Disability insurance, which pays you if you can’t work because of illness or injury, can be essential financial protection. Take a look at our guide to the best disability insurance companies to help you find the right one for your needs.
Best disability insurance companies: Expert picks
2023 Policygenius award winner
Guardian
4.0
Why we chose it
Guardian disability insurance is a good option for people with high incomes who don’t have a job with manual or physical duties.
Pros and cons
Pros
Non-cancellable rider built in
Offers a lifetime extended benefits rider
Lots of other optional riders
Cons
Not a top choice for people with manual jobs
More details
More about Guardian disability insurance
Definition of disability: Own occupation, and any occupation
Available waiting periods: 30, 60, 90, 180, 360, and 720 days
Available benefit periods: 2 years, 5 years, 10 years, to age 65, to age 67, to age 70
Built-in riders: Guardian’s disability insurance comes with a hospice care benefit, a non-cancellation/guaranteed premium rider, presumptive total disability benefits, an unemployed premium suspension, and a waived elimination period if you’re injured within five years after another disability.
Optional riders: Guardian offers an automatic increased benefits rider, a basic and enhanced partial disability benefits rider, a catastrophic disability rider, a cost of living adjustment, a lifetime extended benefits rider that allows you to collect benefits after your policy’s expiration date, a future increase option, a lump sum benefit rider, a severe disability rider for illnesses and cognitive impairment, a student loan repayment rider, and a supplemental disability insurance benefit.
Customer satisfaction ratings: Guardian has a company-wide complaint index of 0.80, according to the National Association of Insurance Commissioners (NAIC). That means Guardian receives about 20% fewer complaints than expected.
State availability: Available in all 50 states
2023 Policygenius award winner
Illinois Mutual
3.5
Why we chose it
Disability insurance from Illinois Mutual is a great choice if you work a specialized manual job, like construction workers, electricians, and truck drivers.
Pros and cons
Pros
Policies include a partial disability benefit
Comes with a rider that pays for home modifications
Offers coverage for mental health, substance abuse
Cons
Not available in every state
More details
More about Illinois Mutual disability insurance
Definition of disability: Total and own occupation
Available waiting periods: 30 days, 60 days, 90 days, 180 days, 1 year, 2 years
Available benefit periods: 6 months, 1 year, 2 years, 5 years, 10 years, to age 67
Built-in riders: Disability insurance from Illinois Mutual comes with an automatic increased benefits rider, a benefit if you’re disabled after a transplant, extra benefits after you lose sight or two limbs, partial disability coverage, a recurrent disability benefit in case past disability crops up again, a presumptive total disability benefit, a retraining and home modification benefit, a survivor benefit, an unemployed premium suspension, and waived premiums after you’re disabled.
Optional riders: Optional additions include cost of living adjustments, a future increase option until age 55, a non-cancellation/guaranteed premium rider, a residual benefits rider that makes up for your loss in income after you come back from a disability, a retroactive disability rider if you’re disabled within the first 30 days of another injury, a return of premiums rider, and a social insurance substitute which offsets your benefits from other disability payments.
Customer satisfaction ratings: Illinois Mutual has a company-wide complaint index of 0.28, according to the National Association of Insurance Commissioners (NAIC). That means Illinois Mutual receives much fewer complaints than expected.
State availability: Available in every state except Alaska, California, the District of Columbia, New York, and Vermont.
2023 Policygenius award winner
Petersen
3.5
Why we chose it
Peterson disability insurance may be best for people who are considered high-risk, either because of their jobs or their medical history.
Pros and cons
Pros
Offers coverage for higher-risk shoppers
Comes with non-cancellable coverage
Covers disabilities from war and terrorism
Cons
Limited benefit periods
More details
More about Petersen disability insurance
Definition of disability: True own occupation
Available waiting periods: 30 days, 60 days, 90 days, 180 days, and 365 days
Available benefit periods: 1 year, 2 years 3 years, 5 years and 10 years; to age 65, 67, or 70 only for executives, attorneys, accountants
Built-in riders: Petersen has a few features built into its disability insurance, including coverage for disabilities caused by wars and terrorism, a non-cancellation/guaranteed premium rider, presumptive disability coverage, and waived premiums after you’re disabled.
