MetLife has launched an accident and hospital protection product, designed to complement more traditional life cover.
Key benefits include cover for a range of accidental injuries, such as broken bones and for UK hospital stays. Maximum payouts are up to £250 a day for UK hospital stays; £2,500 for broken bones and £250,000 for total permanent disability or accidental death.
MetLife stated its MultiProtect product is particularly valuable for self-employed workers who do not have access to employee benefits schemes, sick pay or paid holiday.
It is designed to ensure cash keeps flowing when the policyholder needs it, so does not have a deferred period and does not require medical underwriting.
Cover starts at £7 a month and goes up to a maximum of £35, with optional child cover for children in full- time education up to the age of 23.
MetLife stated the product was launched following extensive research in response to adviser feedback and is currently available only through selected adviser partners.
Claire Oldstein, chief customer officer at MetLife UK said: “Individual protection needs to be more flexible so customers can focus on their recovery without worrying about money, which is why we have specifically designed MultiProtect so it is competitive and delivers a solution that works alongside other insurance products to plug the protection gaps that many UK households currently have.”
Pat McKenna, head of Openwork’s protection business Owl Financial, said: “We are seeing strong growth in the individual protection market and MultiProtect expands the options for advisers and their clients while offering important accident and hospital cover for families and individuals.”
peter.walker@ft.com
