Metropolitan Life Insurance Review 2023

Metropolitan life insurance

Metropolitan Life Insurance is a life insurance policy with monthly premiums starting at R100.00. Metropolitan life insurance offers life cover ranging from R150,000.00 to R5,000,000.00. If a life insurance policyholder becomes terminally ill and is expected to live for no more than 12 months, they can receive up to 100% of their cover.

Metropolitan Life Insurance offers 5 different types of life insurance. ” Cover up to age 60″ and “cover for life” are two of the five life insurance policies that do not require a medical exam. Other life insurance policies that necessitate medical examinations include “cover for all causes”, “cover for accidental death”, and “cover that gets less each year”.

Below, we go over Metropolitan Life’s life insurance coverage.

List of Metropolitan Life Covers

1. Cover up to age 60

Cover up to age 60 is a life insurance product with premiums that starts from R120.00 per month. Policy holders can get coverage of up to R1,000,000.00 under this insurance product. The product is designed to get life insurance while still working. 

Benefits of “cover up to age 60” life insurance 

  • Policyholders start with a low premium that increases overtime. 
  • Beneficiaries receive part payout to cover expenses before a payout is made. 
  • Policyholders can add Value Protection which helps keep the value of the cover and protect it from inflation. 
  • Policyholders can skip up to 6 monthly payments during the plan term. 

2. Cover for life

Cover for life is a life insurance policy that help secure the finances of your beneficiaries after death. The product has premiums starting from R120.00 per month. Policyholders can choose a cover amount of up to R1,000,000.00.

Benefits of the “Cover For Life” insurance 

  • Policyholders begin with a low premium that gradually increases.
  • Beneficiaries receive a portion of the payout to cover expenses before the full payout is made.
  • Policyholders can add Value Protection, which helps to maintain the cover’s value and protects it from inflation.
  • During the plan term, policyholders may skip up to 6 monthly payments.

3. Cover for all causes

Cover for all causes can be taken to protect the financial well-being of your loved ones when you die. Policyholders can choose between a cover for a term or a cover for life. The premiums on the cover for all causes starts from R100.00 per month. Policyholders can choose a life insurance cover of up to R5,000,000.00. 

Benefits of “cover for all causes” 

  • Pays out for permanent disability due to illness or injury which results in loss of employment. 
  • Pays up to 25% of the cover amount but not more than R50,000.00 in 48 hours for funeral and other costs. 
  • Can pay low premiums and reduce the cover amount in tough situations. 
  • Can add a critical illness cover. 
  • Payouts 100% of the cover amount if the policyholder is terminally ill and is expected to live for no more than 12 months. 

4. Cover for accidental death

The Metropolitan cover for accidental death provides cover for death caused by an accident. One can choose between a term cover or a life cover. Premiums on the cover for accidental death starts from R100.00 per month. Policyholders can choose cover of up to R1,500,000.00.

Benefits of “cover for accidental death” 

  • Flexible payment in tough times as a policyholder can reduce the cover amount and pay lower premiums. 
  • Pays up to 25% of the cover amount but not more than R50,000.00 in 48 hours for funeral and other cost.

5. Cover that gets less each year

Cover that gets less each year helps protect the financial interests of your beneficiaries by paying your debt when you die. The cover is for a term only. Premiums of the cover that gets less each year starts from R100.00 per month. Policyholders can get a cover of up to R5,000,000.00. 

Benefits of “cover that gets less each year” 

  • Pays out for permanent disability due to illness or injury which results in loss of employment. 
  • Pays up to 25% of the cover amount but not more than R50,000.00 in 48 hours for funeral and other costs. 
  • Can pay low premiums and reduce the cover amount in tough situations. 
  • Can add a critical illness cover. 
  • Payouts 100% of the cover amount if the policyholder is terminally ill and is expected to live for no more than 12 months. 

Taking out a critical disease and disability cover

Metropolitan offers critical sickness and disability insurance. These are are addons that one can add when taking out a life insurance. Critical illness and disability insurance policies include a variety of advantages that can be extremely beneficial to you. This is because disability and critical illness benefits cover payments made while you are still alive.

If you become incapacitated or suffer a serious illness, you will receive a lump-sum payment. The amount payable is determined on the amount of coverage selected.

Metropolitan Life critical illness cover highlights:

  • Should you suffer from a critical illness, Metropolitan will pay out a lump sum to you.
  • The cover covers a number of critical illnesses.

Metropolitan Life disability cover highlights:

  • This offer pays out a lump sum should you become disabled.
  • The cover offers both occupational disability cover as well as comprehensive insurance.

Advantages of the Metropolitan Life Insurance 

  • There are many types of life insurance products to choose from offering different covers. 
  • Premiums are low on life insurance. 
  • One can subscribe for the product entirely online. 
  • The product accommodates those that want a low coverage since the cover starts from R150,000.00. 
  • Some covers come with a funeral benefit that pays up to R40,000.00. 

Disadvantages of the Metropolitan Life Insurance

  • The cover on the Metropolitan life insurance is up to R5,000,000.00 which can be low for some. 

Conclusion

Metropolitan provides easy and reasonable life insurance. The insurer offers life insurance policies to those with low, moderate, and high incomes. Metropolitan is one of the top three life insurers in Southern Africa in terms of clients due to its inclusion. The brand enjoys a high level of confidence and keeps some of the most devoted customers. This demonstrates that Metropolitan is knowledgeable in its field and provides clients with good services.

Related

Rateweb

South Africa’s primary source of financial tools and information

Contact Us

admin@rateweb.co.za

Disclaimer

Rateweb strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.

Rateweb is not a financial service provider and should in no way be seen as one. In compiling the articles for our website due caution was exercised in an attempt to gather information from reliable and accurate sources. The articles are of a general nature and do not purport to offer specialised and or personalised financial or investment advice. Neither the author, nor the publisher, will accept any responsibility for losses, omissions, errors, fortunes or misfortunes that may be suffered by any person that acts or refrains from acting as a result of these articles.