The consumers will now have the option to use their life insurance to not only help protect against the consequences of an untimely death, but also, by accelerating a portion of the death benefit in the event of the insured’s prolonged illness against the consequences of the costs associated with ongoing care necessitated by such an illness.
According to MetLife, the new product will provide policyowners the ability to accelerate, generally on an income tax free basis subject to certain limits, up to 90% of a policy’s death benefit over the life of the policy which can be used to help pay for ongoing care if an insured develops a prolonged illness.
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Commenting on the launch, MetLife senior vice president, Gene Lunman, said: "This enhancement will provide producers and customers alike with a solution-oriented whole life portfolio.
"The Enhanced Care Benefit offers consumers the confidence that if the insured incurs a covered prolonged illness, the policyowner will have access to money to help pay for the unexpected and substantial expenses often associated with ongoing care either in their home or in a facility.
"By including the Enhanced Care Benefit on a policy, people will be getting another level of financial protection in the unfortunate event of the insured having a prolonged illness," Lunman added.
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