The Best Disability Insurance: Protection When it All Goes Wrong

Overview

Ameritas is one of the best long term disability insurance companies. With over 125 years of experience in the industry, Ameritas has managed to build a very solid customer base and an immaculate reputation. It is the kind of company that goes an extra mile, and it’s particularly suitable for physicians and dentists. With good insurance like that provided by Ameritas, doctors can get benefits such as retirement protection and student loan riders.

With an AM Best rating of A+, consumers can be sure that this company is financially secure enough to be there for your family down the line. Ameritas clearly outlines its values on its website: to better the lives of customers by offering great insurance over a lifetime. Our own experience with this company absolutely supports this claim.  

Products and Benefits

Ameritas offers the best long term disability insurance for individuals, but doesn’t offer short-term insurance. There are two insurance products you can choose from: DInamic Foundation and DInamic Fundamental. DInamic Foundation is made to protect high earners, while DInamic Fundamental is aimed at people who just want a simple, no-fuss policy. To qualify for DInamic Fundamental, you can’t have a pre-existing condition and you have to work at least 30 hours a week.  

There are several benefits you can choose from to customize your insurance plan. Here are the highlights: 

• COBRA premium: The Consolidated Omnibus Budget Reconciliation Act allows you to receive $1,000 a month in premiums if you lose your job as the result of a disability. One of the reasons Ameritas is the best rated disability insurance firm is that it gives you the option to keep your health insurance even if you lose your job. 
• Non-disabling injury: This benefit covers you for injuries that don't result in disability but require medical treatment. 
• Good health: You can waive two days from your waiting period for each year that you don’t receive any monthly disability benefits. 
• Presumptive total disability: The entire waiting period is waived in case of certain physical injuries, such as loss of sight or hearing. 
• Surgical transplant: If you become completely disabled as a result of donating an organ, your waiting period will be waived.
• Cosmetic surgery: If you become completely disabled as a result of cosmetic surgery, the benefits will become payable after the waiting period expires. 

Riders

Ameritas is one of the best disability insurance for the self-employed. In addition to built-in benefits, the company also lets you choose various riders to help you further customize its products. Here are some of the riders you can choose from: 

• Cost of living adjustment (COLA): This rider is designed to help you keep pace with inflation. Ameritas will give you a 6% compound or 3% simple adjustment.
• Automatic increase rider: This rider increases your monthly benefits by 4% each year over a period of five years. 
• Future increase option: You’ll be allowed to increase your coverage without going through the whole underwriting process again. That’s why Ameritas offers the best disability insurance for resident physicians. As you advance your career and your income increases, your coverage becomes better.  
• Catastrophic disability: If you can’t perform at least two out of six daily living activities (such as eating and dressing), then Ameritas will pay additional monthly benefits. 
• Student loan repayment rider: This rider gives you extra coverage and enables you to pay off your student loans while you’re disabled. 

Bottom line

Ameritas offers the best physician disability insurance, but it’s generally a great company that will keep a lot of customers happy. This insurer offers great terms, is financially solid, and provides great in-person experience. The only downside is that you won’t be able to complete the application process online, but if that doesn’t bother you, Ameritas is a good choice.

Overview

One of the best short term disability insurance firms and Headquartered in Portland, Oregon, The Standard works with both individuals and businesses to ensure they get proper coverage no matter their income level. You can find affordable rates and enough customization options to make The Standard’s products suit your needs. However, the thing that really earns The Standard a spot on our list is the fact that this is one of the few companies that provides coverage not only for those who end up disabled, but also those who end up as caregivers to a disabled person. The company offers the best individual disability insurance with great built-in benefits and various riders. 

The Standard was chartered in 1906 and has an AM Best rating of A, so customers can rest assured that they’re dealing with a good company that has a solid financial foundation.

Products and Benefits

In addition to standard income protection, the feature that sets The Standard apart is its Family Care Benefit. If someone from your family gets sick or injured and you have to take time off work to care for them, this product will cover you. Besides insurance options for individuals, you can also look at the company’s two business products: Business Overhead Protection and Business Equity Protection. The Overhead pays your share of business-related expenses if you’re unable to work, while the Equity plan helps you fund your business’s buy/sell agreement if one of the owners becomes completely disabled and wants to sell their share in the company. 

The Standard is one of the best disability insurance providers because of the built-in features it offers:

• Family care benefits: If a caregiver loses at least 20% of their income because they’re looking after a family member, The Standard will pay them. This benefit isn’t available in New York or California. 
• Guaranteed renewable: If you keep up with your monthly premiums, the insurer won’t be able to change your policy. 
• Rehabilitation benefit: If you decide to go to rehabilitation, The Standard will pay for at least a portion of the cost. 
• Automatic increase benefit: A built-in feature. Your monthly benefits will be increased by 4% each year over a period of five years.
• Presumptive total disability benefit: The entire waiting period is waived in case of certain physical injuries.

