I'm comparing 3 disability carriers for my client who is a web designer.
I'm looking at Massmutual, Principal, and Metlife. In reading the principal proposal, i see that it says
"Your maximum monthly Social Insurance Substitute (SIS) Benefit is
$1,125. The SIS Benefit is payable in the
same proportion as the Disability Benefit.
$1,125 is paid when no Social Insurance is paid. $375 is paid when
only one of the Primary Insurance Amount under Social Security, Workers Compensation is paid. No SIS
benefit is paid when two or more Social Insurances are paid, or when you receive retirement benefits from
Social Security."
So this means that if he gets social security disability benefits, Principal won't pay the $1,125. Massmutual and Metlife don't mention this (i think its a rider that reduces cost with massmutual). Am i correct in my assesment? Choosing the same riders, Met is a bit higher in price, and Mass and Principal are the same price. Based on that he would be better off with Massmutual, correct?
I'm looking at Massmutual, Principal, and Metlife. In reading the principal proposal, i see that it says
"Your maximum monthly Social Insurance Substitute (SIS) Benefit is
$1,125. The SIS Benefit is payable in the
same proportion as the Disability Benefit.
$1,125 is paid when no Social Insurance is paid. $375 is paid when
only one of the Primary Insurance Amount under Social Security, Workers Compensation is paid. No SIS
benefit is paid when two or more Social Insurances are paid, or when you receive retirement benefits from
Social Security."
So this means that if he gets social security disability benefits, Principal won't pay the $1,125. Massmutual and Metlife don't mention this (i think its a rider that reduces cost with massmutual). Am i correct in my assesment? Choosing the same riders, Met is a bit higher in price, and Mass and Principal are the same price. Based on that he would be better off with Massmutual, correct?
