New MetLife DI – INCOME GUARD – Powerpoint Presentation

Report
SM
Leading Edge
Disability Center
[email protected]
DI Resource Line 888.677.6575
For Producer Use Only – Not For Use With the General Public
Agenda
• MetLife and the Individual Disability Insurance Market
• Introduction of MetLife Income Guard
• Sales Ideas
• Applications and Illustrations
• Marketing Materials
For Producer Use Only – Not For Use With the General Public
2
MetLife is Committed to the IDI Market
It’s a New Day at MetLife
Working for you is more than a
slogan, it demonstrates our
commitment to the IDI business.
Sales
 Dedicated IDI and MultiLife
Enhancements
sales team
 Full suite of marketing materials
 Fully supported portals
 MetLife Solutions
Product
Enhancements
You
 6 straight quarters of occupation class
enhancements
 Raised I&P limits
 Launch of MetLife Income Guard
Underwriting
Enhancements
 Aligned underwriting teams to
sales channels
 Constant updates to medical
impairments guide- better offers
Service
Enhancements
 Resource line can help with virtually all requests
 Reduced app processing time
 Electronic application process through Paperclip now
available
For Producer Use Only – Not For Use With the General Public
3
MetLife is Committed to the IDI Market
What All Our Changes Mean to You
We have…
 Breadth of Products
For individuals, Businesses Owners, Associations and Employee Groups
 Valuable Sales Support
Product Experts, Sales Ideas and Marketing Tools
 Responsive Underwriting & Service
Responsible and Competitive
We are committed to bringing all the resources at our disposal to earn your trust and your
business. Are You Ready? We are. We’ve been working for you!
For Producer Use Only – Not For Use With the General Public
4
MetLife Income Guard
The Details
For Producer Use Only – Not For Use With the General Public
5
Quick Overview
• Unbundled product
– 7 New Riders
– Enhanced Residual Riders
• You talked and we took action
– Your Occ & “Specialty Your Occ”
– Stackable discounts and premium reductions*
• Rates re-sloped towards younger ages
– More competitive premiums
* Conditions Apply
For Producer Use Only – Not For Use With the General Public
6
Optional Riders Allow Maximum Flexibility
Unbundled Product Means Clients Choose What’s Important to Them
Automatic
Increase Benefit
(AIB)
Capital Sum
Benefit
Catastrophic
(CAT)
COBRA Premium
Reimbursement
Cost of Living
Adjustment
(COLA) 0-10%
CPI-U
Cost of Living
Adjustment
(COLA) 3%
Simple
Cost of Living
Adjustment
(COLA) 3%
Compound
Guaranteed
Insurability (GI)
Life Event
Increase Benefit
Lifetime
Partial Disability
Presumptive Total
Disability
Refund of
Premium (ROP)
Basic Residual
Residual with
Recovery
Enhanced
Residual with
Recovery
Social Insurance
Offset (SIO)
Social Insurance
Substitute (SIS) –
NY & NJ
Spousal
Catastrophic
Term Premium
Conversion
(TPC)
New Optional Riders
Updated Optional Riders
Transitional Your
Occupation
(TYO)
Your Occupation
All riders subject to eligibility rules and state availability. New riders only available with MetLife Income Guard.
7
Take a Look at the New Optional Riders
COLA 3%
Compound
Life Event
COBRA Premium
Reimbursement
Capital Sum
Issue Ages: 18-69
Issue Ages: 18-45
Issue Ages: 18-59
Issue Ages: 18-59
The insured can be
reimbursed for
COBRA premiums
paid if they lose their
job while disabled.
No cost rider that
pays a one-time
lump sum benefit if
the insured suffers a
capital loss due to
injury.
If disabled for more
than one year,
monthly benefits
increase 3%
compounded
annually.
The insured has a
one-time option to
increase coverage
without medical
underwriting upon
the occurrence of
certain events,
including receiving a
promotion, getting
married or having
children.
Riders may be subject to eligibility rules and state availability. New riders only available with MetLife Income Guard.
