Disability insurance is a safety net that can save you from financial hardship if you suddenly fall ill or get injured. We’ve done some homework on various disability insurance providers, looking at their perks, costs, waiting periods, and how they define disability. Here’s a rundown of the top disability insurance companies to help you find the one that suits you best.
We’ve picked out the best disability insurance providers, focusing on those that offer the most bang for your buck. Here are some of them:
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Breeze Financial & Services Group: This is our top pick overall. Breeze is known for its affordability, flexibility, and straightforward processes. They offer a range of short and long-term disability solutions that you can apply for online. Their premiums start at just $9 for young, healthy workers. They also have a clear underwriting process and offer a wide range of policies for less common situations, like for small business owners or entrepreneurs with complex insurance needs. They even have an instant approval option for low-risk applicants that skips the usual medical underwriting requirement.
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MassMutual: This is our top pick for salary and retirement income protection. MassMutual offers customizable disability insurance products with unique optional riders. One of their standout features is their retirement savings protection rider that sets aside some income for your retirement plan, keeping your long-term investment strategy on track when you’re temporarily unable to work. However, you must work with an agent to secure a policy.
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Ameritas: This is our top pick for built-in benefits. Ameritas offers two types of disability insurance: one that pays a monthly benefit if you’re disabled and another that pays a one-time settlement. They also offer dental and vision coverage and have a strong financial rating and an A+ rating from the Better Business Bureau.
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Guardian Life Insurance Company of America: This is our top pick for self-employed coverage. Guardian offers short- and long-term disability insurance for self-employed individuals, group plans for employers, and supplemental policies for workers looking to add to their employer-sponsored coverage.
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Principal Financial Group: This is our top pick for portable coverage. All of Principal’s policies are written for individuals, not employers, and are therefore portable, meaning they remain in force when you change jobs.
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Mutual of Omaha Insurance Company: This is our top pick for coverage after age 65. Mutual of Omaha offers the potential — though not the guarantee — of coverage up to age 75, as long as you continue to work full-time and pay premiums.
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Assurity: This is our top pick for “any occupation” coverage. Assurity is a flexible option for workers with longer-term disability income insurance needs. It stands out for its commitment to “any occupation” coverage.
So, how does disability insurance work? It’s there to protect your income. If you can’t work due to an accident or illness, you can file a disability insurance claim. The insurance company will review the claim to determine your level of disability and to ensure it meets the company’s definition of disability. If they approve your claim, you’ll earn 50% – 70% of your pre-disability income for your chosen coverage period if you remain disabled for the entire time.
The cost of disability insurance is influenced by several factors, including your age and overall health, occupation, waiting period, amount of coverage, amount of income, and type of coverage.
We evaluated insurance companies based on several key factors, including policy types available, policy premiums, coverage types and limits, waiting periods, how long policies remain effective, and financial strength ratings.
