US-based MetLife has launched a new life insurance product, which is designed to enable more consumers to easily become insured.

Named Simplified Issue Term Life insurance, the new product is suitable for anyone from 18 to 70 years of age and can be purchased over the telephone with same-day approval and it does not require any medical examination.

Commenting on the launch of the new product, MetLife senior vice president Manish Bhatt said, "No matter who you are, you should have access to simple and affordable insurance products."

Bhatt further added that the policy provides enough coverage to take care of some basic needs for survivors and provides needed protection to many families.

The new product automatically renews each year, up to 90 years of age, and it renews without additional underwriting as long as premiums are paid.

Based on the insured’s age, premiums increase in five-year increments, and annual premiums stay the same for the five-year period.

According to an estimate, millions of Americans lack even the most basic life insurance to protect their families and nearly 41% of American adults have no life insurance whatsoever, and 50% households report they do not have enough life insurance.

MetLife, through its subsidiaries and affiliates offers insurance, annuities and employee benefit programs to 90 million customers.