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Life Insurance, Metlife
Discover how MetLife Future Protect offers comprehensive protection and performance for UAE residents & non-residents seeking life insurance with investment flexibility. Learn about its advantages, potential drawbacks, and how it compares to Zurich Futura.
REVIEW SUMMARY
MetLife Future Protect - Whole of Life Insurance
★ ★ ★ ★ ☆
4.5/5.0MetLife Future Protect combines Whole life insurance with smart investment options, meeting your protection needs while building cash surrender value for long term financial goals. It is like Zurich Futura in many ways, and yet has distinguishable features that make it stand out.
MetLife in the Middle East
With a strong presence in the Middle East, MetLife serves expats and locals across the region. Backed by over 150 years of global expertise, MetLife is a trusted provider for life and investment solutions.
MetLife Future Protect Review SummaryFuture Protect stands out as a flexible Whole of Life Insurance plan tailored to meet diverse protection needs and long term investment goals.
Key benefits include:
- Non-Residents Cover-Up to USD 5 million.
- Widest range of Optional riders such as Critical Illness Benefit and Permanent & Total Disability Benefit to enhance the scope of the plan
- Standalone Critical Illness Benefit: Up to USD 500,000
- Investment growth through customizable strategies and fund transfers.
- International portability with wast online access
MetLife Future Protect is a strong contender for UAE residents seeking financial security and investment opportunities.
Plan Highlights
1. Eligibility and Coverage
- Age Eligibility: 20 to 65 years.
- Maturity Age: Up to 95 years.
- Coverage Amounts:
- Minimum: USD 100,000
- Maximum: USD 50 million
2. Premium Options
- Minimum Annual Premium: USD 1,800.
- Payment Frequency: Monthly, Quarterly, Semi-Annual, or Annual.
- Contribution Term: 5 to 20 years or full term.
MetLife Future Protect Advantages
1. Comprehensive Life Insurance Benefits
-
Single or Joint Life Options:
- First Death: Pays the higher of life coverage or account value upon the first insured person's death.
- Both Deaths: Pays the benefit for each insured individually.
-
Accidental Death Benefit: Up to 3x the base coverage, capped at USD 5 million.
Optional Riders
1. Critical Illness Coverage:
- Lump-sum payout up to USD 500,000 for Standalone Critical Illness or up to USD 1 million for Accelerated Critical Illness.
- Three coverage options:
- Cancer only.
- Three illnesses (Heart Attack, Stroke, Cancer).
- 32 critical illnesses.
- Non-residents: Maximum coverage limit of USD 150,000.
Here is the complete list of the critical illness benefits;
| Stroke | End-stage Lung Disease | Motor Neuron Disease |
Multiple Sclerosis |
| Major Cancers |
Kidney Failure |
Parkinson’s Disease |
Paralysis |
| First Heart Attack |
Loss Of Speech |
Benign Brain Tumor | Poliomyelitis |
| Fulminant Viral Hepatitis |
Aplastic Anemia | Major Head Trauma | Encephalitis |
| Heart Valve Replacement |
Loss Of Hearing | Bacterial Meningitis | Apallic Syndrome |
| Serious Coronary Artery Disease |
Major Organ / Bone Marrow Transplant |
Systemic Lupus Erythematous withLupus Nephritis | 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 | Blindness |
2. Permanent Partial Disability (PPD):
- Guaranteed cash payout of up to USD 1 million for accidents.
- Payouts are based on the percentage of the loss incurred.
- Entry age: 18 to 65 years. Expiry age: 70 years.
3. Permanent and Total Disability (PTD):
- Guaranteed cash payout of up to USD 2 million due to accident or sickness.
- Payout structure:
- 6 months of PTD: 20% of benefit.
- 12 months of PTD: 30% of benefit.
- 24 months of PTD: 50% of benefit.
- Entry age: 18 to 55 years. Expiry age: 65 years.
4. Investment Flexibility
-
Choose from three strategies:
- Conservative: Minimize losses.
- Balanced: Moderate growth with capital preservation.
- Aggressive: Focus on high growth with higher risk tolerance.
-
Free Fund Transfers: Make up to four transfers annually to capitalize on market opportunities.
5. Liquidity Options
- Partial Withdrawals: Allowed after the initial payment period, with a maximum of two withdrawals per year.
- Loan Facility: Borrow up to 80% of the net cash surrender value.
MetLife Future Protect Disadvantages
- Complex Fee Structure: Includes charges for premiums, fund management, administration, and cost of insurance in comparison to term life insurance.
- Market-Linked Performance: Returns are subject to investment fund performance and market volatility.
- Surrender Charges: Applicable for the first 60 months for regular premiums and 12 months for single premiums.
These disadvantages are inherent in life insurance plans with investment components, as they aim to balance long-term protection, flexibility, and affordability.
While the fees and charges support the plan's robust features, market-linked performance offers potential for higher growth through a diverse range of index funds and actively managed mutual funds.
Additionally, surrender charges act as a deterrent to early withdrawals, ensuring policyholders retain the vital protection benefits over the long term.
MetLife Future Protect vs Zurich Futura
| Features | MetLife Future Protect | Zurich Futura |
|---|---|---|
| Coverage Amount | USD 100,000 to 50 million | USD100,000 to 20 Million - above 20 million on case to case basis. |
| Age Eligibility | 1 month to 65 years | 18 years to 74 years |
| Premiums affordability | Premiums can be lower than Futura for some age bands | Premiums can be lower than Future Protect for some age bands |
| Stand Alone Critical Illness Cover | Yes | No |
| Critical Illness Benefits | 32 | 36 |
|
Permanent Partial Disability Cover |
Yes | No |
| Investment Funds | Direct | Wrap Funds |
| Non residents | Yes - subject to insurable interest in the UAE | Only GCC residents signing the policy in the AUE |
|
Key Exclusions |
Suicide Before 2 years | Suicide Before 1 year |
|
Grace period |
31 days | 90 days |
|
Loan Facility |
Yes | No |
Is MetLife Future Protect Right for You?
This plan is ideal for:
- Residents seeking life insurance with investment opportunities.
- Families planning for long-term security and retirement.
- Non Residents looking to buy the best Life Insurance in the UAE
However, consider consulting with a financial advisor to evaluate its suitability for your specific needs.
Conclusion
MetLife Future Protect offers a robust combination of protection and investment growth. Its flexibility and critical illness coverage make it a standout choice for residents and non residents. However, understanding its fees, surrender charges, and market risks is essential.
If you're evaluating MetLife Future Protect against Zurich Futura or need assistance setting up an investment strategy, feel free to reach out.
