5 Unique features of MetLife Future Protect Life Insurance

MetLife Future Protect is a Whole of Life insurance plan, offering critical illness cover and other living benefits to address the protection needs of residents in UAE.

As an Independent Financial Advisor, I deal with various insurance and investment providers, this blog post is an unbiased view of the unique features of MetLife Future Protect Life Insurance Plan.

Choice of Accelerated or Standalone Critical Illness (CI) Benefit

MetLife Future Protect plan offers a unique choice of standalone(exclusive) or accelerated(inclusive) critical illness insurance benefit as a rider.

Most Whole of life plans in UAE, only offer accelerated or inclusive critical illness benefit as a rider, but MetLife offers both.

It is very useful for individuals who prefer to have a continued life cover even after the critical illness benefit is paid out.

For a detailed list of critical illnesses covered and a comprehensive review of the plan, please click here

Flexible Annuity Benefit

During the course of the plan, it accumulates a cash surrender value, which can be exchanged for an annuity or Pension (regular income)  in lieu of Life and Critical Illness cover, if the insured feels that he may no longer need the insurance benefit.

This annuity benefit can provide a regular income to the insured during retirement, in one of the following forms;

Option A - Fixed Term of 5, 10, 15 ...in years.( Pension is payable for the exact number of years selected)

Option B - Guaranteed for 10 or 20 years, and for life thereafter (Minimum guarantee of 10 or 20 years paid to the life insured or to his beneficiary, and for balance life of the insured, paid to the life insured)

Option C - Whole of Life Pensions. (Pension is paid till the life of the insured)

Policy Loans

On completion of 2 years, a loan upto 80% of the cash surrender value is available. This is beneficial for cash needs during any emergency purposes; without having to surrender the policy.

Investment Choice of Active and Index Funds

A wide choice active and index funds from leading funds managers like Vanguard, BlackRock, Kotak, Fidelity etc are available for investing in this plan.

Fund Persistency Bonus

A fund persistency bonus of 0.5% (P.A.) of the Account Value is added monthly to the policyholder’s account from 11th year onwards.

Summary

As MetLife Future Protect is a unit linked insurance plan, it is essential to understand if it suits your needs, financial status and risk profile.

More importantly, a thorough understanding of the risk appetite and appropriate selection of funds as the underlying investment is crucial for the long term sustainability of the plan.

To know more about MetLife Future Protect, or any other life insurance or critical illness plan in UAE, contact me on 050-2285405 or arrange a free initial meeting, to evaluate your protection needs and to recommend suitable solutions.