Metropolitan Critical Illness Cover Review 2023

The Metropolitan Critical Illness Cover is an insurance policy that provides coverage for severe illnesses and is available to individuals […]

Metropolitan Critical Illness Cover Review

The Metropolitan Critical Illness Cover is an insurance policy that provides coverage for severe illnesses and is available to individuals between the ages of 14 and 64. Coverage for critical illnesses ranges from R150,000.00 to R1.5 million.

When purchasing the Metropolitan Critical Illness Cover, policyholders have the option of choosing between core cover and comprehensive cover. The core cover pays a lump sum if the policyholder is diagnosed with one of four major critical illnesses: stroke, cancer, heart attack, or coronary artery bypass surgery.

On the other hand, the comprehensive critical illness policy pays a lump sum if the policyholder is diagnosed with one of the four major critical illnesses as well as an additional 12 critical illnesses. Each policy includes automatic benefits, and policyholders can add optional benefits to the policy.

The following sections assess the policyholder’s automatic and optional benefits:

Metropolitan Critical Illness Cover Automatic Benefits

The Metropolitan Critical Illness Cover’s automatic benefits come automatically embedded in the policy and include:

Critical Illness Benefit

The critical illness benefit is the primary coverage that pays out if the policyholder becomes critically ill while covered. Cancer, kidney failure, stroke, and other critical illnesses are covered by the plan. This benefit has the plan’s highest cover amount, which can range from R150,000.00 to R1.5 million.

Safety Workers

The Metropolitan Critical Illness Cover also provides coverage for safety workers, such as members of the South African Police Service and the South African Defense Force. The plan can accommodate claims for SAPS and SANDF members who have been injured as a result of war, civil commotion, riot, terrorist activity, or rebellion. Critical illnesses caused by these incidents are covered and paid for under the critical illness benefit.

Flexi Premiums

The Flexi Premiums benefit allows policyholders to take a break from premium payments if they become financially stressed. During a difficult financial period, the plan allows policyholders to uncommit from a policy and settle for a new policy with low premiums. This new policy will have a lower premium and a lower critical illness coverage amount. When the policyholder’s financial situation improves, the policyholder can increase the cover amount.

Optional Benefits

The Metropolitan Critical Illness Cover offers optional benefits that can be added for an additional premium. Multiple options are available, and the more benefits added, the higher the premiums will be.

The following are the optional benefits for the Metropolitan Critical Illness Cover:

Escalation Options

Escalation options help policyholders keep up with inflation by increasing the cover amount on the policy’s anniversary. Each year, the policyholder can choose an increased percentage of the cover amount to maintain the policy’s purchasing value. When the coverage amount increases by a certain percentage, the payable premiums also increase. Every time the policy cover is increased, the premiums will rise to match the new cover amount.

Disability Premium Waiver

The disability premium waiver is an optional benefit that pays the premiums should the policyholder become disabled. The policy will advance premiums for the rest of the premium waiver benefit term if the policyholder becomes disabled. Therefore, the policyholder will not be liable for premiums under this benefit when they become disabled.

Retrenchment Premium Waiver

The retrenchment premium waiver benefit protects the premium payer if they are laid off. Only the premium payer can be covered under the plan, and the policyholder cannot be covered if they are not a premium payer. The benefit covers the Metropolitan Critical Illness Cover premiums for the first 12 months of retrenchment. For working people, the retrenchment premium waiver benefit is a great option.

Death Premium Waiver

As a premium payer, the policy provides an optional benefit that covers the premiums payable on the critical illness cover in the event of the premium payer’s death. The policyholder can only be covered by the benefit if they are responsible for paying premiums on the plan. The Death Premium Waiver benefit pays the premiums due to the policy but does not pay for outstanding premiums and the interest that arises from them.

Cashback Benefit

The cashback benefit can be added to the critical illness cover at an additional premium. The benefit issues a certain portion of the premiums back in cash to the policyholder after five years. The product specifies that the premiums must be up to date to claim the benefit, and the policy must be active.

Monthly Support Payout

The monthly support payout benefit allows the policyholder to cover monthly household and other expenses should they become critically ill. The benefit can pay up to 60 months of monthly payments to the beneficiaries.

Advantages of Metropolitan Critical Illness Cover

There are two critical illness covers to choose from, and optional add-ons are available for policyholders to choose from. The cashback benefit can be added at an additional premium. Anyone over the age of 14 can be covered by the plan before their retirement age. The Metropolitan Critical Illness Cover has a proven track record, making it more reliable. Premiums on the plan are competitive.

Disadvantages of Metropolitan Critical Illness Cover

The maximum cover amount of R1.5 million may be too low for some medical procedures related to critical illnesses.

Conclusion

The Metropolitan Critical Illness Cover includes all the features that a premium critical illness policy should have. Moreover, the plan has low premiums, making it appealing to the majority of South Africans, including low-income earners.


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