US-based insurer MetLife has introduced a new product, Secure Flex Universal Life, that combines protection and flexibility.
The product has been included with death benefit guarantee, which offers consumers guaranteed coverage regardless of policy performance up to a certain age, and as late as 90 depending on issue age.
The policyholders of the product will also receive a guarantee of current policy charges at the end of the death benefit guarantee period, as part of the MetLife Ultimate Charge Guarantee feature.
MetLife retail life and disability insurance products senior vice-president Gene Lunman said the company is constantly looking for ways to enhance life insurance offerings by designing products that better meet the needs of consumers and the new product is a reflection of that philosophy.
"We know that consumers want insurance policies with income protection features they can count on, but also with the flexibility to adapt to changes in their financial needs. MetLife Secure Flex Universal Life brings both of those objectives together in a single product," Lunman added.
The product’s cash value feature allows consumers to maintain coverage, reduce premium payments and surrender the policy if no longer needed, as well as to use the cash value as they see fit.
In addition, the product helps consumers to accumulate tax-deferred cash value in the policy.
The new product launch follows firm’s decision to reduce rates on its Guaranteed Level Term policy in August.
Image: MetLife has introduced its new Universal Life product. Photo: courtesy of Vichaya Kiatying-Angsulee/ FreeDigitalPhotos.net.