MetLife Announces Plan to Stop Selling Individual Disability Insurance Policies
In an internal MetLife memorandum circulated by Kieran Mullins, Metroplitan Life Insurance Company’s Senior Vice President for Client Solutions, the company stated:
As we continue to pursue our goal of creating a new, stand-alone U.S. Retail organization, we are evaluating our business model and making difficult, but strategic decisions. As part of that evaluation process, we have decided to suspend Individual Disability Insurance (IDI) sales, effective September 1, 2016. This date will be the final date to submit business, with the final date to place business on October 31, 2016. This suspension affects the fully underwritten IDI line under U.S. Retail. The Group, Voluntary & Worksite Benefits business will continue to manufacture and sell Group Disability Insurance/Guaranteed Standard Issue business as they do today.
MetLife sent a FAQ to sales agents with the memorandum which confirmed that existing MetLife individual disability insurance policyholders would not be impacted by the change. Met Life is one of the five largest players in the group disability insurance market, and it made clear in its announcement that MetLife will continue to underwrite group disability benefit plans sponsored by employers.
If you have questions about your MetLife disability insurance policy or a disability claim, please call Disability Attorney John V. Tucker at (866) 282-5260.