Metlife

Key Information – MetLife Life Insurance

• Issuer: MetLife Insurance Limited
• ABN: 75 004 274 882
• AFSL: 238096
• Types of Cover Generally Offered:
  • Life Cover
  • Total and Permanent Disablement (TPD) Cover
  • Trauma Cover
  • Income Cover
    
• Target Market:
  • The target market comprises consumers who:
  • Obtain financial advice from an Australian Financial Services (AFS) licensee.
  • Want to insure against the risk of death, trauma, disability, Illness or Injury (as defined in the MetLife Protect and MetLife Protect Super PDS)
  • Want to meet Financial Commitments, Financial-in-kind Commitments, or protect their assets, commercial or personal, or leave a legacy for their family or dependents or to provide for the continuation of an entity with which they are associated.
  • Are Australian Residents.
  • Have received the current MetLife Protect and MetLife Protect Super PDS and are applying for cover while in Australia.
  • Meet eligibility criteria for the insurance option selected.
  • Have the ability to pay premiums in accordance with the premium structure chosen.
    

• Key Features of Metlife

  • Life Cover: Provides financial protection to beneficiaries upon the death of the insured or diagnosis of a terminal illness.
  • Total and Permanent Disablement (TPD) Cover: Offers a lump sum benefit if the insured becomes totally and permanently disabled.
  • Trauma Cover: Pays a lump sum if the insured is diagnosed with a specified medical condition or undergoes a specific medical procedure.
  • Income Cover: Designed to replace a portion of the insured's income if they become unable to work due to illness or injury.
    

• Premium structure for Metlife:

  • Different premium structures are available, including Variable Age-Stepped premium, Variable premium to age 65, Variable premium to age 70, 5-year Fixed Term Option and 10-year Fixed Term Option.
  • The way premiums are calculated depends on the premium type selected.
  • The choice of premium structures depends on individual needs, objectives and financial situation.
    

• When it might not suit:
  • This product is not suitable for consumers who:
  • Do not satisfy the general eligibility criteria (unless prior approval received).
  • Do not meet MetLife underwriting requirements.
  • Are listed on specific sanction lists.
  • Reside in a sanctioned country.
  • Are claiming a payment or any services received in a sanctioned country.
  • Are unable to fund premiums

MetLife Australia – History and Milestones

MetLife Australia stands as a significant and evolving presence in the Australian financial services sector, providing a range of life insurance, superannuation, and investment solutions. While it operates under the umbrella of the global MetLife, Inc., its journey within the Australian market has been marked by strategic entries, substantial growth, and a commitment to meeting the unique needs of Australians.

Key Milestones:

• 1868: Global Foundation: The story begins with the establishment of the Metropolitan Life Insurance Company in the United States, laying the groundwork for the global MetLife organization that would eventually extend its reach to Australia.
• Early Australian Presence: While the precise date of MetLife's initial entry into the Australian market is not definitively documented in readily available sources, the company has maintained a presence in Australia for a considerable period, gradually building its foundations.
  
• Strategic Entry into Group Insurance (circa 2005): A pivotal moment for MetLife in Australia arrived around 2005 with its strategic entry into the group life insurance market. This move proved highly successful, propelling MetLife to become the third-largest group insurer in Australia.
  
• Rapid Ascent in Group Insurance: Following its entry, MetLife Australia distinguished itself through rapid expansion within the group insurance sector. The company became recognized as the fastest-growing group insurer, demonstrating significant year-on-year growth, exemplified by a reported 13.6% year-on-year growth as of early 2025.
  
• Growing Focus on the Retail Market (Post-2019): Recognizing the potential in the direct consumer market, MetLife Australia initiated a significant investment and strategic push into the retail life insurance sector post-2019. While acknowledging an initial "slower start," the company has been actively strengthening its infrastructure, diversifying its product suite, and expanding its distribution networks, including bolstering its teams and offerings for financial advisers.
  
• Significant Claims Payments: Underscoring its commitment to providing financial security to Australians, MetLife Australia has consistently paid out substantial claims. In 2021, the company paid approximately $490 million in claims, which further increased to over $607 million in claims paid in 2023. These figures highlight MetLife's crucial role in supporting policyholders during challenging times.
  
