Metlife Future Protect Review - Financial Planning in Dubai

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26-Oct-2017 11:16:11
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MetLife Future Protect Review

MetLife Future Protect is a comprehensive, Whole of Life, Unit Linked Insurance Plan, catering to the protection needs of the residents of UAE, Bahrain, Oman, Kuwait and Qatar.

metlife-future-protect Review

Future Protect aims to answer the most important financial questions like;

  • How will my family manage if I do not wake up tomorrow?
  • Will I be able to manage my finances during retirement, if I live a long life?
  • How will I manage if I am unable to earn due to Critical Illness or Disability?

About MetLife

MetLife has a global footprint with a Local Insight, serving over 90 million customers in 50 countries, including India, UAE, Oman, Bahrain, Japan, Singapore, North America, South America, Europe and China.

Metlife Future Protect.jpg

Its financials are robust, ranking 39th on 2015 Fortune 500 list, with $877.93 billion in total assets as of 31st December 2015.

Product Specifications 

Age eligibility
20 years to 65 years
Minimum Premium
As low as USD 1800 PA
Premium  Payment Term
5 years to 20 years
Currency Options
USD / GBP / EURO
Minimum Life Coverage
USD 100,000 / GBP 60,000 / EURO 80,000
Maximum Life Coverage
USD 10 Million/ GBP 6 Million / Euro 8 Million
Life Cover Options
 
Single Life / Joint Life first Death / Joint Life Both Death

 

Benefits of Future Protect

Life Insurance Benefit

Life insurance is a key element in securing your family’s financial future. In the event of unfortunate loss of life, this plan would provide your family with a lump sum to

  • make up for your lost income
  • fund your child’s education/marriage
  • pay off your debts like Mortgage, Car loan etc
  • Or to fulfill other financial goals you had for your loved-ones 

Access to cash when in need

When in need, you can take a loan for up to 80 % of the net Cash Surrender Value, after the second policy year, without cancelling the plan.

You can also make a partial withdrawal after your plan has accumulated sufficient cash surrender value for the partial withdrawal and sustenance of the plan.

Investment Opportunity

As Future Protect is a Unit Linked, Whole of life insurance plan, it also offers you a wide range of investment funds to help you increase the account value of your plan. 

Depending on your attitude towards investment risk you can choose to have your funds allocated to one of the diverse investment schemes like:

  • Conservative
  • Balanced
  • Aggressive.

Or you can can choose from more than 150 Mutual Funds and Index Funds.

Your allocated premium with  will invested in the strategy/funds you selected at plan inception after an initial payment period.

A proper understanding of your risk appetite and careful analysis of the investment funds is essential for achieving the growth desired.

It is also important to keep the exceptions low to facilitate investment in less risky funds.

Annuity or Pension Benefits

Future Protect is the only Insurance plan in UAE offering an Annuity or Pension option built in. You can choose to receive a regular monthly income for your life instead of your account value in a Lump sum.

The monthly income will be paid to you for as long as you live and in the regretful event of your loss of life during the guaranteed 20 years’ period, your dependents will continue to receive your monthly income for the remainder of the period.

While the plan matures at age 95, you can apply for the pension benefit anytime.

Maximum flexibility

The beauty of Future Protect is your ability to tailor-make your investments to your constantly changing needs and market conditions.

In fact, to leverage on favourable market conditions or to protect your account value from potentially significant market fluctuations, you have the ability to make free and unlimited fund transfers from one investment strategy to the other.

Choice of Optional Riders

Future Protect can be enhanced with the following array of riders that will help you protect your financial goals and your family’s standard of living;

Accelerated or Inclusive Critical Illness Benefit

In the event of diagnosis of one of the 32 covered critical illnesses, this rider will accelerate (pay) a portion of the death benefit equal to the chosen Accelerated critical illness benefit amount. The life cover value will be reduced by the same amount.

Min entry Age 20 yrs. Max entry age 60 years Max coverage up to 95 years

Min cover $ 50,000 Max cover $ 1,000,000

Standalone Critical Illness Benefit

In the event of diagnosis of one of the 32 covered critical illnesses, this rider will pay the chosen Standalone CI Face Amount. Life Cover is unaffected.

Min entry Age 20 yrs. Max entry age 60 years Max coverage up to 75 years

Min cover $ 50,000 Max cover $ 500,000

List of Critical Illness covered by Future Protect

Stroke End-stage Lung Disease Motor Neuron
Disease
Multiple
Sclerosis
Major
Cancers
Kidney
Failure
Parkinson’s
Disease
Paralysis
First Heart
Attack
Major Organ / Bone Marrow
Transplant
Benign Brain Tumor Poliomyelitis
Serious
Coronary  Artery Disease
Aplastic Anemia Major Head Trauma Encephalitis
Heart Valve
Replacement
Loss Of Hearing Bacterial Meningitis Apallic Syndrome
Fulminant
Viral Hepatitis
Loss Of
Speech
Blindness HIV due to Blood Transfusion and/or occupationally acquired HIV
End stage
Liver failure
Muscular Dystrophy Coma Progressive Scleroderma
Primary
Pulmonary Hypertension
Alzheimer’s Disease / Irreversible Major Burns Systemic Lupus Erythematous withLupus Nephritis

 

Future Protect also offers optional Permanent and Total Disability (PTD) Benefit, Accidental Death (AD) Benefit, Waiver of Premium on Death and Waiver of Premium on Disability, enhancing your scope of protection.

Free Second Medical Opinion

A second medical opinion service from renowned medical centers in the USA is also available for free. A leading medical practitioner, specializing in the field of your illness, will review your test results and provide their expert opinion and recommendations. This benefit is only offered to residents.

Free MetLife Medical Discount Card

A card which offers discounts ranging from 10% - 30% at selected Medical Providers in UAE. This card is only offered to residents

Summary

  1. Future Protect is a Unit Linked Insurance Plan, hence the investment strategy and growth rate assumptions play a vital role in the sustenance of the plan and the benefits chosen.
  2. It is crucial to understand the implications of market volatility on the long-term sustenance of the plan.
  3. It is not an investment plan as widely portrayed by many, it is primarily an insurance plan, with an option of converting the cash surrender value into an annuity later when approaching retirement.
  4. Early surrender of the plan will attract surrender charges, hence you may get back much less than what you paid as premiums.

Your financial advisor should be able to guide you in setting up a robust investment strategy.

If you feel that you need help in setting up an investment strategy, or to manage your existing plan, feel free to call me on +97150-2285405 or Arrange a Free Initial Meeting.

Click Here to Arrange a Free Consultation

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