Riders

With The Standard, you’ll find cheap disability insurance and several options to customize your coverage to suit your needs. Here are some of the riders you can count on: 

• Future purchase option: You can buy more coverage once a year without having to provide evidence of insurability. 
• Catastrophic disability rider: You’ll enjoy additional benefits if you suffer an injury that prevents you from performing two or more basic daily living activities.
• Indexed cost of living: Your coverage will be increased by 3-6% per year while you’re disabled to keep pace with inflation. 
• Non-cancellable: Your monthly premiums will be locked-in for the entire duration of your insurance policy. 
• Student loan rider: If you become disabled and can’t work, The Standard will cover at least part of your monthly student loan repayments. 

Bottom line

During our disability insurance quote comparison, it became clear that The Standard deserves one of the top spots on our list. This is a trustworthy company with some unique financial products, and it offers great coverage for people who become caregivers to sick or injured family members.

Overview

Mutual of Omaha has been around over a century. It’s one of the few companies that offers high-quality private short term disability insurance at affordable rates. It also offers long-term insurance, life insurance, annuities, and health insurance. Mutual of Omaha is one of the oldest companies in America, and it has a long history of successful business dealings and a great track record. 

With an AM Best rating of A+, the company has demonstrated its exceptional financial strength. To help its consumers find the best insurance product, Mutual of Omaha provides access to several financial advisors who can quickly be contacted to clarify details and offer tips. 

Products and Benefits 

Mutual of Omaha offers several built-in features in its insurance policies. These are all useful and fairly straightforward. Indeed, one of the reasons this is the best short term disability insurance for pregnancy is because all the terms are clear and the company is willing to work with future mothers to ensure they get proper coverage all through their pregnancy. Here are some of the standout benefits offered for short-term disability: 

• Total disability income: If you get sick or injured and can’t do your job anymore, the company will pay you benefits as long as you aren’t gainfully employed elsewhere. 
• Partial disability: If you get sick or injured and can’t do your job more than 50% of your normal day, the company will pay you 50% of your income for up to six months.
• Rehabilitation benefit: If you need to rehabilitate after a sickness or injury, the company will pay for the expense.
• Workers’ compensation: If you become disabled and the disability is covered under state or federal workers’ compensation, employer’s liability, or occupational disease law, Mutual of Omaha will pay you 50% of the short-term disability benefits.

Mutual of Omaha offers just about the best disability income insurance for long-term cases, too: 

• Terminal illness benefit: If you become terminally ill while disabled, you’ll have the option to accelerate the first 12 months of your payments. 
• Survivor benefit: If you die while disabled, the company will pay a lump sum to your beneficiaries. 
• Presumptive total disability: If you lose sight, hearing, speech, or both hands and feet, Mutual of Omaha will waive the waiting period and pay you full benefits regardless of your employment.

Riders

The riders are what make Mutual of Omaha arguably the best short term disability insurance company out there. Here are some of the riders you can expect: 

• Critical illness: If you’re diagnosed with certain diseases that are specified in the contract, you’ll be paid a lump sum of $25,000.
• Accident medical expense: This rider provides reimbursement for medical expenses you incur after your injury.  
• Hospital confinement indemnity: Mutual of Omaha will pay you $500 for each day you’re confined to a hospital and double that if you’re in intensive care. 

The riders relating to long-term insurance are similar to those of other companies.

Bottom line

If you want immediate coverage and are willing to accept a smaller benefit period to make premiums more affordable, then Mutual of Omaha will offer you the best short term disability insurance for individuals.

Overview

Breeze lets you apply for insurance online, which makes it one of the top long term insurance companies. It’s a modern firm that was founded in 2019 and prides itself on being one of the first companies to offer a fully automated, online approach that simplifies the application process for every consumer. Individual long-term plans can be priced as low as $9 per month, and you don’t have to talk to pushy salespeople to get what you want. If you don’t enjoy the traditional process of talking to a sales agent who’s paid on commission, Breeze could be the perfect choice for you. 

The company has an AM Best rating of A-, and it’s a young organization that focuses on innovative insurance solutions. It offers the best disability insurance for self employed individuals and it’s very easy to apply.

Products and Benefits

Breeze doesn’t offer short-term insurance, but its long-term insurance offer is great. You can expect plenty of built-in benefits. Here are some of them: 

• Home modification: If you need to modify your home as a result of your disability (for example, to add ramps), Breeze will cover it. 
• Survivor benefit: If you die after you become disabled and have received benefits for at least 12 months, your beneficiaries will get a check for six times the monthly benefit. 
• Vocational rehabilitation: Breeze will pay for vocational rehabilitation to help you get back to work.
• Partial disability: If you’ve been totally disabled for 90 days or for the entire waiting period, Breeze will waive your premium. 
• Presumptive disability: If you lose sight, hearing, or limbs, the waiting period will be dismissed. 