• Key Partnerships and Distribution: MetLife Australia operates through strategic collaborations, particularly within the superannuation industry, where it serves as a major provider of life insurance inside superannuation funds, offering default life cover to members. The company also works closely with financial advisers to distribute personal insurance solutions, leveraging these partnerships to reach a wider range of Australians.
  
• Innovative Customer-Centric Programs: Demonstrating a holistic approach to customer well-being, MetLife Australia introduced the 360Health program. This award-winning health and wellbeing service, available to MetLife Protect clients, offers valuable resources such as mental health support, access to expert medical opinions, and assistance with recovery, showcasing a commitment beyond traditional insurance offerings.
  
• Present Day (2025): Today, MetLife Australia stands as a well-established and significant participant in the Australian life insurance and superannuation industry. With a dual focus on the robust group insurance sector and a growing presence in the retail market, the company remains committed to offering innovative products, fostering strong partnerships, and prioritizing the financial security and well-being of its Australian customers. Leveraging its global expertise while adapting to the specific dynamics of the Australian market and regulatory environment, MetLife Australia continues to evolve and contribute to the financial landscape of the nation.

MetLife Australia – Key Strengths

• Strong Global Heritage and Brand Recognition: As part of MetLife, Inc., a globally recognized and reputable insurance organization with a long history dating back to 1868, MetLife Australia benefits from the strength, stability, and trust associated with a well-established international brand. This global presence provides access to international expertise and resources.
• Dominant Position in the Group Insurance Market: MetLife Australia holds a leading position as the third-largest group life insurer in Australia. This significant market share indicates strong relationships with superannuation funds and employers, efficient operational capabilities in managing large-scale schemes, and a proven track record in this sector.
• Rapid Growth Trajectory: The company's history of rapid growth, particularly within the group insurance sector, demonstrates its agility, effective market strategies, and ability to capture opportunities within the Australian landscape. This growth indicates a dynamic and forward-moving organization.
• Significant Claims Paying Ability: With substantial amounts paid out in claims annually (over $607 million in 2023), MetLife Australia demonstrates its financial strength and commitment to fulfilling its promises to policyholders. This reinforces trust and highlights its role in providing financial security during critical times.
• Established Partnerships and Distribution Networks: MetLife Australia has cultivated strong partnerships with key players, particularly within the superannuation industry, making it a major provider of life insurance within superannuation funds. Additionally, its growing engagement with financial advisers expands its reach in the retail market.
• Customer-Centric Approach and Innovative Programs: The introduction of programs like 360Health showcases a commitment to the overall well-being of their clients, going beyond traditional insurance offerings. This innovative approach can enhance customer loyalty and differentiate MetLife in the market.
• Focus on Service and Support: Positive feedback regarding BDM support for advisers indicates a strong focus on building and maintaining effective relationships with distribution partners. A commitment to streamlining claims processes also points to a focus on providing a positive experience for policyholders during claim time.
• Adaptability and Growth in the Retail Market: MetLife Australia's strategic push and investment in the retail life insurance market demonstrate its adaptability and ambition to expand its presence beyond the group sector, indicating a commitment to long-term growth and diversification.
• Industry Recognition: Awards like the ANZIIF Life Insurance Company of the Year (2019) serve as external validation of MetLife Australia's strong performance, innovation, and overall standing within the Australian insurance industry.
• Financial Strength and Stability: Being part of a large, global organization provides MetLife Australia with a strong financial foundation, ensuring its ability to meet its obligations to policyholders and navigate market fluctuations.

These key strengths collectively position MetLife Australia as a significant and competitive player in the Australian life insurance and superannuation market, with a strong foundation for continued growth and success.