8
New Optional Riders Continued
Partial Disability
• Issue Ages: 18-69
• 50% of monthly benefit for total disability is payable for up to 6 months.
Residual with
Recovery
• Issue Ages: 18-69
• 15% minimum loss of income requirement
• A minimum of 50% of the monthly total disability is payable for the first 12
months of residual disability
• Recovery benefit is payable for maximum benefit period
Enhanced Residual
with Recovery
• Everything included in Residual w/Recovery, PLUS
• Removes the traditional time or duties clause from the definition of
residually disabled
Riders may be subject to eligibility rules and state availability. New riders only available with MetLife Income Guard.
9
Residual Disability Riders
What’s Different or New
The new Residual with Recovery and Enhanced Residual with Recovery riders
replace the Residual with 24 & 36 month recovery riders sold currently, and the Basic
Residual Rider includes enhancements.
Basic Residual IMPROVED
•
•
•
Residual without recovery
benefits
15% minimum loss of
income required
A minimum of 50% of the
monthly benefit for total
disability is payable for the
first 6 months that residual
benefits are payable
Residual with Recovery NEW
•
•
•
15% minimum loss of
income requirement
A minimum of 50% of the
monthly benefit for total
disability is payable for the
first 12 months that
residual benefits are
payable
Recovery benefit is
payable for up to the
maximum benefit period
Enhanced Residual with
Recovery - NEW
•
•
•
•
15% minimum loss of
income requirement
Modifies the time or duties
requirement within the
definition of residual
A minimum of 50% of the
monthly benefit for total
disability is payable for the
first 12 months that
residual benefits are
payable
Recovery benefit is
payable for up to the
maximum benefit period
10
What’s so Special About Specialty Your Occupation?
Specialty Your Occ
Same Regular Occupation definition with the
addition of:
Regular Occupation
Regular Occupation means your usual
occupation (or occupations if more than
one) in which you are gainfully employed
at the time you become disabled.
If you are not gainfully employed at time
of disability, for policies with both regular
occ and Specialty Your Occ language,
regular occupation means any
occupation for which you are reasonably
fitted by your education, training or
experience.
VS.
We will consider the material and substantial
duties performed including those of a
professionally recognized specialty in medicine or
dentistry immediately prior to you becoming
disabled as the material/substantial duties of your
regular occupation.
Specialty Your Occupation





Exclusive to Medical Occ Classes 6M, 5M, 5D, 5I, 4M
Built into policy- similar premium to Your Occupation
rider from Advantage
Max Benefit Periods To Age 65, 67, or 70
Customize with Optional Riders
MDSUD rider required for 5D and 4M, also includes a
10% premium reduction
For Producer Use Only – Not For Use With the General Public
11
What’s so Special About Specialty Your Occupation?
Why Medical and Dental Professionals Need Specialty Your Occupation
Ed, a 43 year-old neurosurgeon, must choose between a policy with or
without specialty your occupation language
What if Ed suffers a disabling injury and…
Recovers but is no longer able
to perform surgery, so he
decides to start a medical
consulting company.
Ed’s DI policy does
Ed’s DI policy does
not include Specialty
include Specialty
Your Occ
Your Occ
Receives no disability benefits
since he is working in another
occupation
Receives his full disability benefits
even though he is working in
another occupation, since he cannot
perform the duties of his specialty
For Producer Use Only – Not For Use With the General Public
12
Discounts/Premium Reductions
Stack Together for Greater Savings
Not all discounts/premium reductions are available to everyone, but if clients qualify,
they can receive an approximate 30% discount/premium reduction on the same policy.1
Types of Discounts / Premium
Reduction
Mental Disorder/Substance Use Disorder (MDSUD)
Limitation Rider 2
 10% premium
received for the MDSUD 24-month
limitation
 Required for 4M and 5D with Specialty Your Occ
 Restrictions apply for MultiLife cases with Specialty Your Occ and
mix of required medical occ classes (4M, 5D, 5I, 5M, 6M)
reduction1
MultiLife Program Discount3
 Employee Paid- 15% off unisex rates
 Employer Paid- 20% off unisex rates
“Stackable”



Now for
Physicians!