Riders

Great riders are another reason this is one of the best disability insurance companies for individuals. Here are some of the highlights you’ll be able to choose from:

• Residual disability: This rider pays for residual monthly benefits if you are disabled and the waiting period passes. 
• Critical illness: If you are diagnosed with a serious illness like cancer, Breeze will cover at least part of your medical costs. 
• Supplemental DI: This rider will pay you monthly benefits minus Social Security payments you receive. 
• Catastrophic disability: If you become cognitively impaired as a result of your disability, Breeze can help you hire assistance to manage daily tasks. 
• Guaranteed insurability: If you buy extra insurance, you’ll be able to raise your monthly benefit. 

Bottom line

When buying long term disability insurance, you have to be wary of overly aggressive sales agents who push you to buy insurance products that you might not even need. With Breeze, this isn’t an issue. Everything is done online, so you’re in full control of what you choose to purchase.

Overview

To show you why this is the best company for disability insurance, we’ll quote Assurity itself: “You don’t get to be over 125 years old by accident.” This is a stable company with a very long history of success, and it will offer you straightforward, traditional disability insurance. While you won’t find short-term insurance here, the company’s long-term products are top shelf. 

With an AM Best rating of A-, Assurity’s financial background checks out completely, and you can rest assured that this company will keep providing you with good coverage.

Products and Benefits 

Assurity disability insurance is one of the most affordable products you can find. The company primarily offers disability income insurance for individual as its main product, but you can also apply for disability insurance for business owners. You’ll also find the best disability insurance for dentists here. There are several built-in benefits to Assurity’s policies. Here are some of them. 

• Home modification: If you end up disabled and need special home modifications to cater to your needs, Assurity will pay for the cost. 
• Vocational rehabilitation: If you decide to voluntarily participate in a rehabilitation program, you’ll get an extra benefit from Assurity. 
• Presumptive total disability: If you lose your sight, hearing, or limbs, the elimination period will be completely waived and you can immediately start receiving your benefits, regardless of whether you’re employed. 
• Waiver of premium: Once your disability claim is approved, monthly premiums are dropped. 
• Survivor benefit: Your beneficiaries will get a lump sum if you die during your disability. 

Riders

While riders can increase your long term disability insurance cost, they are often very useful and can provide a lot of benefits in the long run. Assurity gives you plenty to choose from – let’s highlight just a few: 

• Guaranteed insurability: This rider makes it possible to increase your coverage amount once a year to match your income. This is one of the reasons Assurity is a good company for both blue- and white-collar workers. 
• Non-cancellable: This rider ensures your premium remains the same no matter what. 
• Catastrophic disability benefit: If you end up severely diabled and can’t perform two out of six basic daily living activities, Assurity will pay an extra benefit. 
• Critical illness benefit: If you’re diagnosed with a serious illness such as cancer, the company will pay an extra benefit. Useful riders such as these are one of the reasons Assurity is on our disability insurance companies list. 

Bottom line

If you want affordable rates from a trusted source, then Assurity is a good choice for you. You can talk to an agent to get a disability insurance quote for you. After that, the underwriting process is fairly easy. Choose this option if you want good riders to customize your policy. 

Overview

Aflac offers the best short term disability insurance through employers. This company is a great choice for customers who want to get coverage through their work. If you opt for Aplac, you can expect affordable rates, transparent conditions, and a straightforward underwriting process. 

With an AM Best rating of A+, Aflac has superior financial stability and plenty of satisfied customers behind it. If your employer has chosen this company, you should feel reassured. It’s especially good for female workers because it offers the best short term disability insurance for maternity leave. 

Products and Benefits 

There are only a couple of benefits available as built-in features of Aflac’s products. The company does not offer long-term insurance, but this means it specializes in short-term options. Expect straightforward, transparent terms and these specific benefits:

• Waiver of premium: If you lose sight, hearing, speech, or your limbs, Aflac will waive premiums for the duration of the benefit. This option is not available for three-month insurance coverage. 
• Guaranteed renewable: If you keep paying your premiums regularly, you can renew your policy up to age 75. 

Riders

There are few riders to choose from, but they’re enough if you need the best short term disability insurance for pregnancy. Here are your options: 

• Disability benefit for on-the-job injury: Aflac will pay you benefits if your injury is caused by an already-covered on-the-job injury. 
• Aflac value rider: Aflac values loyal customers. To prove this, the company pays $1,000 dollars every five years while the policy is in effect, up to five times in total. If you get any disability claims paid during that period, they will be subtracted. 
• Additional units of disability: This rider is simple. It merely lets you purchase more coverage for your current insurance policy. 

Bottom line

When we conducted our disability insurance quote comparison, Aflac performed extremely well. You can get excellent coverage with this provider through your employer, and the whole process is very straightforward. Aflac is a strong company with a great financial background, so you can count on it to pay out its claims when you’re in need.