MetLife has launched an accident and hospital cover product aimed at consumers who are not members of employer benefit schemes.
The new product, MultiProtect, offers maximum payouts of £250 for hospital stays, £2,500 for broken bones, and £250,000 for total and permanent disability or accidental death. Premiums cost between £7 and £35 a month, and cover can be extended to include family members.
Claire Oldstein, chief customer officer at MetLife UK said: “Protection insurance should help with everyday life and MultiProtect has been launched to provide vital accident and hospital cover at a time when financial support will be a major boost.”
Andrew Day, principal director of Depledge Strategic Wealth Management, said the market is in need of more affordable products such as Metlife’s MultiProtect.
“The trouble is, people go around thinking, ‘It’s not going to be me’. And when you explain how a product like this works, they like the sound of it, but are put off by the cost. But they would probably say they’d have it was only £7 a month.”
However, he said most people would be better off with a full income protection and life policy, “if they could afford it.”
james.fernyhough@ft.com
