While there are many insurance carriers that offer disability insurance in the market today, there are some that we prefer over others. This is primarily due to their policy options, financial strength and stability, flexibility, and / or their affordable premiums. Having a number of different insurance companies available means that we can better custom fit the disability plan and premium that is right for you or your business.
These are the 5 best disability insurance companies that we represent:
The Standard Insurance Company traces its roots back to 1906, when a German teenager named Leo Samuel made his way to New York, and eventually settled in Portland, Oregon. Samuel set his sights on starting an insurance company that could provide local service and contribute to the local economy.
Today, The Standard possesses more than $31 billion in assets under administration. The company’s insurance products cover roughly 6.5 million people under employee benefit plans, and approximately 178,500 individuals.
The Standard Insurance Company is licensed to offer its products in 49 states, the District of Columbia, Guam, Puerto Rico, and the Virgin Islands. Due to its financial strength and stability, this insurer boasts high ratings from Standard & Poor’s (A+), Moody’s (A1), and A.M. Best Company (A).
Through The Standard, both individual and business disability insurance is available. Platinum Advantage, The Standard’s individual disability policy, provides coverage to protect your income and lifestyle by tailoring it to meet your specific needs.
This plan includes a Family Care Benefit, which allows you to take time away from work in order to care for a child, a parent, or a spouse who has a serious health condition. This can help to reduce the financial impact of caring for a loved one, as income will still be flowing in.
Just some of the additional features of this disability policy include:
- Guaranteed Renewable – With guaranteed renewable coverage, The Standard cannot change your coverage or your cost, provided that you continue to pay the premium on time.
- Rehabilitation Benefit – With this benefit, The Standard will pay the reasonable costs of an approved rehab program that can help you to return to work sooner.
- Automatic Increase Benefit Rider – Because prices continue to rise over time, the Automatic Increase Benefit Rider allows for annual disability benefit increases. This can better ensure that your coverage keeps pace with your rising income.
- Survivor Benefit – In order to continue providing for your loved ones – even in the event that you pass away – the Survivor Benefit will pay out a benefit that is equal to three times the policy’s basic monthly benefit to a named beneficiary.
- Student Loan Rider – If one of your monthly debt obligations is a student loan, the optional Student Loan Rider could be a viable option for you. Here, should you become totally disabled and unable to work, The Standard will reimburse some – or even all – of your student loan payments so that you don’t fall behind.
Knowing that your everyday living expenses will continue to be paid – even if you are no longer able to work and earn an income – can provide you and those who depend on you with financial peace of mind.
Learn more about the disability insurance benefits that are offered through The Standard.
Principal Financial is a strong and stable Fortune 500 company / insurer, with total assets under management of nearly $669 billion (as of year-end 2017). This company serves more than 22 million customers, with offices in 19 countries around the world.
Given its strong financial position, The Principal Life Insurance Company and Principal National Life Insurance Company have very high marks from the insurer rating agencies, including a(n):
- A+ (Superior) from A.M. Best Company
- AA- (Very Strong) from Fitch
- A1 (Good) from Moody’s Investor Service
- A+ (Strong) from S&P Global
The disability protection that is offered through The Principal provides a monthly income benefit that can help you to pay your living expenses if you become injured or too sick to continue working.
Knowing that it isn’t just your income that’s interrupted due to a disability, though, The Principal also offers Retirement Savings Protection that can compliment your disability income insurance coverage. Disability coverage is available for both individuals and businesses.
Learn more about how you can protect your paycheck and your retirement savings through The Principal Financial.
Mass Mutual was initially founded in 1851 with a single purpose – to help people secure their future and to protect the ones they love. Today, this insurer holds roughly $675 billion in assets under management, and it provides a wide range of insurance and investment products to help grow and protect wealth.
Due to the company’s prudent investment strategy for more than 160 years, MassMutual has earned some of the highest ratings available – including an A+ (Superior) from A.M. Best, an AA+ (Very Strong) from Fitch Ratings, an Aa2 (Excellent) from Moody’s Investor Services, and an AA+ (Very Strong) from Standard & Poor’s.
MassMutual offers disability insurance coverage for both individuals and businesses. Individual coverage is “customizable,” so that the benefits can more closely fit different types of anticipated income protection needs. For instance, there is an option to grow coverage to help protect future purchasing power. This, in turn, can ultimately protect your lifestyle, as well.
Coverage for businesses can provide income protection – as well as retirement protection – for employees. Depending on the company, a business owner may be able to select key employees for disability income coverage, as well as coverage for business overhead expenses. This coverage can protect both the individual and the company.
Learn more about Mass Mutual’s disability insurance coverage and how it could benefit you.
United of Omaha
United of Omaha is a subsidiary of Mutual of Omaha Insurance Company. Headquartered in Omaha, Nebraska, this company essentially dates back to the year 1909. Based on its financial strength and stability, Mutual of Omaha has earned high ratings, including an A+ (Superior) from A.M. Best Company, an A1 (Good) from Moody’s Investors Services, and an AA- (Very Strong) from Standard & Poor’s. Through Mutual of Omaha, the company has also been affiliated with the Better Business Bureau since 1940, where it has an A+ rating.
