The Secure Flex Universal Life, which comprises death benefit guarantee, gives policyholders guaranteed coverage regardless of policy performance up to a certain age, and as late as 90 depending on issue age.
The policyholders will also get a guarantee of current policy charges at the end of the death benefit guarantee period, as part of the MetLife Ultimate Charge Guarantee feature.
MetLife retail life and disability insurance products senior vice-president Gene Lunman said the company is constantly looking for ways to enhance life insurance offerings by designing products that better meet the needs of consumers and the new product is a reflection of that philosophy.
"We know that consumers want insurance policies with income protection features they can count on, but also with the flexibility to adapt to changes in their financial needs," Lunman added.
The product’s cash value feature enables consumers to maintain coverage, reduce premium payments and surrender the policy if no longer needed, as well as to use the cash value as they see fit.
The new product is part of the company’s continuing drive to strengthen its life insurance portfolio and follows its decision to reduce rates on its Guaranteed Level Term policy in August.