MetLife has been in business since 1868 but no longer offers individual disability or retirement policies. These policies and retirement and life insurance are available through your employer if they elect to offer them.
We’ll cover the various polices offered by MetLife and their pros and cons in the review below.
About MetLife
- CEO: Michael A. Khalaf
- Year founded: 1868
- BBB score: A-
- M. Best rating: A+
- Phone number: 800-638-5433
- Services offered: Health, life, accident, disability, auto, and home insurance, plus financial products including HSAs and employer-sponsored retirement plans
MetLife Disability Insurance Fast Facts
MetLife offers various insurance products through employers, including short and long-term disability plans. Your employer chooses the disability products that are available for employees to select.
- Disability insurance products: Short and long-term disability insurance
- Eligibility requirements: Varies by the employer and chosen plan
- Benefit periods: 2 or 5 years, or to age 65
- Maximum benefits: Varies by the employer and their chosen plan
- Elimination periods: Typically 90 or 180 days, but employers have other options
- Discounts: Since it’s a group policy, there aren’t any bundled discounts available
Definition of Disability
Because MetLife only offers employer-sponsored plans, the definition of disability depends on the employer’s options. Here are some common options.
- Unable to perform your job duties: It’s rare for group insurance, but some companies elect to offer disability coverage for physicians who cannot perform their specific position’s duties, even if they can perform other jobs
- Unable to perform any job: More commonly, employers choose the option that only pays benefits if the physician cannot perform ANY duties that their education, training, and physical abilities allow
- Limited income: Most plans require that you are unable to work at all, or if you do, that you earn a limited percentage of your pre-injury/illness income
- Vocational rehab requirements: Some policies have a provision requiring you to undergo vocational rehab while collecting disability
Built-in Benefits of MetLife Disability Insurance
The built-in benefits of each MetLife disability insurance policy vary by employer. Check with your HR department about the benefits included in each policy. Also, inquire if there are variations, as some employers may offer a few options for disability insurance. Look for things like partial disability benefits or survivor benefits to round out your policy.
MetLife Riders
Many disability insurance companies offer riders, such as return of premium, critical illness, or an own occupation rider. Because you can’t choose the riders, elimination, or benefit period with MetLife, you’re at the mercy of what your employer chooses.
Discuss the options or chosen coverage with your HR department to ensure it’s adequate coverage.
Premiums
Because MetLife only offers group disability insurance, the premiums vary greatly from employer to employer. The cost depends on the benefits the employer offers and any amount they cover for employees.
Alternatives to MetLife
If you’re looking for more comprehensive coverage or want more control over the benefits offered, you may want to consider individual disability policies from the following companies.
Ameritas
Ameritas is one of the country’s top disability insurance providers. They provide benefits of up to $30,000 with benefit periods of two or five years or up to age 65, 67, or 70. They have various elimination periods, three disability definitions, and numerous riders you can use to personalize the policy.
Principal
Principal offers individual disability insurance that works great when paired with group insurance to ensure you have 100% of your income coverage. They have benefit periods of two or five years or up to age 65, 67, or 70. They have elimination periods ranging from 60 – 365 days and offer a 10% discount if you bundle it with life insurance.
The Standard
The Standard is known for their ‘own occupation’ coverage, which ensures you have coverage if you cannot perform your specific duties, not just any duties. They are also great if you can work part-time but still need supplemental income, making it a great option to supplement a group policy.
Pros and Cons
MetLife disability insurance has several pros and cons to consider including:
Pros
- Great BBB and AM Best ratings: Trusting your future replacement income in a company is a big deal. Focusing on their financial ratings guarantees they can pay out should you have a claim.
- Low cost: Since MetLife is only group coverage, you may have little to no premiums to cover. Some employers cover the entire cost, and others supplement it.
- No medical exams: Group disability coverage doesn’t require medical exams or in-depth underwriting. However, if you have pre-existing conditions, check with your employer, as they may have certain conditions excluded.
- Covers the basics: While it’s not an in-depth policy, and you should probably supplement, it’s great basic coverage.
Cons
- Limited benefits: You have no control over the benefits, riders, or any other features. Your employer controls everything, which could leave you with fewer benefits than you need
- Can’t take it with you: If you leave your current practice, you lose your MetLife disability coverage. Getting approved may be more expensive or harder if you’re older or have had medical issues.
- May not offer own occupation: Most employers choose the broadest coverage available, leaving you without disability income if you can’t work your profession but can work another, even if you don’t want to.
Frequently Asked Questions
Is MetLife good at paying claims?
MetLife has superior ratings from A.M. Best and the Better Business Bureau, so they have solid financial strength and reviews regarding paying claims. While there’s no guarantee any company will pay, MetLife has a solid history of doing so.
How long does MetLife disability last?
Most employers choose two, five, or age 65 policies when providing MetLife disability insurance. Check with your employer to see what options they offer.
Can I work while on MetLife disability?
The type of coverage your employer offers determines if you can get disability while working part-time. If your employer doesn’t provide that benefit, you may benefit from securing a supplemental policy that will pay partial benefits while you work reduced hours.
How long does it take MetLife to process a disability claim?
Typically, MetLife processes claims quickly, but the total time depends on your employer’s process. The claim goes through your HR department, which works with MetLife to determine your eligibility and pay the claim.
How does MetLife disability work?
MetLife offers short and long-term disability plans. Short-term plans pay weekly for three months to a year, depending on your company’s policy and your type of disability. Long-term disability pays direct monthly payments to cover your living costs and replace a percentage of your income after your elimination period ends.
How much is a MetLife policy?
Many employers cover the cost of MetLife premiums as a part of your benefits. However, this may make it a taxable benefit that can affect you at tax time. If your employer doesn’t cover 100% of the premiums, you may pay a portion, which varies based on the employer’s chosen plans.
Bottom Line
MetLife disability insurance can be a good option, especially if your employer covers the premiums. However, it’s important to supplement with a personal policy that provides the riders with protection your employer’s policy may not cover. This also protects you should you leave your current practice and lose your MetLife coverage.
