DISABILITY INSURANCE SM MetLife Income Guard Compared to 1400 MetLife Income Guard is a noncancelable and guaranteed renewable individual disability insurance (IDI) product that offers a variety of competitive features that your clients will find valuable. Below you ll find some highlights of MetLife Income Guard as well as a comparison of MetLife s Income Guard to 1400. Additional details are available in the following pages. Highlights of MetLife Income Guard: Multiple Definitions of Disability MetLife Income Guard s available definitions of disability can be customized to provide your clients with the level of protection they feel is best for them. The built-in definition of disability for most occupations allows for an insured to be considered as disabled if they are unable to perform the material and substantial duties of their occupation, are not gainfully employed, and are receiving appropriate care from a physician. This definition may be upgraded with the client s choice of the Your Occupation Rider or the Transitional Your Occupation Rider. Built-in Specialty Your Occupation for physicians and dentists. If a client s occupation is a specialty in medicine or dentistry, they could be totally disabled if they cannot perform the material and substantial duties of their occupation, including those of a specialty in medicine or dentistry. Budget-minded clients may elect to purchase the Transitional Your Occupation rider or Regular Occupation, not gainfully employed definition of disability. Choices for Residual Disability Not all disabilities are total disabilities. Often times a person is only partially, or residually, disabled and can return to work but not up to their full capacity. MetLife Income Guard has three residual riders: Basic Residual, Residual with Recovery, and Enhanced Residual with Recovery. All are optional. All three residual riders have a 15% Minimum Loss of income threshold requirement. Residual with Recovery and Enhanced Residual with Recovery will pay 50% of the total disability benefit during the first 12 months of a residual disability. Longer Payments of Maximum Benefits Not all disabilities are the same. Some people may be disabled for a short time and return to work, while others may never return to work. The option of a To Age 70 Benefit Period or The Lifetime Benefit Rider allows clients greater choice if their concern is becoming disabled and never returning to work. To Age 70 Benefit Period If a younger client becomes disabled, this could mean many years of payments. The Lifetime Benefit rider If a client is still considered totally disabled at the end of the their maximum benefit period, a lifetime benefit will be paid to the client until the earlier of the time they are no longer disabled or their death.
Highlights of MetLife Income Guard (Continued): Additional Payable Benefits Certain disabilities are more severe than others, with a few even resulting in death. MetLife understands this and offers options to help protect a client from these more severe disabilities. Capital Sum Benefit A one-time lump sum payment if a client loses the use of one hand or foot or all sight in one eye. Catastrophic Disability Benefit A reoccurring additional monthly benefit if a client loses the use of certain extremities, such as both hands or both feet, or suffer from degenerative disorders such as dementia. 120% of the catastrophic disability benefit is payable during the first year of catastrophic disability. Survivor Benefit Payable for up to 6 months Benefits will continue to be paid to a designated beneficiary if, while on claim, a client dies. Unemployment-Related Benefits Unfortunately, some disabilities may result in someone losing their job. MetLife offers options to protect a client should they become unemployed as a result of their disability. COBRA Premium Reimbursement Rider Reimburses payments for COBRA premiums paid while on claim. MetLife is one of the only companies to allow a client to choose the reimbursement amount, within certain guidelines. MetLife has a built-in suspension for unemployment provision which allows clients to voluntarily suspend coverage in the event of their involuntarily unemployment. Ability to Increase Coverage for Life Events Throughout a client s working career, many changes will take place which require a reevaluation of any income protection plan. With the Life Event Rider, clients can obtain additional monthly benefits without additional underwriting, when certain life events occur such as: graduating from a post-secondary school, getting married, having/adopting a child and receiving a promotion. Refund of Premium Clients may understand the benefits of owning disability insurance, but some are worried about paying premiums and never receiving a benefit. The Refund of Premium Rider refunds half the premiums they ve paid every 5 years, less any claims or experience refunds. Term Premium Conversion (TPC) Rider Some clients may understand the importance of protecting their income, but may not be able to afford the fully featured policy they d like. The TPC Rider is an alternative way to pay premiums which can lower initial out of pocket costs so clients don t have to forgo their desired benefits. Premiums increase annually after a set period of time: either 1, 5, 10, 15 or 20 years. Coverage for the Nonworking (or Part-Time Working) Spouse The economic value of a non-working or part-time working spouse is often times overlooked, especially when talking about disability insurance. Traditionally, there has not been a way to safeguard the economic value a stay-at-home spouse brings to a household. MetLife s optional Spousal Catastrophic Disability Rider 1 pays an additional benefit when a non-working spouse suffers from some more severe disabilities, such as the loss of the use of certain extremities, such as both hands or both feet, or suffers from degenerative disorders such as dementia. Trust the Strength of MetLife The promise of a financial safety net is only as strong as the company behind it. MetLife has been in the disability insurance business for over 90 years and our financial strength ratings are among the highest in the industry. 2 We have competitive products, knowledgeable sales support teams and industry-leading underwriters. The following table is intended to summarize selected provisions of the listed disability policies. Provisions shown are the highest occupational class for individual sale. The limited summary information presented does not account for insurer s other policies or policy series that may be available, and policies and/or riders may not be available in all states. Policy provisions, rates and underwriting rules may vary and not all provisions or riders are summarized. The information in this summary is accurate as of 10/15/2014. Refer to actual policies, applications, producer guides, premium rate schedules, and other information from the issuing carrier actual policy provisions, rates, and underwriting requirements.
