MetLife has launched its new Whole Life policy and with that, finalized the transition of all MetLife life insurance products to the 2001 Commissioners' Standard Ordinary Mortality Table.
According to MetLife, its new Whole Life insurance is a permanent life insurance policy that offers lifetime protection, as long as the policy remains in force, remaining an attractive protection tool for those looking for guaranteed level premiums, guaranteed cash value and guaranteed death benefits. This new product introduction will not affect in-force policyholders of MetLife’s existing whole life products.
The company said that Whole Life has been improved using the 2001 Commissioners’ Standard Ordinary Mortality Table, which allowed a 4% nonforfeiture rate, premiums payable to age 100, and policy maturation at age 120.
Gene Lunman, senior vice president and head of MetLife’s individual business product management group, said: We’ve designed our offering to give individuals a competitive value proposition, additional benefits and a way to set aside additional money for the future. It is a reflection of MetLife’s commitment to providing individuals a foundation for their financial wellbeing and a solution for life’s many possibilities.