MetLife can be a solid option for disability coverage, especially if your employer covers your premiums. Learn more in this review.
Dr. Tammy Crouse
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MetLife offers robust group disability insurance. It's great while you work for an employer, but it could leave you without coverage if you change jobs.
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.
In This Article
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.
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Because MetLife only offers employer-sponsored plans, the definition of disability depends on the employer’s options. Here are some common options.
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.
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.
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.
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 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 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 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.
MetLife disability insurance has several pros and cons to consider including:
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.
Most employers choose two, five, or age 65 policies when providing MetLife disability insurance. Check with your employer to see what options they offer.
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.
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.
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.
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.
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.
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