Association Discount4
 AMA Approved Physicians - 10% or 5% (depending on state)
 Non AMA Approved Physician Associations - 5%
 All other approved associations - 10%
MultiLife + MDSUD
MDSUD+ Association
Association + Multi-Policy
Not “Stackable”


Association + MultiLife
Multi-Policy + MultiLife
Multi-Policy Discount
5% premium discount for recent life buyers who purchase a DI policy
within 12 months
1
Approximate 30% discount/premium reduction available with ER paid MultiLife (20% discount off unisex rates) with MDSUD Limitation Rider (10% premium reduction)
where policy does not include CAT, Spousal CAT or COBRA Premium Reimbursement riders. 10% premium reduction does not apply to the policy fee nor to the
premium for the CAT, Spousal CAT and COBRA Premium Reimbursement riders, if selected.
2 Not for individual selection
3 Physicians may qualify for the 15% or 20% Multi-Life discounts; except if applying for Lifetime. MultiLife discounts are not available with the Lifetime Rider
4 Dentists & Dental Specialists are not eligible for the Association or MultiLife discounts but may qualify for a 5% List Bill discount
13
The Details
• Issue Ages: 18-70
• Renewability: Noncancelable & Guaranteed Renewable To Age 67 or 5 years if later
• Max Benefit Periods: 2 years, 5 years, 10 years, To Age 65, To Age 67 and To Age 70
• Elimination Periods: 90, 180, 365, and 730 Days
• Occ Classes:
– Medical - 6M, 5M, 5D, 5I, 4M
– Non-Medical - 6S, 5A, 4A, 3A, 2A, A, B
• Target Markets
– Individual Medical/Dental - Classes 4M to 6M
– Individual Professional and Executive Market- Class 6S/5A/4A
For Producer Use Only – Not For Use With the General Public
14
MetLife Income Guard vs. Omni Advantage
MetLife Income Guard
Markets:
State Availability
Premiums
Issue Ages
Occupation
Classes:
Elimination Periods
Maximum Benefit
Periods:
OMNI Advantage
Association
Individual
New
Fully underwritten MultiLife
Not available in all states. Please refer to
the MetLife Income Guard state
availability map.
Sex distinct
Unisex (MultiLife only)
18 - 70 New
6S, 5A, 4A, 3A, 2A, A, B
6M, 5M, 5D, 5I, 4M
18 - 59
6S, 5A, 4A, 3A, 2A,
6M, 5S, 5D, 5I, 4M
90, 180, 365 and 730 days
60, 90, 180, 365 and 730 days
Years: 2, 5, and 10
To Age 65, 67 and 70
New
Association
Individual
Not Available in CA
Sex distinct
Years: 2 and 5
to Age 65, 67 and 70
Riders may be subject to eligibility rules and state availability. New riders only available with MetLife Income Guard.
For Producer Use Only – Not For Use With the General Public
15
MetLife Income Guard vs. Omni Advantage
MetLife Income Guard
Renewability
Built-in Definition of
Total Disability
•
New
•
Noncancelable and Guaranteed Renewable to age 67
or 5 policy years if later
Conditionally Renewable for life
•
•
Regular Occ, not gainfully employed
Specialty Your Occupation (Physicians and
1
New Dentists only)
•
•
o
New
•
•
Noncancelable and Guaranteed
Renewable to age 65/67
Conditionally Renewable for life
Regular Occupation, not gainfully
employed
Full coverage for the maximum benefit period for most
occupations
MDSUD Rider that limits coverage
o
Mental /Nervous
Coverage
OMNI Advantage
o
o
o
24 month maximum benefit period over the life of the
policy unless confined to a hospital.
Includes a 10% premium reduction when applied to
the policy2
Will be required for 4M & 5D with Specialty Own Occ
MDSUD limitation rider optional to 6M, 5M and 5I in
MultiLife cases on a case level basis if 4M or 5D also
applying. If the MDSUD limitation rider is selected,
everyone will have the limitation - cannot individually
select to not have it.
