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MetLife Continues Direct Push with New Over-45 Product

The company's new Final Expense Whole Life product is sold by phone and online to eligible consumers.

Continuing a push toward making life insurance products more accessible to middle-market consumers, MetLife has introduced the Final Expense Whole Life Insurance product, underwritten without a medical exam and through its Consumer Direct Channel.

Available to adults age 45 to 75 in coverage amounts from $2,500 to $50,000, the product is meant for the more than 45% of seniors who have less than $10,000 in assets at the end of their lifetimes, leaving their survivors burdened since a similar amount have no life insurance at all. By selling through the direct channel, no medial underwriting is required, making the coverage available even if someone has previously been turned down for medical reasons.

“Everyone should have access to life insurance that is simple and affordable, but we know that many people perceive barriers that can make the coverage they want seem out of reach,” said Lewis Goldman, vice president, MetLife, in a statement. “Our Final Expense Whole Life Insurance product is easy to obtain, to qualify for, and to afford. It addresses uncertainties about qualifying for coverage, affordability, and how to get started with the process.”

The launch comes a few months after MetLife launched a Simplified Issue Term product, which is also a phone-based application aimed at middle-market consumers who generally lack life insurance coverage.

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Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio

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Nathan Golia
Nathan Golia,
User Rank: Author
5/14/2014 | 7:04:01 PM
re: MetLife Continues Direct Push with New Over-45 Product
Speaking with Goldman recently, he told me that these products are designed to be sold with minimal underwriting. Their actuaries have crunched the data and come up with pricing structure that is both enticing to the consumer and palatable to the insurer.
User Rank: Author
5/8/2014 | 6:45:00 PM
re: MetLife Continues Direct Push with New Over-45 Product
Is there something about these products (or products targeted to these segments of customers) that makes them particularly well suited for phone and/or online sales -- versus a traditional agent-based sale? Or perhaps this is a segment that life insurers such as MetLife has typically overlooked for exactly the reason there is a need (insufficient assets) -- and phone/online provides a more cost-effective way to service these customers? I would be curious to learn more about the strategy behind focusing on these channels.
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