Metropolitan Life Insurance Review 2020

  • Post author:
  • Post last modified:Sep 10, 2020
  • Reading time:6 min(s) read

Talk about experience, Metropolitan has been offering life insurance since 1898, offering more than a century of experience in long-term insurance provision. Metropolitan and only a handful of life insurers have bragging rights when it comes to extensive experience in the life insurance industry in South Africa.

Considering that Metropolitan has been in existence for so many years, you can be sure that you won’t get any mediocre service from the company. The company offers Life insurance that is competitive with premiums starting from R120 per month.

When taking life insurance from Metropolitan, your budget matters. Metropolitan offers two types of life insurance products for those with low and for those high life insurance needs. The life insurance options are the basic life cover and the comprehensive life cover.

With comprehensive life cover, you can get a life cover that suits your needs. The option is flexible, so it suits everyone’s life insurance needs. Also, you can add a critical illness and disability cover on your comprehensive life insurance.

On the other hand, the basic life cover is for those who want life insurance that is R500,000.00 or less. The covers come with some of the most competitive monthly premiums in the life insurance industry.

We will discuss both the Metropolitan comprehensive life cover and basic life cover in detail. Also, we will have an overview of the dread disease cover and disability cover.

Metropolitan basic life cover

Metropolitan Life Insurance

The basic life cover is for those aiming to get their life covered for R500,000.00 or less. This cover is one of the best covers as it targets low-income earners in South Africa. Most life insurers have their minimum cover starting at R1 million. Yet a high number of South Africans can’t afford to get a life cover that is that high.

The basic cover makes sure that even the lowest earners in the Republic are able to get a life insurance cover. This goes on to show why Metropolitan is one of the top 3 life insurers in South Africa, the company caters for the poorest South Africans.

Here are the highlights of the basic life cover:

  • The plan covers accidental death or natural death.
  • Accidental and natural death are both covered immediately.
  • Can get up to 10% of your premiums back after every five years.
  • You can get up to 50% of your cover should you become terminally ill. This is only applicable if you are extracted to live for less than 12 months.
  • You can increase your premiums to keep up with inflation.

The basic life cover comes with a number of benefits considering the maximum cover amount that one can take. When choosing the basic cover amount there are a number of considerations that you need to make. These include but are not limited to:

  • Seeking financial advice: an advisor will help you choose a cover amount that will benefit your family. The advisor will make sure that all your financial interests are considered when taking out a life cover.
  • Family needs: study the needs of your family so that your life cover can fulfil its purpose. Consider things like school fees, living expenses, medical expenses etc.

Metropolitan Comprehensive Life Cover

Metropolitan gives South Africans an opportunity to invest in the future of their family through the Metropolitan life cover. The comprehensive life cover offers flexibility when it comes to the cover amount. Because of its flexibility, it is suitable for anyone.

With the Metropolitan comprehensive life cover, you can leave a legacy that will outlive you. The cover amount can go a long way. For example, your cover amount can cover all your loans and other liabilities that you might have incurred during your lifetime. From this, you can add a sufficient sum to your cover so that your family can have enough to go through life.

Comprehensive life cover covers accidental death and natural causes. Should you want to get a cover for critical illness and disability, you can do so at an additional fee. Here are some of the highlights of the Metropolitan comprehensive life cover :

  • Covers accidental death and natural death.
  • Should you become terminally ill you can get up to 100% of your cover in advance. This is only if your life expectancy is less than 12 months.
  • Can get back 10% of your premiums back in cash every five years.
  • The maximum cover amount is R5 Million.
  • You can increase your premiums so that your cover amount can keep up with inflation.
  • Can get up to 20% of your cover in advance upon death to cover funeral expenses.
  • On retrenchment, you get a premium waiver which will pay out your premiums for 12 months.

Taking out a critical disease and disability cover

Metropolitan Life Insurance

You can get a critical illness and a disability cover from Metropolitan. You can add these to your life insurance policy at an additional cost. The critical illness and disability covers come with a number of benefits that can benefit you tremendously. This is because the payouts for disability and critical illness cover payout when you are still alive.

You will get a lump-sum payment should you become disabled or suffer a critical illness. The amount that is payable will depend on the amount of the cover you choose.

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.

Conclusion

Metropolitan offers life insurance that is straightforward and affordable. Low, middle and high-income earners can qualify for a life insurance policy from Metropolitan. Because of Metropolitan’s inclusivity, the company is one of the top 3 life insurers in Southern Africa in terms of clientele.

The brand is very trustworthy and retains some of the most loyal clients. This proves that Metropolitan knows what it does and provides services that are satisfactory to its clients.

Leave a Reply