Physicians can choose the regular def. of disability,
rather than specialty, and select the TYO. Will have
mental/nervous coverage for entire benefit period.
Full coverage for the maximum benefit
period
1
For medical and dental specialists, specialty your occupation, while not a term specifically used in the definition of total disability, is encompassed in the
definition of regular occupation, which in turn, is part of the definition of total disability. Requires one of three residual riders and a to age 65 or greater
max benefit period
2 The
10% premium reduction does not apply to all components of the premium. It does not apply to the policy fee, nor to the premium for the
Catastrophic, Spousal Catastrophic and COBRA Premium Reimbursement Riders, if selected.
16
MetLife Income Guard vs. Omni Advantage
MetLife Income Guard
24 month max benefit period for all
Coverage While periods of disability combined during the
outside the US insured’s lifetime while outside the US,
its possessions and Canada.
Survivor Benefit 6 months
New
Suspension
New
Due to 12 months
Unemployment
OMNI Advantage
New
Full coverage
3 months
6 months
Riders may be subject to eligibility rules and state availability. New riders only available with MetLife Income Guard.
For Producer Use Only – Not For Use With the General Public
17
MetLife Income Guard vs. Omni Advantage
Available Riders
1
2
MetLife Income Guard
OMNI Advantage
Automatic Increase Benefit
Capital Sum Benefit1 - New
Catastrophic Disability1
COBRA Premium Reimbursement - New
COLA 3% Simple1
COLA 3% Compound1 - New
CPI COLA 0 – 10%1
Guaranteed Insurability
Life Event Rider - New
Lifetime Disability
Partial Disability1 - New
Presumptive Disability1
Refund of Premium
Basic Residual1- Enhanced
Residual w/Recovery1- New
Enhanced Residual w/Recovery1- New
Social Insurance Offset/Substitute1
Spousal Catastrophic
Term Premium Conversion
Transitional Your Occupation1
Your Occupation1
Automatic Increase Benefit
Catastrophic
COLA 3% Simple
CPI COLA 1- 7%2
CPI COLA 0 – 10%
Guaranteed Insurability
Lifetime Disability
Presumptive Disability
Refund of Premium
Basic Residual
Residual w/24 month Recovery
Residual w/36 month Recovery
Social Insurance Offset/Substitute
Spousal Catastrophic
Term Premium Conversion
Transitional Your Occupation
Your Occupation
Riders that are conditionally renewable after Age 67
Available in states where the CPI COLA 0-10% rider is not available
Riders may be subject to eligibility rules and state availability. New riders only available with MetLife Income Guard.
18
Industry Premium Comparison
6S Attorneys
Age
27-Male
37-Male
47-Male
27-Female
37-Female
47-Female
MetLife
Income
Guard
Guardian
Class 6
Principal
Class 5A*
Standard
Class 5A
Ameritas
Class 6A
$873
$1,028
$1,338
$1,247
$1,003
$1,541
$1,585
$1,899
$1,654
$1,587
$2,528
$2,486
$3,059
$2,476
$2,525
$1,343
$1,593
$1,971
$2,072
$1,805
$2,238
$2,349
$2,769
$2,362
$2,690
$3,257
$3,313
$3,870
$3,306
$3,522
MetLife Income Guard rates are:
Less or within 5%
5 – 10% higher
Assumptions: 90 Day Elimination Period, To Age 67 Max. Benefit Period, $5,000 mo. benefit
Your Occupation Definition of Disability, Enhanced Residual with Recovery
*Principal Nationwide rates. Includes 10% select occupation discount.
More than 10%
higher
The Principal rates set forth in this comparison are available in the majority of states. In a limited number of states, Principal offers lower rates than those set
forth in this comparison.
