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Coronavirus FAQs

For intermediaries, employers and individuals

MetLife UK Protection and COVID-19 (‘coronavirus’)

This is a summary of the impact of coronavirus on MetLife’s Employee Benefits, Individual Protection and Wealth Management propositions.

Updated 21st April 2020

 

MetLife Employee Benefits
Employee Benefits

This is a summary of the impact of the coronavirus on MetLife’s Employee Benefit propositions.    

MetLife Individual Protection
Individual Protection

This is a summary of the impact of the coronavirus on MetLife’s Individual Protection propositions.

MetLife Wealth Management
Wealth Management

This is a summary of the impact of coronavirus on MetLife’s Wealth Management propositions.

For customers experiencing temporary financial difficulty as a result of coronavirus, please do not hesitate to contact us. The options available during this difficult time can be found below. 

Employee Benefits
Reduction in salaries mid-rate guarantee period (RGP) Collapsed Expanded

In the event that an employer wants to temporarily reduce the salaries (and subsequent policy benefit) in line with the employee’s actual salaries e.g. by 20% if they have been furloughed, we can provide clients with revised accounts. In the event this is requested, we will agree to keep the unit rate unchanged and issue a revised quotation on the lower sum assured.

Where a policy has paid its premium annually, the revised accounts may mean some premium will be refunded as a result of the reduction in salary. After furlough has ended, if there is a material change to the risk of the policy (e.g. a 30% change in workforce), our normal practice of conducting a rate review of the policy will still apply.

Extension of credit period Collapsed Expanded

In the event that an employer is unable to pay their premiums within 30 days, we may consider extending this on a case by case basis. For claims that occur during this extension, any premium outstanding would be due before claim payment could be made. 

Switching from annual to non-annual premium payments Collapsed Expanded

In the event an employer would like to change their premium payment method from annual to non-annual, we can accommodate this change. Depending on the frequency and method, a small loading will apply to non-annual premium payments e.g. 2% for monthly Direct Debit payments.

 

To discuss these options in further detail or to make any changes to your policy, please contact your Account Manager or our Customer Services team.

 

For further information about our response to COVID-19, please see our latest FAQ document.

customer service

EB Customer Services

Individual Protection
Deferral payment period Collapsed Expanded

Should you need to defer your monthly premiums, we are able to offer a deferred payment period of up to 90 days. For claims that occur during this period, any premium outstanding would be deducted from the claim payment.

Reduction of units Collapsed Expanded

Should you need to reduce your number of units, we can accommodate this change. However, any benefits associated with these units will be lost. 

 

To discuss these options in further detail or to make any changes to your policy, please contact our Customer Services team. 

 

For further information about our response to COVID-19, please see our latest FAQ document.

customer service

IP Customer Services