MetLife, a provider of insurance, annuities and employee benefit programs, has launched a new Whole Life product, MetLife Promise Whole Life, to help consumers address their life insurance protection needs.

MetLife said that the new Whole Life insurance product offers new, optional Flex Term Rider with a competitive premium and an innovative rider death benefit guaranteed to age 85.

The insurance product also offers permanent life insurance coverage and traditional guarantees on premium, cash value and death benefit.

According to the MetLife, the Promise Whole Life insurance is a permanent life insurance policy that offers lifetime protection, as long as the policy remains in-force. The policy features annual non-guaranteed dividend payments, which, if paid, may increase the cash value and death benefit of the policy over time.

MetLife Promise Whole Life’s optional riders include: Flex Term Rider which allows policyholders to purchase a combination of base whole life protection along with additional coverage that starts out in the form of term protection.

The Enricher optional rider allows the policyholder to pay additional premiums, if desired. The other optional riders include disability waiver, accidental death benefit, acceleration of death benefits, children’s term, applicant’s waiver of premium and a guaranteed issue rider.

MetLife US Business senior vice president of Individual Life Products Gene Lunman said that MetLife Promise Whole Life adds flexibility through the optional Flex Term Rider, which, when combined with a base policy, offers the benefits of traditional whole life at a lower total premium – providing the cornerstone for a solution that may best meet an individual’s specific needs now and create a foundation for a strong financial safety net going forward.