Metlife Disability Insurance Review for Physicians: Why It Isn’t Enough

MetLife provides short-term disability and long-term disability insurance options. However, these income protection products are only available with group coverage plans. Depending on where you work, you might have access to MetLife disability insurance as part of your overall employee benefits package.

Here's what you need to know about MetLife disability insurance for physicians, including whether a supplemental policy is necessary based on your specialty.

MetLife disability insurance details

MetLife has provided financial protection for Americans since 1868, but it now has a presence in over 40 countries. Its reach has spanned from campaigning to eliminate tuberculosis to helping generations of customers protect their property, finances, family and future. Although it offers many financial products, its disability insurance benefits are underwritten by its subsidiary Metropolitan Life Insurance Company.

MetLife stopped offering individual disability policies through insurance agents in March 2017. But you might still have a MetLife group disability plan as part of your employer's benefits package.

The specifics of your MetLife disability insurance policy will depend on what your employer has chosen. But here's a brief summary of the most common policy options for long-term disability benefits.

MetLife Disability Insurance Plan Highlights

MetLife Disability Insurance Plan Highlights
Monthly coverage	Recommends at least 60% of after-tax income
Benefit period	2 years, 5 years, to age 65 (other options available)
Elimination period	90 days, 180 days (other options available)
Definition of disability	Varies by employer’s plan

Group benefit plans don't typically provide adequate disability coverage for physicians with specialized training. Therefore, it's best to supplement your coverage with an individual policy that’ll protect your medical or dental specialty income.

Fill out the form below, and SLP Insurance will review your existing coverage to identify vulnerable gaps and match you with the top discounts available.

Policy options with MetLife disability insurance

MetLife offers income protection for temporary and long-term disabling conditions that aren’t covered by workers’ compensation. Its short-term disability (STD) insurance policies provide weekly payments for three months to a year, depending on the plan. This type of coverage can be useful for disabilities that prevent you from working temporarily, such as for pregnancy complications. But its long-term disability (LTD) insurance can be used for injuries and illnesses that need more substantial time to recover.

Long-term disability insurance policies provide monthly payments while recovering from a chronic disability, such as muscle, joint or back problems.

Common MetLife disability benefits

Most MetLife policies have a waiting period of either 90 days or 180 days. This is the window of time between when you experience a disabling event and begin receiving monthly benefits. Additionally, the most common benefit periods are two years, five years or up to age 65. This is how long you’ll continue to receive benefits for a disabling injury or medical condition. However, the definition of disability varies greatly based on policy.

Some policies define a total disability based on your ability to perform your job duties. This is an own-occupation definition, and it provides the strongest income protection for your medical or dental specialty. But most group disability policies have weaker definitions of disability that require you to not be gainfully employed while collecting benefits or be unable to work in any capacity.

Additionally, you might have access to partial disability benefits or a provision that requires you to take part in a vocational rehabilitation program to continue to receive benefits. 

Pros and cons of MetLife disability insurance

Here are some pros and cons of having group coverage with MetLife through your employer.

Pros of group coverage

• Little to no cost. One of the best parts of employer group coverage is that it’s often free for the employee, or comes with a very low premium.
• Easy to sign up for. Group coverage doesn’t usually require a medical exam for enrollment. That said, many MetLife policies have exclusions and limitations, which might result in certain disabilities and pre-existing conditions not being fully covered.
• Provides basic coverage. While MetLife group disability doesn’t provide comprehensive coverage, any level of coverage is better than none.
• Strong financial standing. Metropolitan Life Insurance Company (a subsidiary of MetLife, Inc.) has high financial strength ratings as of August 2023.

MetLife Financial Strength Ratings

MetLife Financial Strength Ratings
A.M. Best Company	A+	Superior
Fitch Ratings	AA-	Very Strong
Moody's Investor Service	Aa3	High Quality
Standard & Poor's	AA-	Very Strong

Cons of group coverage

• Narrow definition of disability. Most group plans have a strict definition of disability, with the most common being an any-occupation definition. This makes it more challenging to file a claim if your disability doesn't prevent you from working altogether. That said, some policies provide an own-occupation definition that will pay benefits based on your inability to perform your job duties specifically. However, you don’t get to pick your definition of disability with a group policy — your employer does.
• Limited benefits. Group policies don’t typically provide partial disability benefits or other policy riders that provide additional layers of protection.
• Treated as taxable income. If your employer covers your premiums for group coverage, then any benefits received will be considered taxable income.
• Not portable. If you have a group policy through your employer, then coverage depends on employment. Therefore, you won’t be able to take the plan with you if you leave your job.
• Unable to customize coverage. When it comes to group coverage, you get what you get. You aren’t able to choose your benefit period, elimination period, policy riders or definition of disability.

Should you supplement your MetLife disability insurance policy?

Group policies generally don’t provide the same level of coverage as an individual policy. If you have a MetLife group policy with your employer, it’s best to do a deep dive into the specifics of your policy — rather than relying on a one- or two-sentence explanation in your benefit package pamphlet.

When it comes time to file a disability claim, the details matter. The definition of disability, the policy structure (e.g., benefit amount, benefit period, etc.), and any exclusions or limitations can impact your ability to receive benefits. So, you can’t just blindly trust that you’ll have enough disability insurance coverage just because your employer is the one providing it.

SLP Insurance can help decipher your existing coverage and find a supplemental policy that fits your financial needs now and many years down the road. Fill out the form below to get started.