MetLife Income Guard Elimination Periods 90 days, 180 days, 365 days, 730 days 30 days, 60 days, 90 days, 180 days, 360 days, 720 days Maximum Benefit Periods Renewability Definition of Total Disability (Built-in) Due to injury or sickness Definition of Regular Occupation Survivor Benefit Suspension Due to Unemployment Period Suspension Due to Military Service Automatic Increase Benefit Rider 2 years, 5 years, 10 years, to age 65, to age 67, to age 70 2 years, 5 years, 10 years, to age 65, to age 67 Guaranteed renewable and noncancelable to age 67, or 5 years if later Specialty Your Occupation Prevented from performing the material and substantial duties of the insured s regular occupation; and receiving appropriate care from a physician. Regular Occupation, not gainfully employed: Before the end of the regular occupation period: Prevented from performing the material and substantial duties of the insured s regular occupation; not gainfully employed; and receiving appropriate care from a physician. After the regular occupation shown on the policy schedule page: Prevented from performing any occupation for which the insured is or may become reasonably fitted by the insured s education, training or experience; not gainfully employed; and receiving appropriate care from a physician. Specialty Your Occupation Means the usual occupation (or occupations, if more than one) in which the insured is gainfully employed at the time of disability. The material and substantial duties that the insured is performing, including those of a professionally recognized specialty (or specialties if more than one) in medicine or dentistry immediately prior to the time the disability began, are considered to be the material and substantial duties of the insured s regular occupation. If the insured is not gainfully employed at the time of total disability begins, the insured s regular occupation shall then mean any occupation(s) for which the insured is reasonably fitted by education, training, or experience. Regular Occupation, not gainfully employed Means the usual occupation (or occupations, if more than one) in which the insured is gainfully employed at the time of disability. If the insured is not gainfully employed at the time of total disability begins, the insured s regular occupation shall then mean any occupation(s) for which the insured is reasonably fitted by education, training, or experience. If the insured dies during a continuous period of disability after benefits were paid 12 months or more, an additional benefit, equal to the amount of the benefit payable for the last month of disability, will be paid to a beneficiary for each of the first six months after the insured s death. Up to 12 months The insured may suspend their policy if they enter full-time active duty in the military service of any nation or international authority. For the first five policy anniversaries, the original base monthly benefit will be increased by 5% of the original monthly benefit for disability providing the insured is not disabled at the time. This rider can be renewed under certain conditions only one (1) time. Guaranteed renewable and noncancelable to age 65 or 67 True Own Occupation Insured is not able to perform the material and substantial duties of their occupation. Insured must be receiving appropriate care from a physician. Modified Own Occupation Insured is not able to perform the material and substantial duties of their occupation and the insured is not gainfully employed. Insured must be receiving appropriate care from a physician. Your Occupation Means the occupation(s) in which the insured is gainfully employed during the first 12 months prior to the time of their disability. If the insured s occupation is limited to a single medical/dental specialty, the specialty will be deemed their ( Your ) Occupation. The insured may suspend their policy if they enter full-time active duty in the military service of any nation or international authority. Referred to as Automatic Benefit Enhancement Rider Allows the insured the option to have automatic, compounded 4% increases on each policy anniversary for 6 years despite changes in health, income or occupational class.
