US-based MetLife has rolled out its latest offering, known as Simplified Issue Term Life insurance, which consumers can easily qualify for and afford to become insured.
MetLife senior vice president Manish Bhatt said, "No matter who you are, you should have access to simple and affordable insurance products."
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Bhatt further explained that the policy offers enough coverage to take care of some basic needs for survivors and provide needed protection to many families.
The Simplified Issue Term life insurance, which is suitable for anyone from 18 to 70 years of age, can be bought over the telephone with same-day approval and it does not need any medical test.
Up to 90 years of age, the new product automatically renews each year and it renews without additional underwriting as long as premiums are paid.
As per the insured’s age, premiums increase in five-year increments, and annual premiums stay the same for the five-year period.
MetLife, through its subsidiaries and affiliates provides insurance, annuities and employee benefit programs to 90 million customers.