For Producer Use Only – Not For Use With the General Public
19
Industry Premium Comparison
6S Executive
Age
MetLife Income Guard
Guardian
Principal
Standard
Ameritas
Basic
w/Recovery
Class 6
Class 5A*
Class 5A
Class 6
27 - Male
$757
$794
$1,008
$1,169
$1,247
$954
37 - Male
$1,333
$1,400
$1,553
$1,695
$1,654
$1,475
47 - Male
$2,192
$2,304
$2,437
$2,794
$2,476
$2,226
27 - Female
$1,179
$1,238
$1,562
$1,715
$2,072
$1,715
37 - Female
47 - Female
$1,936
$2,063
$2,302
$2,456
$2,362
$2,498
$2,862
$3,010
$3,247
$3,517
$3,306
$3,101
MetLife Income Guard rates are:
Less or within 5%
Assumptions: 90 Day Elimination Period, To Age 67 Max. Benefit Period, $5,000/mo.
benefit, Regular Occupation, not gainfully employed definition of disability.
MetLife Income Guard: Basic Residual and Residual w/Recovery
Competitors: Residual with Recovery
*Principal: Includes 10% select occupation discount, Nationwide rates
5 – 10% higher
More than 10%
higher
The Principal rates set forth in this comparison are available in the majority of states. In a limited number of states, Principal offers lower rates than those set
forth in this comparison.
For Producer Use Only – Not For Use With the General Public
20
Industry Premium Comparison
5A Executive
Age
MetLife Income Guard
Guardian
Principal
Standard
Ameritas
Basic
w/Recovery
Class 5
Class 5A
Class 4A
Class 5
27 - Male
$1,028
$1,079
$1,249
$1,299
$1,436
$1,109
37 - Male
$1,834
$1,927
$1,929
$1,884
$1,895
$1,718
47 - Male
$3,047
$3,204
$3,033
$3,104
$3,083
$2,597
27 - Female
$1,619
$1,701
$1,939
$1,906
$2,582
$1,999
37 - Female
$2,723
$2,863
$2,862
$2,729
$3,289
$2,916
47 - Female
$4,003
$4,210
$4,045
$3,908
$4,375
$3,621
MetLife Income Guard rates are:
Less or within 5%
Assumptions: 90 Day Elimination Period, To Age 67 Max. Benefit Period, $5,000/mo. benefit,
Regular Occupation, not gainfully employed definition of disability.
MetLife Income Guard: Basic Residual and Residual w/Recovery
Competitors: Residual w/Recovery
*Principal shown with Nationwide rates.
5 – 10% higher
More than 10%
higher
The Principal rates set forth in this comparison are available in the majority of states. In a limited number of states, Principal offers lower rates than those set
forth in this comparison.
For Producer Use Only – Not For Use With the General Public
21
Industry Premium Comparison
6M Physicians
Age
Age
27 - Male
37 - Male
47 - Male
27 - Female
37 - Female
47 - Female
MetLife
Income
Income
Guard
Guard
Guardian
Class 5M
Guardian
Principal
Class 5A-M
Principal
Standard
Class 4P
Standard
Ameritas
Class 6M
Ameritas
$918
$1,300
$1,338
$1,438
$1,242
$1,619
$2,009
$1,899
$2,264
$2,009
$2,647
$3,159
$3,059
$3,898
$3,257
$1,394
$2,019
$1,971
$2,328
$2,252
$2,322
$2,980
$2,769
$3,393
$3,321
$3,370
$4,212
$3,870
$5,097
$4,385
MetLife Income Guard rates are:
Less or within 5%
Assumptions: 90 Day EP, To Age 67 Max. Benefit Period, $5,000/mo. benefit, Residual w/Recovery
MetLife Income Guard Includes: Specialty Your Occupation language, Enhanced Residual with Recovery
Principal includes: 24 months MDSUD limitation with 10% premium reduction, Nationwide rates.
Ameritas includes 24 month MDSUD limitation
6M Physicians include: Pediatrician, Oncologist, Neurologist, Physiatrist (AAPM & R board certified)
5 – 10%
Greater than 10%
The Principal rates set forth in this comparison are available in the majority of states. In a limited number of states, Principal offers lower rates than those set
forth in this comparison.