There are several short- and long-term individual disability insurance plans that are offered through United of Omaha, including the:
- Priority Income Protection – This United of Omaha disability policy offers a simple, fast method of applying for coverage – and there is no medical exam required for approval, regardless of your occupation. Policy holders can also adjust benefits in order to meet their budget, which in turn, can help to keep the cost of the coverage affordable. The monthly benefit will cover up to 70% of your net income (up to a maximum of $4,000), for 12, 24, or 36 months. There is also a partial disability benefit available on this plan. When you are unable to perform the material and substantial duties of your regular occupation (between 20% and 50% of the time), the policy will pay 50% of the total monthly benefit to you for up to six months. This can allow you to segue back into your job as you recover. And, if a related disability occurs within six months of you returning to work full-time, the Recurrent Disability feature removes the need to satisfy a new elimination (waiting) period. This coverage can be continued up to age 65.
- Disability Income Choice Portfolio – The disability insurance plans in the Disability Income Choice Portfolio from United of Omaha offer full-scale, custom-tailored protection that is able to meet most any need and budget. This can be an ideal solution for those who want to select from a wide variety of policy options. For instance, the short-term coverage will allow you to have immediate protection – from the very first day of your disability – that can fill in the income “gap” until your employer-sponsored disability income benefits kick in. If you leave your employer, though, this “portable” individual plan goes with you. Monthly benefits of up to $5,000 are available here, with benefit period durations of up to 24 months. And, as long as the premium is paid, this coverage can be kept in force up to age 67. There are some additional, optional riders that may be added to this coverage, too, including a Critical Illness Benefit Rider, a Hospital Confinement Indemnity Benefits Rider, an Accident Medical Expense Benefits Rider, and a Return of Premium Benefit Rider. The long-term plans that are offered via the Disability Income Choice Portfolio from United of Omaha can provide benefits of up to $12,000 per month (depending on your income). These plans offer coverage for two years, or up to age 67, and elimination (waiting) period options of between 60 and 365 days. With these plans, if an injury prevents you from performing the duties of your regular job in the normal time that it would take to do them – and your loss of monthly income is at least 20% – then the Proportionate Disability Benefit will pay you a percentage of the total disability monthly benefit (proportionate to your loss of monthly income). Other features that are available on these plans include Waiver of Premium, a Terminal Illness Benefit, a Rehabilitation Benefit, and a Survivor Benefit. In addition, there are several optional benefits / riders that may be chosen, such as a Future Insurability Option, a Cost of Living Adjustment Rider, a Critical Illness Benefit Rider, a Hospital Confinement Indemnity Benefits Rider, an Accident Medical Expense Benefits Rider, and a Return of Premium Benefit Rider. <Link to Understanding Disability Insurance Policy Riders post>
Learn more about how the disability insurance protection offered through United of Omaha can benefit you.
With more than 35 years of experience in the insurance arena, Berkshire Life Insurance Company of America offers a wide variety of disability income coverage options to choose from. These include individual plans, business plans (such as protection for physicians and attorneys), and coverage for employer groups. There are both long- and short-term coverage alternatives available.
Overall, Berkshire’s business disability products include:
- Professional Business Disability Overhead Expense – Disability insurance business overhead coverage provides reimbursement for the expenses of operating your business if you become disabled and you are not able to work. Such expenses can include your company’s rent or mortgage payments, as well as utilities, and other costs that are normal for the operation of the business.
- Disability Buy Out Coverage – If an owner or partner of a company were to suddenly become disabled, disability buy out coverage can provide a way for the remaining owners or partners to purchase the disabled person’s share of the company. This benefit can keep a company intact and running – even if an owner or partner is no longer able to remain with the business.
- Key Person Disability Insurance – If your company relies on one or a few key individuals – such as a top producing sales rep – the business could suffer if he or she became disabled and unable to continue working. Key person disability insurance can protect a company from the disability of a key member. Here, for instance, the policy’s income recipient is the business, not the employee. This type of coverage is considered a business expense, and the premium is therefore tax deductible as such.
- Disability Insurance for Professionals – including individuals, executives, physicians, and attorneys.
- Coverage for Employer Groups – With this type of coverage, financial strain can be reduced for both an employee and the employer if an employee becomes disabled. Berkshire offers group short- and long-term disability coverage options, as well as supplemental disability income protection plans that can help to fill in the income “gap” that may be faced if the employer-sponsored plan does not provide enough benefit to maintain an insured’s lifestyle. <Link to Supplemental Disability post>
Learn more about the many different disability insurance plan options that are offered by Berkshire.
Which Disability Insurance Company is Right for You?
Because everyone’s needs are different, there isn’t just one single disability insurance carrier – or policy – that is best across the board. So, it is typically recommended that you compare several different options in order to find the disability coverage, insurance carrier, and the premium that are right for you.
Working with an independent disability insurance professional can also be beneficial, as independents can go out into the market place to find plans, rather than simply pulling one from their own company’s “shelf” and hoping that it fits the need.
To obtain and compare disability insurance quotes, <go HERE – Link to Quote engine>