Mass Mutual Disability Insurance Review

Mass Mutual is a well-known insurance carrier, and the current disability policy offered, Radius Choice has an excellent total and partial disability clause. The policy does not have some of the additional no cost benefits offered by other carriers and the policies will contain a 24-month mental nervous limitation. Mass mutual rates can be attractive, especially for females, as they can contain gender neutral rates. Unfortunately, Mass mutual has cutting back and has stopped offering some of these discount programs. We have also found Mass Mutual underwriting to be favorable.
 

  • Quality of contract 4/5
  • Rates5/5
  • Application Experience 4/5
  • Communication/Service 3/5
  • Total score 4/5
Standard insurance company is a subsidiary of StanCorp Financial Group inc. StanCorp was incorporated in 1998 and became a public company in 1999. In march 2016, StanCorp joined the Meiji Yasuda family of companies. Standard insurance company is headquartered in Portland, Oregon . Standard insurance company and the standard life insurance company of New York primarily focuses on individual disability insurance, group benefits retirement services, and mortgage lending.
 

2019 Financial Ratings:

  • Moody’s Investors Service - A1 Good
  • A.M. Best Company – A
  • Standard & Poor’s - A+
  • Fitch – A
  • Comdex – 82/100
Total Disability:This benefit is key to determining your eligibility for benefits. Physicians tend to prefer a true own-occupation definition of disability which allows them to be employed in another occupation while continuing to receive full disability benefits.
 
  • Own Occupation Rider:: Standard’s Platinum advantage contract has a rider you can add called “Own Occupation Rider”. When added, it is a true own occupation definition with specialty language for physicians. This rider, as explained below, states you are totally disabled if due to injury or sickness you are unable to perform the substantial and material duties of your regular occupation.
     
    If you are a physician and have limited your regular occupation to the performance of the substantial and material duties of a single specialty, recognized by the American board of Medical Specialties, then the specialty will be deemed to be your regular occupation.
     
    • Partial Disability The trigger to qualify under this rider is at least a 15% loss of income due to injury or illness, and has reduced capacity to perform his/her occupation. Mass mutual pays a proportionate benefit equal to the percentage of lost income.
       
      During the first 12 months the benefit paid will be equal to the loss of income or 50% of the monthly benefit, whichever is greater.
       
      A recovery benefit is payable for up to the maximum benefit period when the insured returns back to work full time after qualifying disability benefits and continues to have at least a 15% loss of prior income.
When signing up for your first policy, it is wise to include provisions that allow you to increase coverage in the future. Mass Mutual Radius Choice offers three options that allow you to increase coverage in the future without any new medical underwriting, allowing you to increase benefits to protect your income as it rises, regardless of changes in health.
 
  • Benefit Increase Rider: This rider allows you to increase coverage every 3rd policy anniversary up to age 50. The rider also allows for increases to be made in the event you had a least a 30% increase in earnings if your employer provider provided group disability was lost or reduced. For most medical occupations, if the benefit increases riders will allow you to increase coverage up to a 20,000 monthly benefit without future medical underwriting. The advantage of this rider is that it can be included at no cost, however to keep the rider on the policy, you are required to apply for additional coverage every 3 years and show/prove current income.
  • Future Increase Option: This rider allows you to increase coverage every policy anniversary up to age 60. The maximum issue amount is a pool of 3x your monthly benefit, up to 10,000. Benefit Purchase Option: This is a no cost option that can be included instead of Future Increase Option. It provides the option to purchase additional coverage every 3 years up to age 55.
  • Future Benefit Increase: This is no cost benefit. Your monthly benefit will automatically increase by 3% every year for the first 5 years of the policy. The maximum pool of 10,000 is not as high as many other carriers. This may require a policy holder to need to redo medical underwriting in the future to protect their income as it increases. The benefit purchase option is a no-cost rider that if you do not apply for more coverage every 3rd year, the benefit gets terminated.
     
    Our analysis: It’s very attractive that Mass Mutual provides the option to select from these three increase options.
  • Non-Cancellable Guaranteed Renewable: With this clause, the cost and coverage can never change. This terminology protects the policyholder from any policy changes. It means that if your premium is being paid, the insurance carrier cannot change the policy provisions, rates or cancel your coverage once established.
  • Mental and/or Substance-related Disorders: This benefit includes claims that stem from, drugs, alcohol, stress, anxiety, depression, or burnout. Mass mutual provides coverage with 24-month benefit period for physicians (except in Vermont).
  • Presumptive Disability Benefit: This benefit provides coverage while the policy is in force, you suffer an injury or sickness that results in total and permanent loss of any of the following: speech, hearing in both ears not restorable by hearing aids, sight in both eyes after reasonable efforts are made to correct your vision using the most advanced medically acceptable procedures and devices available, or the use of both hands, both feet, or one hand and one foot.
  • Waiver of Premium: You do not pay for your coverage after you’re disabled for the elimination period. Mass Mutual will refund the premiums paid for coverage after the disability began and continue to waive all premiums that become due during your continuous disability.
  • Elimination periods available: 60-day, 90-day, 180-day, 365-day, and 730-day
  • Benefit periods available: 2-year, 5-year, 10-year, age 65, age 67, and age 70
  • Cost of Living Adjustment (COLA): This benefit is designed to increase your monthly benefits on an annual basis during a claim. You may select a 3% COLA compounded on an annual basis.
  • Catastrophic Rider (CAT): Pays a benefit in addiotnal to the base monthly benefit 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.
  • Student Loan Protection: Provides a reimbursement of student loan payments up to the maximum specified benefit while insured is totally disabled. The rider is for a duration of either 10 or 15 years.
  • Retirement Protection: Additional benefit can be paid if your totally disabled and not employed. The benefit is paid to a trust, and the trust’s assets become available at policy expiration.

  • Multi-Life Discount: Mass Mutual offers a 25% discount for select resident, fellowship programs, and employees. The discount can also be gender neutral, which can be very beneficial to females. Unfortunately, Mass Mutual has been eliminating many of these gender-neutral discount programs.
     
    Our analysis: Mass Mutual has very attractive rates for many non-medical occupations. The rates and programs they have can also be attractive for dentists.