals to live their life should life take an unexpected turn.
“EverydayProtect has been developed with individuals and advisers in mind and can be tailored to meet changing needs and lifestyle stages. Similarly, if the amount of disposable income should change, cover can simply be reduced, or additional cover taken out based on affordability and personal priorities. Advisers have a pivotal role to play in helping to show their clients the benefits of having even greater protection in place alongside more traditional protection, so that their cover can grow with them. Protection shouldn’t be a once and done exercise, it should be reviewed regularly to ensure it continues to meet changing needs - all the while providing peace of mind for the everyday.”
*Research from the Office for National Statistics, National Life Tables – Life expectancy in the UK: 2018 to 2020, published September 2021, https://www.ons.gov.uk/peoplepopulationandcommunity/birthsdeathsandmarriages/lifeexpectancies/bulletins/nationallifetablesunitedkingdom/2018to2020
** Or 23 (if in education, an unpaid traineeship/apprenticeship or with dependency on the policyholder due to mental and/or physical disability).
*** Research was carried by Censuswide among a UK representative sample of 2,000 homeowners, or those currently purchasing a property. The survey was completed in March 2021.
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