When a worldwide pandemic upends the financial security of people all over the globe, it's natural to want to examine your own financial security, or lack thereof, and learn what you can do to protect yourself and your family. This is likely why there is currently an increased interest in various types of insurance coverage. This week we take a deeper look at long term disability insurance, and how it can help protect your financial future.
Following are some of the most frequently asked questions we've received surrounding our MetLife long term disability coverage.
Q: What is long term disability insurance?
A: It is an affordable way to protect your income when you are unable to work due to illness or injury. Accidents and illness can happen to anyone, and when they do it can impact your ability to earn money. That’s why financial experts recommend long term disability insurance as part of a sound financial plan.
Q. Why is having long term disability insurance so important?
A. Having long term disability protection can help you cover your essential living expenses and help safeguard your savings, since it replaces a portion of your income for an extended period of time.
Q. What are the essential living expenses that I should be most concerned about?
A. Consider any expenses you may incur in the running of your household, including car payments, mortgage payments, groceries, childcare, tuition and more, that would still need to be covered in the event of a disability.
Q. How do disability payments work?
A. Payment will be made directly to you — not your employer, hospital, doctor or insurance company. The amount of the payment will depend on the amount of coverage you choose.
Q. How much does long term disability insurance cost?
A. Disability insurance is more affordable than you may think. For example, a healthy male age 35 may get a $1,000 monthly benefit for an initial premium of about $25 a month.1 Rates for your plan(s) can be found in the enrollment materials provided by your employer.
Q. How do I pay for my long term disability insurance?
A. Premiums will be conveniently paid through payroll deduction, so you don’t have to worry about writing a check or missing a payment.
Q. What happens when I want to file a claim?
A. MetLife offers various ways to submit your claim based on your plan, including online, mail and phone options. Plus, you can track the status of your claim online or on the MetLife
US App. Search “MetLife” on iTunes® App Store or Google Play to download the app.
As one of the nation’s leading providers of disability benefits,2 you can count on MetLife to provide you with caring, compassionate and accurate claims service, if and when you
experience a disability.
Q. What if I choose not to have long term disability insurance?
A. Enrolling in a plan is not mandatory, but it is a good idea and an affordable way to help protect your income. Without long term disability, you may need to use your savings or tap into other assets to cover your essential living expenses while you recover from a disabling accident or illness.
Q. When can I enroll?
A. It is best to enroll during your open enrollment period when medical exams may not be required and health questions may not be asked. The sooner you enroll, the sooner you w ill
enjoy the added financial protection that disability coverage provides.
If you have questions on any of the information listed above then don't hesitate to contact the Scale team at 1-888-393-4738 and we are happy to assist!
1. Actual rates will vary based on factors including the applicant’s age, health, occupation and state of residence as well as the amount of coverage, maximum benefit period, waiting period and carrier issuing the coverage. Initial rates may increase.
2. LIMRA, U.S. Group Disability Sales and in Force Survey, 2018. Like most group disability insurance policies, MetLife policies contain certain exclusions, waiting periods, reductions, limitations and terms for keeping them in force. Contact your plan administrator for details.