Optional riders: Petersen offers just two optional riders: a cost-of-living increase and residual disability coverage if your income is reduced by 15% or more.
Customer satisfaction ratings: Petersen doesn’t have complaint data with the NAIC available, but it has an A+ rating from BBB.
State availability: Available in every state except Maine, Montana, and Rhode Island
2023 Policygenius award winner
The Standard
4.0
Why we chose it
We recommend disability insurance from The Standard for high earners who don’t have a manual or high-risk job.
Pros and cons
Pros
Includes a family care benefit
Offers a student loan protection rider
Gets a lower-than-average number of complaints
Cons
Not a top choice for people with manual job duties
More details
More about The Standard disability insurance
Definition of disability: Own and modified own occupation
Available waiting periods: 60, 90, 180, and 365 days
Available benefit periods: 2 years, 5 years, 10 years, to age 65, to age 67
Built-in riders: Disability insurance from The Standard comes with a family care benefit that covers you if you have to take care of a sick family member, presumptive disability coverage, a recurrent disability benefit in case you become disabled again within 12 months after an earlier disability, a rehabilitative care benefit, a survivor benefit, and suspension of the policy while you’re on active military duty.
Optional riders: The Standard offers automatically increasing coverage for six years, basic and residual partial disability coverage, a catastrophic disability insurance rider, cost-of-living coverage increases, a future increase option, a non-cancellation/guaranteed premium rider, and student loan protection.
Customer satisfaction ratings: The Standard has a company-wide complaint index of 0.25, according to the National Association of Insurance Commissioners (NAIC). That means The Standard receives much fewer complaints than competitors.
State availability: Available in all 50 states
Complete list of the best disability insurance companies
Here is our complete list of disability insurance companies, along with financial strength scores from trusted third-party A.M. Best, the relative number of complaints that each company receives, and Better Business Bureau (BBB) ratings.
A.M. Best rating | NAIC complaint index | BBB rating | |
|---|---|---|---|
Ameritas | A | 46% below average | A+ |
Assurity | A- | 56% below average | A+ |
Fidelity Security | A- | 68% below average | A+ |
Guardian | AA+ | 20% below average | A+ |
Illinois Mutual | A- | 72% below average | A+ |
Massachusetts Mutual | A++ | 96% below average | A |
MetLife | A- | 60% below average | A+ |
Mutual of Omaha | A+ | 52% below average | A+ |
Northwestern Mutual | A++ | 97% below average | A- |
Ohio National | A | 55% below average | A+ |
Petersen | A | N/A | A+ |
Principal | A+ | 80% below average | A+ |
RiverSource | A+ | 83% below average | A+ |
State Farm | A++ | 77% below average | A+ |
The Standard | A | 75% below average | A+ |
Thrivent | A++ | 97% below average | A+ |
Unum | A | 29% below average | A+ |
The average NAIC complaint index score is always 1.00. This means that a company with a complaint index score of 0.50 gets 50% fewer complaints than is average for the industry.
What is the best type of disability insurance?
The best kind of disability insurance is long-term disability insurance. A long-term disability insurance policy pays out if you get sick or hurt and can’t work, and will cover you for whatever benefit period you chose — anywhere from a couple of years or up through retirement age.
Many people can get short-term disability insurance through their jobs, but short-term disability insurance will only cover you for a few months before you lose the benefits.
→ Read more about whether you should get long-term disability insurance
Best short-term disability insurance companies
Short-term disability insurance is usually offered as an employer benefit, sometimes for free. If you don’t get short-term disability coverage through work, you can buy a policy on your own, although the cost isn’t always worth the protection you get.
You can sometimes get short-term disability insurance as an extra from the same company where you buy your long-term coverage.
