MetLife has rolled out its new life insurance policy which does not require any medical underwriting, as part of its plan to enable 41% US citizens to have affordable life coverage to meet their future financial obligations.
Dubbed as Final Expense Whole Life Insurance, the new product will enable the policyholders to pay medical expenses, credit card bills and funeral costs, which result considerable burdens for their loved ones.
With its latest policy which is also known as "guaranteed acceptance life insurance," MetLife has increased the suite of products in its direct-to-consumer channel.
Since no medical underwriting is required, the policy enables more Americans to become insured, including those who may have previously been turned down for health reasons.
MetLife vice president Lewis Goldman said: "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.
"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."
MetLife’s new product is available to adults aged 45 to 75 years, in coverage amounts from $2,500 to $50,000.
Final Expense Whole Life cannot be cancelled for any reason during the life of the policyholder as long as premiums are paid, and builds cash value while its premiums never increase.