MetLife Australia – Awards and Recognitions

MetLife Australia has consistently been recognized for its achievements and contributions to the insurance industry, its commitment to customer well-being, and its inclusive workplace culture. Here are some notable awards and recognitions received by MetLife Australia:

• ANZIIF Life Insurance Company of the Year: MetLife Australia has been named the ANZIIF Life Insurance Company of the Year multiple times, including in 2019 and 2021. Being a finalist in 2023 and 2024 further highlights their consistent strong performance and standing within the Australian insurance sector. This award recognizes overall excellence in the life insurance industry, considering factors such as customer satisfaction, innovation, and contribution to the community.
  
• Money Magazine's Health and Wellness Cover of the Year: In 2024, MetLife Australia's 360Health program received the Health and Wellness Cover of the Year award from Money Magazine. This award acknowledges the program's effectiveness in providing comprehensive and personalized health and well-being support to customers.
  
• Plan for Life Health and Wellness Excellence Awards: MetLife Australia's 360Health program has received significant recognition from Plan for Life, winning multiple awards across various categories in 2021 and 2023, including:
  • Overall Excellence (2023)
  • Innovation - Program (2021, 2023)
  • Devices & Health Tracking (2023)
  • Innovation - Technology (2022)
  • Market View of Health and Wellbeing (2021, 2022)
  • Outcome Experience (2021, 2022)
  • The program was also a finalist in several other categories in 2022.
    
• ALUCA Life Insurance Excellence Awards: MetLife Australia and its team members have been recognized at the ALUCA (Australasian Life Underwriting and Claims Association) Life Insurance Excellence Awards, which celebrate excellence in claims and underwriting. Awards received include:
  • Professional Award (2022)
  • Rising Star Award (2022)
  • Claims Team Award (2022)
  • Innovation Team Award (2022)
  • Leadership Award (2021)
  • Underwriting Award (2021)
  • Rehabilitation Award (2021)
  • Underwriting Team Award (2021)
  • They were also finalists in several other individual and team categories in 2022.
    
• Super Fund of the Year Awards - Best Insurer: In 2021, MetLife Australia was recognized as the Best Insurer at the Super Fund of the Year Awards, highlighting its strong performance and value proposition within the superannuation sector.
  
• Great Place To Work Certification: MetLife Australia has been certified as a Great Place To Work® in 2024, based on positive feedback from its employees regarding their workplace experience. This certification recognizes the company's commitment to a positive, diverse, and inclusive work environment.
  
• Excellence in Workplace Diversity and Inclusion: MetLife Australia has been consistently recognized as a finalist in the Excellence in Workplace Diversity and Inclusion category at the ANZIIF Australian Insurance Industry Awards, including in 2022 and 2024, demonstrating their ongoing commitment to fostering an inclusive workplace.
  
• Money Magazine's Consumer Finance Awards: Beyond the 360Health award, this indicates broader recognition from a reputable financial publication.
  
• Fortune's World's Most Admired Companies: While a global recognition for MetLife, Inc., it reflects the strong standing of the parent company, which benefits MetLife Australia's reputation. MetLife has been named in this list in 2020, 2023, 2024, and 2025.
  
• Plan for Life/AFA Life Company of the Year Awards - Risk Product Innovation – Adviser Support: In 2020, the Count Financial and MetLife Australia's 'Risk Academy' won this award, highlighting their collaborative efforts in supporting financial advisers.

Metlife Life Insurance - Cover Amount Ranges

MetLife offers flexible life insurance cover amounts to suit a wide range of personal, family, and business needs. The level of cover available may vary depending on how the policy is accessed — whether through a financial adviser, super fund, or employer group plan.

Here are the typical cover amount ranges available through MetLife Australia:

• Life Cover (Death Cover): From $50,000 up to $5 million or more (depending on underwriting and eligibility).
• Total and Permanent Disability (TPD) Insurance: Typically ranges from $50,000 to $3 million, with maximums subject to policy type and medical underwriting.
• Income Protection Insurance: Covers up to 75% of your monthly income, with benefit caps usually between $10,000 to $30,000 per month, depending on your occupation and policy terms.
• Trauma (Critical Illness) Insurance: Available through adviser channels, with cover usually starting from $20,000 up to $2 million, depending on your health, age, and financial situation.