For Producer Use Only – Not For Use With the General Public
22
Industry Premium Comparison
4M Physicians
MetLife
Income
Guard
Guardian
Class 3M
Principal
Class 4A-M
Standard
Class 3P
Ameritas
Class 5M
27 - Male
$1,405
$1,787
$1,568
$1,766
$1,637
37 - Male
$2,508
$2769
$2,225
$2,735
$2,654
47 - Male
$4,122
$4,363
$3,583
$4,701
$4,312
27 - Female
$2,097
$2,783
$2,310
$2,816
$2,977
37 - Female
$3,529
$4,116
$3,246
$4,249
$4,398
47 - Female
$5,147
$5,823
$4,534
$5,861
$5,811
Age
MetLife Income Guard rates are:
Less or within 5%
5 – 10% higher
Assumptions: 90 day Elimination Period , To Age 67 Max Benefit Period, $5,000 mo./benefit, “True Own
Occ” Definition of Disability, Residual with Recovery, 24 month MDSUD limitation
MetLife Income Guard Includes: Specialty Your Occ, Enhanced Residual with Recovery
Standard includes MDSUD coverage until the end of the maximum benefit period
More than 10%
higher
The Principal rates set forth in this comparison are available in the majority of states. In a limited number of states, Principal offers lower rates than those set
forth in this comparison.
For Producer Use Only – Not For Use With the General Public
23
Transition Rules
Available for Sale May 6, 2013 in Selected States
Availability
• As of May 6, 2013, MetLife Income Guard’s base policy and up to 20 riders are available in the majority of states.*
• In states where it is approved, for new business, MetLife Income Guard will replace Omni Advantage and Omni Select (fully
underwritten MultiLife).
• MetLife Income Guard is available on a fully underwritten basis with sex distinct rates for individuals or with unisex rates for an
approved fully underwritten MultiLife group.
• It is not available on a guaranteed standard issue (GSI) basis. MetLife’s Omni Select and Omni Essential will continue to support the
GSI market.
• Omni Essential will continue to be available for fully underwritten individual and MultiLife sales, as will Salary Saver in California.
• Simplified underwriting is available according to the simplified underwriting guidelines.
New Application
The application for MetLife Income Guard is a new MetLife form. Applications are available in MetLife eForms (IDIAPP-12-01). State
variations apply. Applications are to be submitted through normal channels and processes.
Sun setting Omni Advantage and Omni Select (fully underwritten MultiLife)
For states in which MetLife Income Guard is approved on May 6, 2013, the last day an Omni Advantage or an Omni Select (fully
underwritten MultiLife) application will be accepted is July 31, 2013. (Applications must have been received in good order by July 31,
2013.)
Exchanging MetLife Omni Advantage or Omni Select for MetLife Income Guard
Recently issued and pending Omni Advantage and Omni Select policies can be exchanged for a MetLife Income Guard policy.
Restrictions do apply, so please ask for a copy of the transition rules for details.
* Riders may be subject to eligibility rules and state availability.
For Producer Use Only – Not For Use With the General Public
24
Approvals as of 4/24/13
37 States Plus DC
WA
ND
MT
MN
ME
SD
WI
ID
VT
OR
WY
MI
NV
IL
IN
NJ
CO
KS
MO
DE
WV
DC
KY
VA
MD
OK
AZ
NC
TN
AR
NM
SC
MS
AL
GA
TX
LA
Approved
AK
FL
HI
RI
PA
OH
UT
NH
MA
CT
IA
NE
CA
NY
Target Markets Sales Ideas
For Producer Use Only – Not For Use With the General Public
Executives
Building a Plan for Executives
New Features Make us Even More Competitive
Client:
• Andrew, 38 year old corporate attorney
• Annual income of $180,000, or $15,000 per
month
Concern:
• Has group coverage
• Does not cover bonus and has a monthly
cap of $5,000 per month
• Wants to protect the most income he can as
he has a young family
For Producer Use Only – Not For Use With the General Public
27
Executives
Building a Plan for Executives
New Features Make us Even More Competitive
Solution:
A supplemental policy. Here are some riders that may interest Andrew:
 Enhanced Residual
 COLA 3% Compound
 Transitional Your Occupation
 Guaranteed Insurability Benefit
New to MetLife
Income Guard!
