A competive study on Principal Disability Insurance and MetLife Disability Insurance

Accordingly Principal Disability Insurance, disability means unable to perform the substantial and material duties of the insured’s and the insured is not working. After the period the insured is unable to work in any occupation he/she is reasonably suited to by education, training, and experience. This policy is non-cancelable and guaranteed renewable to age 65. On the other hand, accordingly MetLife Disability Insurance definition of disability is prevented from performing the material and substantial duties of insured’s regular occupation; and is not gainfully employed. After the regular occupation period the insured is prevented from performing any occupation for which he/she is reasonable fitted by education, training, or experience. MetLife’s policy is also non-cancelable and guaranteed renewable to age 65. Principal disability insurance allows the insured, if totally disabled from his/her occupation, to work in another occupation and receive full benefits regardless of income earned in the other occupation.

MetLife also pays the full benefit for total disability if the insured is unable to perform the substantial and material duties of his/her regular occupation, even if engaged in another occupation and regardless of income earned in the other occupation.  Principal pays a benefit in addition to base monthly (and social insurance substitute benefit, if part of the policy) if the insured loses the ability to perform two or more activities of daily living without assistance; becomes cognitively impaired; or becomes presumptively disabled under the terms of the policy. MetLife pays an additional monthly benefit on top of the monthly benefit for total disability (and Social Insurance Offset, if included in the policy) if the insured’s medical condition meets the criteria for a catastrophic disability. In Principal disabled insurance policy, if the insured is no longer disabled; is not receiving disability benefits, returns to work full-time, has a loss of income of 20% or more, and meets certain requirements, he/she will receive a recovery benefit 1 to 3 years. In case of MetLife, it allows the insured to receive benefits for 24 or 36 months, if he/she continues to experience a loss of earnings of at least 20%, after returning to work full-time.

In Principal insurance, Extended Total Disability Benefit Rider may pay benefits beyond the maximum benefit period, if the insured is disabled prior to the age 55 anniversary; and continues to be totally disabled through the end of the benefit period and meets certain requirements. Benefits are payable up to the maximum aggregate benefit. Supplemental Health Benefit (SHB) Rider provides a one-time lump sum benefit equal to six times the policy’s ultimate Maximum Monthly Disability Benefit, in addition to the other benefits provided by the policy and diagnosed with Coronary Artery bypass Graft Surgery, Cancer or Stroke. In MetLife, Lifetime for Total Disability Rider provides a lifetime total disability benefit, paid during a continuous disability if such disability begins before age 65 and continues until age 65; and the benefits under the policy have been paid during the disability. Benefits are calculated by the monthly benefit multiplied by a benefit factor, which is dependent upon age at the start of total disability. The factor is 1.0 at age 45 or less and reduces 5% for each year that total disability starts thereafter. Principal disability insurance also enjoys some competitive advantage over MetLife disability insurance.

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