Guaranteed Insurability Life Event COBRA Premium Reimbursement COLA Capital Sum Benefit Rider Catastrophic Disability Presumptive Disability MetLife Income Guard This rider provides the option to apply for additional coverage every year up to age 51 without medical underwriting. The rider includes an advanced option increase (acceleration provision) that the insured may apply to increase their coverage by up to the maximum total increase (pool) amount until the later of the 3rd option date of the option date on or next following the insured s 40th birthday. Following a qualifying life event, the insured has a one-time option to increase your coverage without any medical underwriting. Reimburses the insured for COBRA premiums paid while the insured is disabled and unemployed because of their disability. Maximum Benefit Period: 15 months COLA 0-10% If the disability lasts for more than one year, COLA increases the policy benefit annually based upon a calculation that utilizes the Consumer Price Index (CPI-U). Compound COLA 3% If the disability lasts for more than one year, COLA increases the monthly benefit annually by 3% on a compound interest basis. COLA Simple 3% The COLA 3% rider increases the monthly benefit by 3% on a simple interest basis each year after the first year of disability, while the insured remains disabled. This no-cost rider would pay a one-time lump sum benefit if the insured suffers a capital loss that is solely due to injury. A capital loss is the complete, irrecoverable and irreparable loss of the use of one hand or one foot; or the loss of sight in one eye. With this rider, MetLife will pay a monthly benefit, in addition to any other disability benefits under the policy, while the insured is catastrophically disabled. Catastrophically disability or catastrophically disabled means that due to injury or sickness, the insured: 1. Has a complete, irrecoverable and irreparable loss of: a. use of both hands, or both feet, or one hand and one foot; b. the sight in both eyes; c. speech; d. hearing in both ears; 2. Is totally disabled due to Alzheimer s disease or other irreversible form of senility or dementia; or 3. Is totally disabled and have aphasia; hemiparesis, paraplegia; or quadriplegia. Included rider at no additional cost The insured is considered totally and permanently disabled, even if the insured is gainfully employed and not receiving medical care by a physician if an injury or sickness causes the complete, irrecoverable and irreplaceable loss of the use of both hands, both feet or one hand and one foot; the sight of both eyes; speech; or hearing in both ears. Referred to as Future Increase Option Rider Insured can purchase additional coverage w/o health or insurable occupation evidence. All or part of the total increase option (pool amount) can be exercised prior to age 45 with qualifying income. Between ages 45 and 55, one-third of the total increase option (pool) amount may be exercised. There is a one-time Special Option Date available to the insured in the event they lose their group LTD coverage. COLA 3% Maximum Monthly Benefit is increased annually by up to 3% on a compound interest basis. COLA 6% Maximum Monthly Benefit is increased annually by up to 6% on a compound basis. The interest levels are based on the CPI-U. The minimum increase is 3%. Four Year Delayed COLA Monthly benefit is increased annually by 3% on a compound basis interest basis starting on the fourth anniversary of the date the insured was first disabled. This no-cost rider would pay a lump sum benefit if the insured suffers a capital loss that is solely due to sickness or injury. A capital loss is the complete, irrecoverable and irreparable loss of the use of one hand or one foot; or the loss of sight in one eye. Benefit is payable up to 2 times during the life of the policy. This rider pays an additional monthly benefit if the insured incurs a catastrophic disability, meaning that, due to injury or sickness, the insured is: Unable to perform the two or more activities of daily living without human standby assistance or cognitively impaired, or irrecoverably disabled. Includes a built-in index feature that annually increases the catastrophic benefit amount by 3%. Built-in provision Insured is totally disabled, even if they are working, if they suffer total and complete loss of sight in both eyes, or hearing in both ears, or power of speech or use of 2 arms or 2 legs or 1 arm and 1 leg. The elimination period will be waived from the date of such loss, and benefits are payable as long as the loss continues up to the end of the benefit period.