Monthly Total Disability
Benefit (after taxes)*
Andrew’s Premium
Current Group LTD
$3,750 ($5,000 – 25% tax rate)
$0 (Employer Paid)
Supplemental Policy
$6,250 (max. issue amount
based on income and inforce
coverage)
$2,416
Total
$10,000 or 66% of income
$2,416
Benefits:
Andrew will have a full featured policy that when combined with his LTD coverage protects a greater
portion of his income. If his income increases, he can increase his supplemental DI benefit without
medical underwriting. If he becomes disabled and returns to work, but not full-time, or in another job, he
may be eligible for additional benefits.
Male, age 38, NS, 6S, $150,000 annual income, Enhanced Residual, COLA 3% Compound, Transitional Your Occupation and Guaranteed
Insurability Benefit. 90 day Elimination Period and To Age 67 Maximum Benefit Period.
* Assumes group LTD is employer paid; covers 60% of salary to a maximum of $5,000 per month; and tax rate is 25%.
28
Medical/Dental Professionals
“Stackable” Discounts/Premium Reductions
Combining Coverage for Even Greater Savings
Client:
• Catherine, a 42 year old OB-GYN
• One of four partners in a new, small
practice
• Annual income of $150,000
Concern:
• No longer has income protection since
starting her firm
• Needs income protection since her
household relies on her income
For Producer Use Only – Not For Use With the General Public
29
Medical/Dental Professionals
“Stackable” Discounts/Premium Reductions
Combining Coverage for Even Greater Savings
Solution:
The MultiLife Discount Program1 and the MDSUD Limitation Rider Premium Reduction. Some
assumptions:
 At least 2 other partners apply at the same time
 The practice will pay the premium
 Since Catherine and her partners are 4M’s, her coverage for disabilities due to mental
disorders/substance use disorders will be limited to 24 months total, unless hospitalized
If Applied For On Her Own2
Monthly Benefit
$7,150
If Applied for With the Other Partners From her Office3
Monthly Benefit
$7,150
Unisex premium
$6,627
10% MDSUD Premium Reduction4
Total Annual Premium
$8,112
($657)
20% MultiLife Discount (off unisex
rates)
($1,194)
Total Annual Premium
$4,776
Benefits:
Catherine obtained the income protection she needed and saved $3,336 on her premium
with unisex rates and “stacking” discounts/premium reductions.
1Physicians
may qualify for the 15% or 20% off unisex rates Multi-Life discounts; except if applying for Lifetime. MultiLife discounts are not available with the Lifetime Rider.
Female, age 42, NS, 4M, $150,000 annual income, Specialty Your Occupation, Enhanced Residual and 3% Compound COLA, 90 day Elimination Period and To Age 65 Benefit Period.
3 Female, age 42, NS, 4M, $150,000 annual income, Specialty Your Occupation, Enhanced Residual and 3% Compound COLA, 90 day Elimination Period and To Age 65 Benefit Period, Unisex
rates with a 20% discount and a 24 month MDSUD limitation premium reduction of 10%
4 MDSUD premium reduction is based on total premium prior to the policy fee.
2
30
Medical/Dental Professionals
Building a Plan for Medical/Dental Professionals
Client:
• Joseph, a 37 year old Pediatrician
• Recently took-over a successful small
practice
• Annual income of $216,000
Concern:
• Without income protection- lapsed the DI
policy he had when he was a resident
• Married with 2 children and is concerned
about losing his income since he’s the
primary earner
For Producer Use Only – Not For Use With the General Public
31
Medical/Dental Professionals
Building a Plan for Medical/Dental Professionals
Solution:
A stand-alone MetLife Income Guard DI policy with a $9,900 monthly benefit
 Specialty Your Occupation
 Enhanced Residual
New to MetLife
 COLA 3% Compound
Income Guard!
