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I met with a MetLife rep today and got my quotes. Here is the middle of the road quote - maybe someone on here is an insurance rep and can explain this stuff. I swear I probably asked the same questions 3 or 4 times and never really understood...and I am not usually so thick. 
I just don't understand the "Social Insurance Substitute Benefit" - I know he said it covers me until the Federal govt deems me totally disabled and pays SSDI...and maybe I shouldn't care but doesn't that mean I am paying for something (26% of my policy) that will disappear when the feds kick in??? (Add Marianne's befuddled expression here)!
Omni Essential
$153/month
- 66% of my pay (tax exempt since I pay with after-tax dollars) broken down as follows
40% Base Monthly Benefit (90 day elimination period)
26% Social Insurance Substitute Benefit (180 day elim period),
- "own occupation" definition of disability for life of policy,
- Partial (Residual) Disability payments
- 3% cost of living adjustments after 1st yr of disability
- Presumptive Total Disability (this is if I lose my eyesight in both eyes, 2 appendages, or total hearing)
- Ability to purchase more DI under this policy if my income increases with no need for more medical tests
- Policy Fee is $60/month but they show a $90/month credit if I give them financial documentation (paystubs and W2s)
- Premiums waived after 90 days of long-term disability (so when the policy is paying out I won't have to pay in)
- Can only raise premiums if they raise them for the entire "class" I fall under, not just for me individually
- Does not cover mental health disabilities
The policy that covers mental health disabilities would be $190/month, but they could also never change my policy or raise my premiums as long as I pay my premiums on time (even if they raise the class). Do you think I should go with this one instead???
It is all very confusing for me. I don't mind paying a good amount as long as I know that I am covered 100% with no loop-holes. The last thing I need is to have a problem, not be able to work and they decide not to pay for some reason.
I am not feeling 100% confident in my understanding of Disbability Insurance and I am hoping you guys can help me see if this is a good policy or not. THANKS! 
I just don't understand the "Social Insurance Substitute Benefit" - I know he said it covers me until the Federal govt deems me totally disabled and pays SSDI...and maybe I shouldn't care but doesn't that mean I am paying for something (26% of my policy) that will disappear when the feds kick in??? (Add Marianne's befuddled expression here)!
Omni Essential
$153/month
- 66% of my pay (tax exempt since I pay with after-tax dollars) broken down as follows
40% Base Monthly Benefit (90 day elimination period)
26% Social Insurance Substitute Benefit (180 day elim period),
- "own occupation" definition of disability for life of policy,
- Partial (Residual) Disability payments
- 3% cost of living adjustments after 1st yr of disability
- Presumptive Total Disability (this is if I lose my eyesight in both eyes, 2 appendages, or total hearing)
- Ability to purchase more DI under this policy if my income increases with no need for more medical tests
- Policy Fee is $60/month but they show a $90/month credit if I give them financial documentation (paystubs and W2s)
- Premiums waived after 90 days of long-term disability (so when the policy is paying out I won't have to pay in)
- Can only raise premiums if they raise them for the entire "class" I fall under, not just for me individually
- Does not cover mental health disabilities
The policy that covers mental health disabilities would be $190/month, but they could also never change my policy or raise my premiums as long as I pay my premiums on time (even if they raise the class). Do you think I should go with this one instead???
It is all very confusing for me. I don't mind paying a good amount as long as I know that I am covered 100% with no loop-holes. The last thing I need is to have a problem, not be able to work and they decide not to pay for some reason.
I am not feeling 100% confident in my understanding of Disbability Insurance and I am hoping you guys can help me see if this is a good policy or not. THANKS!