Benefits payable beyond the maximum benefit period Term Premium Conversion Rider Transitional Your Occupation Disability Rider Your Occupation Disability Rider Residual with Recovery MetLife Income Guard Lifetime Benefit Rider would allow a monthly benefit to be payable for up to the life of the insured providing the disability occurred prior to the end of, and continues beyond, the maximum benefit period. This rider allows the insured to have a portion or all of the policy premiums paid at an initially lower rate than premiums paid at a level basis for a specific term, or period of time (1, 5, 10, 15, and 20 years). The premiums increase annually and can be converted to a level premium structure basis on any policy anniversary that occurs before the insured s 56th birthday. This rider allows the insured to receive a monthly disability benefit even if they are working in another occupation. The benefit may be reduced under certain conditions. This rider removes the gainfully employed wording from the definition of disability, thus allowing the insured to work in another occupation and still be considered as totally disabled. Enhanced Residual with Recovery Rider Definition of Residual Disability Residual Disability means that due solely to impairment caused by injury or sickness: 1. The insured s earnings are reduced by at least 15% of their prior earnings; 2. The insured is receiving appropriate care from a physician appropriate to treat the condition causing the impairment; and 3. The insured is not totally disabled, and is gainfully employed, but: a. the insured s ability to perform one or more of the material and substantial duties of their regular occupation has been limited; or b. the insured is engaged in another occupation. Minimum 50% of Disability is Payable for: 12 months Consideration for total disability: If insured incurs at least a 75% loss in earnings as a result of impairment caused by an injury or sickness, the full monthly benefit for total disability will be payable. Recovery or Recovered means: Following a period of Total or Residual Disability, for which total or residual benefits have been paid: 1. Insured is no longer totally or residually disabled; and 2. Insured s earnings continue to be reduced by at least 15% of the insured s prior earnings; and 3. Insured s earnings are reduced directly and solely due to the same impairment that caused the total or residual disability. A monthly recovery benefit will be paid until the earliest of the following happens: 1. The insured no longer meets the definition of recovered or recovery; 2. The insured s earnings are not reduced, or reduced by less than 15% of their prior earnings; or 3. The maximum benefit period ends. Lifetime Benefit Rider would allow a monthly benefit to be payable for up to the life of the insured providing the disability occurred prior to the end of, and continues beyond, the maximum benefit period. Available as a built in definition of disability called True Own Occupation. Referred to as the Residual Disability Benefit Rider Definition of Residual Disability Residual Disability means that the insured is gainfully employed and is not totally disabled under the terms of the policy but solely because of injury of sickness, their loss of income is at least 15% of their prior income. Up to 100% of the Disability Benefit is Payable: For the first 12 months that the insured is eligible for residual disability benefit, the payable benefit will equal the insured s loss of income, up to the total monthly disability benefit, minus any individual disability benefits they are receiving or are eligible to receive, from Guardian or other insurance companies on policies that are inforce on or before the effective date of the rider. Consideration for total disability: After the first 12 months, when the insured s percentage of the monthly benefit payable exceeds 75%, 100% of the maximum monthly benefit will be payable. Recovery: If the insured has recovered from the injury or sickness that caused residual disability a residual disability benefit is payable so long as the insured has a loss of income of at least 15% and the loss of income is solely due to injury of sickness.
Mental/Substance Use Disorders Other Notable Features: 1 Not available in all states. MetLife Income Guard Covered as any other sickness except for occupational classes 5D & 4M when issued with the specialty your occupation language. When the limitation rider is included with the policy, the maximum benefit period is 24 months over the life of the policy unless the insured is confined to a hospital. Basic Residual rider Residual with Recovery rider Partial Disability rider (6 month benefit period) Social Insurance Offset (N/A in NJ or NY) Social Insurance Substitute (NY and NJ only) Covered as any other sickness, except for policies issued in CA, FL or to emergency room physicians, anesthesiologists, anesthetists, nurse anesthetists or pain management physicians. When the limitation rider is included with the policy, the maximum benefit period is 24 months over the life of the policy unless the insured is confined to a hospital. Two-Year Residual Disability Benefit Rider Lump Sum Disability Benefit Rider Retirement Protection Plus Disability Benefit Rider Four-Year Delayed COLA Social Insurance Substitute Rider Unemployment Waiver of Premium Partial Disability Benefit Rider Additional Monthly Benefit Rider 2 For current ratings information and a more complete analysis of the financial strength of Metropolitan Life Insurance Company, please go to www.metlife.com and click on About MetLife, Ratings. Disability insurance is issued by Metropolitan Life Insurance Company, New York, NY 10166. All policies, riders and provisions may not be available in all states, at all issue ages and to all occupational classes. Metropolitan Life Insurance Company 200 Park Avenue New York, NY 10166 metlife.com BDDI24840 L0115405770[exp0316][xCA] 2015 METLIFE, INC. 2015 Peanuts Worldwide LLC