Premium1
Base Policy
$2,321
Specialty Your Occ
Included- No Charge
Enhanced Residual
$510
COLA 3% Compound
$861
Policy Fee
$60
Total Premium
$3,752
Benefits:
Joseph’s DI policy will pay a
benefit regardless if he’s
working in another occupation
as long as he cannot perform
the duties of his medical
specialty that he was
performing immediately prior to
disability.
1 Male,
age 37, NS, 6M, $216,000 annual income, Specialty Your Occupation, Enhanced Residual and COLA 3% Compound, 90 day Elimination
Period, To Age 65 Max Benefit Period.
For Producer Use Only – Not For Use With the General Public
32
Blue & Grey Collar Markets
Both MetLife Income Guard and OMNI Essential offer benefits for this market
MetLife Income Guard
 Noncancelable and Guaranteed
renewable coverage
 Higher Issue Ages
 Capital Sum Rider
 Partial Disability Benefit Rider
 Life Event Rider
 Multiple Residual Riders
 COBRA Premium
Reimbursement Rider
 Automatic Increase Benefit
 Term Premium Conversion Rider
OMNI Essential





Lower cost alternative
Guaranteed renewable coverage
Automatic Increase Benefit
Basic Residual Rider
Term Premium Conversion Rider
MetLife Income Guard
may be a better fit if
these options are
important
For Producer Use Only – Not For Use With the General Public
33
Shortened New Application
 Shorter- reduced overall pages by 18%
• The actual client facing application, or
the questions that a client needs to
complete, are now down to a
maximum of 13 pages
 Reworded and reordered questions• Improves flow when working with a
client
• Shortened number of pages a client
needs to see
 Reduced number of questions and revised
spacing- adds to overall length reduction
 Available for all IDI products where
MetLife Income Guard is approved.
For Producer Use Only – Not For Use With the General Public
34
The New Application and OMNI Essential
Important Differences
• The Proposed Coverage
section in the new
application contains MetLife
Income Guard’s new
options that are not
available to Omni Essential
• If you do not see an
Essential specific rider you
have illustrated, place a
checkmark in the ‘other’ box
and list the rider on the
blank line
35
Illustrating MetLife Income Guard
Only Available in MetLife SolutionsSM
MetLife Solutions
•
•
•
•
Clean, easy-to-use web-based
system.
Collaborative tools – once you set up
and save your case, team member(s)
can open it without recreating.
An available real-time summary value
sections which update as you make
changes to benefits, premiums, rider
selection, etc.
Customizable user preferences,
including: personal photo, product
selections, state preference and the
ability to remove Snoopy from the
illustration.
For Producer Use Only – Not For Use With the General Public
36
Marketing Materials
Producer Materials






Product Guide
Products at a Glance
eCard
Approval Grid
Updated Hot Spots/Case Study
MetLife Income Guard/Advantage
Comparison
 Multiple Competitive Pieces
Consumer Materials





Product Brochure
Sales idea flyers
Letter/eMail
Updated Core Stories
Updated MultiLife Pieces
For Producer Use Only – Not For Use With the General Public
37
Key Take-aways
 Seven new riders
 Specialty Your Occupation language for medical/dental
professionals
 “Stackable” discounts/premium reductions*
 Enhancements to Residual riders
 Rates re-sloped towards younger ages (25-50)
 New shorter application
 New suite of supporting marketing materials
We’ve been working for you!
* Conditions Apply
For Producer Use Only – Not For Use With the General Public
38
Leading Edge
Disability Center
888-677-6575
[email protected]
DisabilityCenter.com
DiCenter.com
Metropolitan Life Insurance Company
New York, NY 10166
metlife.com
© 2013 METLIFE, INC.
PEANUTS 2013 © Peanuts Worldwide
Disability income 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. April 2013.
BDDI23242
L0413319723[0414][All States][DC,PR]
For Producer Use Only – Not For Use With the General Public
39

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