Key points for consideration when comparing - These ranges are general guidelines and may vary based on your personal circumstances, age, occupation, health history, and how the policy is obtained. A licensed adviser or your super fund can help determine the most appropriate level of cover for your needs.

Sustainability & Corporate Responsibility – Metlife

MetLife is committed to creating a more sustainable and inclusive future — both for its customers and the communities it serves. As one of the world’s largest life insurers, MetLife integrates environmental, social, and governance (ESG) principles into its operations, decision-making, and long-term strategy.

In Australia and globally, MetLife focuses on the following 4 key areas:

• Environmental Stewardship: MetLife is actively reducing its carbon footprint through energy-efficient practices, sustainable office operations, and investments in renewable energy. The company has made a global pledge to achieve net zero greenhouse gas emissions by 2050.
• Responsible Investing: As a major institutional investor, MetLife applies ESG factors in its investment processes, aiming to support long-term value creation and sustainable economic development.
• Inclusive Communities: MetLife supports a range of community initiatives, particularly around financial literacy, mental health, and education. Through its foundation and employee volunteering programs, the company works to drive positive social change and help underserved communities thrive.
• Diversity, Equity & Inclusion (DEI): The company promotes an inclusive culture across all levels of its workforce, with a strong emphasis on gender equity, leadership diversity, and equal opportunity.

MetLife’s corporate responsibility efforts are not just aspirational — they’re tied to measurable outcomes and transparency. The company regularly reports its progress through ESG disclosures and sustainability reports, reinforcing its long-term commitment to ethical and responsible business practices.

Technology & Innovation – Metlife Life Insurance

MetLife is embracing innovation to transform how Australians access, understand, and manage life insurance. The company is focused on leveraging digital technology to enhance customer experience, streamline claims, and support advisers with smarter tools and platforms.

Key innovation initiatives include:

• Digital Claims Experience: MetLife has invested in simplifying the claims process with user-friendly online platforms, real-time tracking, and faster decision-making. This improves transparency and reduces stress for policyholders during challenging times.
  
• Cybersecurity and Privacy: As a global insurer handling sensitive personal data, MetLife places a strong emphasis on cybersecurity, ensuring that customer information is protected through robust digital infrastructure.
  
• Customer-Focused Platforms: From digital policy management to personalised wellness programs, MetLife is developing solutions that empower customers to take control of their financial protection in a more intuitive, accessible way.
  
• Data-Driven Insights: By using advanced data analytics and AI, MetLife is better able to assess risk, personalise product recommendations, and make more accurate underwriting decisions — helping to ensure fairer outcomes for customers.
• Adviser Tools and Support: MetLife’s digital adviser portal provides real-time access to client information, application status, and claims support. These innovations help advisers deliver a more efficient and responsive service.

MetLife aims to make life insurance simpler, faster, and more relevant to today’s digitally connected world.

Metlife - Product Disclosure Statement

The MetLife Life Insurance Product Disclosure Statement (PDS) is designed to help you understand the main considerations you need to know when deciding whether to purchase a MetLife Life Insurance policy and determining if it is right for you. It sets out the key features, benefits, terms, conditions, risks and exclusions of the policy. It also includes information about premium payments, the complaints process and how to make a claim.

Key Information:

Product Name: MetLife Protect, MetLife Protect Super, MetLife Group Life Insurance

Issue Date: Varies by product (See below)

• MetLife Protect and MetLife Protect Super: 2nd February 2025 (Supplementary PDS), 30th June 2024 (Original PDS), 22nd December 2019.
• MetLife Group Life Insurance: 1st December 2021

Insurer: MetLife Insurance Limited (ABN 75 004 274 882, AFSL 238096) and Equity Trustees Superannuation Limited (for MetLife Protect Super)

Distributor: Financial Advisers (for MetLife Protect and MetLife Protect Super), Superannuation Funds/Employers (for MetLife Group Life Insurance)

What’s Included:

• Life Cover: Provides a lump sum payment if the insured person dies or is diagnosed with a terminal illness.
• TPD Cover: Provides a lump sum payment if the insured person suffers a total and permanent disability.
• Income Cover: Provides a form of income replacement when the insured person suffers a loss of income due to disability.
• Trauma Cover: Provides a lump sum payment if the insured suffers a specified trauma event.
• Extras Cover: Optional additional benefits (vary by product, and may include options like financial planning assistance after a claim).
• Buy/Sell Extras: (For MetLife Group Life Insurance) Provides cover for business owners.