Some of the most popular short-term disability insurance companies are:
Aflac
Humana
Mutual of Omaha
Metlife
What makes a disability insurance company the best?
The best disability insurance company for you is the one that matches your needs and budget. As you shop for disability insurance, pay attention to the details of each policy, any extra coverages that are available, and the overall cost.
Basic disability insurance policy details
When you get a disability insurance quote, you’ll need to fill in some details about what you want in a policy. Here’s a glossary of basic terms to know when you’re shopping for disability insurance:
Benefit period: The length of time you’ll get payments. The best companies offer coverage that lasts until retirement age, but some even offer coverage that continues after your policy has expired.
Disability qualifications: The way a company defines what a disability is affects when you’d receive coverage. Some companies offer coverage only if you can’t work any job, while the best companies will let you continue to receive benefits even if you can still work after you’re disabled.
Elimination period or waiting period: The time after you have to wait before you’ll receive any of your benefits. A shorter waiting period means you’ll get paid out sooner, but it’ll be more expensive.
Built-in and optional disability insurance riders
You can think of a rider like the “perks” of your disability insurance. Riders may be automatically included in a disability policy or you may have to add them.
Riders play a big part in which insurance company will be the best for you. If you want more protection, you should consider companies that offer lots of riders instead of companies that only offer a few. Some common disability insurance riders include:
Automatic increase benefit: Automatically increases your policy’s benefits for a certain period of time.
Cost of living adjustment (COLA): Increases your monthly benefit to keep up with inflation.
Family care benefit: Offers coverage if you have to leave your job in order to take care of a seriously ill family member.
Good health rider: Lowers your policy’s waiting period for every year that you don’t make a claim (but not to zero).
Non-cancelable or guaranteed premium: Your disability insurance company won’t drop your coverage or raise your rate as long as you make regular payments.
Occupational rehabilitation: Covers the cost of a job-training or a rehabilitation center after a disability.
Option for future increases: Allows you to increase your disability coverage in the future without going through another medical exam.
Waiver of premium: You won’t have to continue paying your premiums once you’re disabled.
Presumptive total disability: Skips the waiting period for disability benefits if you lose one of your senses or a limb.
Survivor benefit or death benefit: You get a loved one’s disability benefits for a set period of time if they died while receiving disability benefits.
How much does disability insurance cost?
How much you pay for disability insurance will depend on your income — how much money you’d have to replace if you became disabled, but generally, disability insurance costs between 1% and 3% of your annual income.
The best disability insurance should balance solid protection with affordable rates. Here are some of the factors that will affect your disability insurance quotes:
Your monthly benefit amount
The maximum benefit period
The waiting time before you can start receiving payments
Any optional riders you add
Whether you’re billed monthly, semi-annually, or annually
Your age, gender, and overall health
The specifics of your job
The best disability insurance companies by profession
Most disability insurance companies factor your job into your rates. That means that you’re likely to see lower rates if you work in a corporate or desk job rather than one where you could be easily injured.
If you have a high-risk job, it’ll be harder for you to find the same type of disability coverage as someone with a lower-risk job. You may even have to rebuy a policy every few years because of the chance you’ll be hurt on the job.
But no matter your job, you likely be able to find a long-term disability insurance policy that meets your needs. Here are the best disability insurance companies for:
Frequently asked questions
Is disability insurance worth getting?
It’s worth getting disability insurance if you work in a high-paying or specialized job and you wouldn’t be able to support yourself or your family without an income.
Can you buy your own disability insurance?
Yes, disability insurance is available to buy just like any other type of insurance. If you buy your own disability insurance, you’ll get what’s called a private or individual policy. The coverage you’d get through an employer is called group disability insurance.
Who offers the best long-term disability insurance?
The best company for long-term disability insurance depends on your job, age, gender, medical records, and how much income you’d need to replace if you were injured. If you’re not sure where to start, a Policygenius agent can help you compare your disability insurance options for free.
