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Metlife Disability Insurance Guaranteed Insurability Rider

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  • Metlife Disability Insurance Guaranteed Insurability Rider

    I have been reviewing quotes for disability insurance for a monthly benefit starting at ~$5000.  I am in my late 20's and looking at 5-6 years of residency and fellowship.  For my occupation class, Metlife seems like the best value.  My only reservation is that the Guaranteed Insurability Rider limits units of increase to $1000 per year to a maximum of $12000.  Given that I have a relatively long training period, is this a valid concern, or would the ability to buy a second disability policy toward the end of fellowship or upon beginning as an attending make this a non-issue?

  • #2
    It is a non-issue. MetLife's policy includes and Advanced Option Benefit that allows you to apply for any amount of increase up to the maximum until the later of the third option date or your 40th birthday.

    So, even with a long training program, based upon your age, you can potentially increase to the maximum when your income and other coverage inforce, if any, will allow for it.

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    • #3
      What do they use to determine the max amount? I'm in a high paying specialty and just requested an increase (one year out of training) and will get 15k at about 560/mo through MetLife. I realize that each number is individualized but is that generally what u see if someone in >700k range or overall reasonable coverage?

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      • #4
        Any one carrier will issue $15,000-$17,000 month on their own. When you combine companies, you can reach $25,000-$30,000 month of individual coverage (up to a total of $35,000 month with group LTD).

        In order to potentially reach a higher income replacement ratio, you can purchase coverage from Lloyd's of London as they will replace 65% of earned income (minus the other coverage that you have inforce).

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