Important Notes:

• Specific exclusions apply to each cover type. For example, Life Cover has a potential suicide exclusion.
• Maximum cover amounts may apply.
• MetLife Protect and MetLife Protect Super do not include an investment or cash component.
• A grace period of at least 28 days applies for overdue premium payments.
• Policies provide worldwide insurance cover, with some limitations on Income Cover benefits payable while overseas.
• You can nominate up to five beneficiaries on a non-superannuation policy.
• Interim Cover may be available under certain conditions.

To access the full PDS visit our PDS page.

IMPORTANT NOTE: This information is general information only, which means it doesn't consider your individual objectives, financial situation or needs. You should consider the appropriateness of this information to your situation before acting on it

Metlife - Target Market Determination

MetLife Protect is a suite of insurance products designed for consumers who typically seek financial advice from an Australian Financial Services (AFS) licensee. These products help consumers manage financial risks associated with death, disability, illness, or injury. It is crucial to note that this overview is based on the Target Market Determination; for detailed product information, consumers should refer to the official Product Disclosure Statement (PDS).

• TMD Effective Date: 30 June 2024
• Issuer: MetLife Insurance Limited (ABN 75 004 274 882, AFSL 238096)

Target Market

MetLife Protect is tailored for consumers who:

• Obtain financial advice from an AFS licensee.
• Seek insurance to mitigate financial risks associated with death, trauma, disability, Illness or Injury (as defined in the MetLife Protect and MetLife Protect Super PDS).
• Aim to safeguard Financial Commitments or Financial-in-kind Commitments, protect assets (both commercial and personal), provide for family or dependents, or ensure business continuity.
• Are Australian residents and apply for cover while in Australia.
• Meet the specific eligibility criteria for their chosen insurance option.
• Possess the financial capacity to pay premiums according to the selected premium structure.

Detailed Key Features

MetLife Protect offers a range of cover types:

• Life Cover: Provides a lump sum to beneficiaries upon the insured's death or diagnosis of a terminal illness.
  • Consumers can use this to cover outstanding Financial Commitments or leave a legacy.
• Total and Permanent Disablement (TPD) Cover: Pays a lump sum if the insured becomes totally and permanently disabled.
  • This cover helps manage Financial Commitments in the event of TPD.
• Trauma Cover: Provides a lump sum upon diagnosis of specific medical conditions or undergoing certain medical procedures.
• Income Cover: Replaces a portion of the insured's income if they are unable to work due to illness or injury.

Premium Structure Options

MetLife Protect offers flexible premium structures to suit different needs:

• Variable Age-Stepped premium: Premiums increase with age.
  • Suitable for those preferring lower initial costs.
• Variable premium to age 65/70: Premiums are calculated based on the insured's age at the start of the cover.
  • Appeals to those comfortable with higher starting costs for potential long-term savings.
• 5-year/10-year Fixed Term Option: Premiums are guaranteed not to increase for the fixed term (for Life and TPD).
  • Suited for those wanting cost certainty over a set period.

When MetLife Protect Might Not Be Suitable

MetLife Protect may not be suitable for individuals who:

• Do not meet the general eligibility criteria.
• Do not meet MetLife's underwriting requirements.
• Are subject to sanctions.
• Reside in a sanctioned country.
• Are unable to fund premiums.

Important Notes:

• Life Insurance Compare recommends comparing all products on the market to see what might be better suited to you

Contact Details – MetLife Life Insurance

Company Name: MetLife Insurance LimitedPostal Address: MetLife Insurance Limited, Level 22, 10 Carrington Street, Sydney NSW 2000GPO Box 3319, Sydney NSW 2001General Enquiries: 1800 523 523