Best disability insurance companies in 2022

Disability insurance is protection for your paycheck, allowing you to replace your income when you’re unable to work. Many people overlook getting disability insurance since they may have some disability coverage through their employer. But only about half of mid-to-large-sized companies offer long-term disability insurance to their employees, [1] which means you might not have as much financial protection as you need.

You can find the right insurance company for your needs by comparing company ratings and policy features. Researching what companies are the best for your specific profession can also help you save time, hassle, and money.

We compared some of the biggest disability insurance companies by looking at their A.M. Best and Better Business Bureau ratings, proving their financial and customer service strength.

The best disability insurance companies

Choosing a disability insurance plan to protect your paycheck if you’re unable to work is a big decision. Part of selecting the right disability policy is finding the right insurance company. The best choice depends on your individual circumstances and coverage needs. 

Policygenius ranks each insurer using our own internal data, but every disability insurance application is one of a kind — talking to a disability insurance agent is the best way to find the best disability insurance company and most competitive policy for you.

These are the best disability insurance companies based on their consumer satisfaction and financial strength ratings.

→ Read our reviews of the top disability companies for 2022

The best disability insurance companies by profession

Roughly 90% of all disability claims are due to conditions we cannot control — illnesses rather than injury, according to Policygenius Sales Operations Manager Anthony He. 

That's why it's still important for people who don't have high-risk jobs (like doctors, dentists, and lawyers) to have disability insurance. In fact, it's especially important for people in high-paying jobs that may need to pay back expensive loans for their education.

Most disability insurance companies heavily weigh your profession when determining your premiums and may be more accommodating to workers in certain fields. For example, insurance companies like Assurity, Illinois Mutual, and Mutual of Omaha can provide better coverage for people whose work includes manual duties whether they’re nurses or postal workers. Principal is best for high-income earners.  

Here are the best disability insurance companies for:

• Architects

• CPAs

• Consultants

• Chiropractors

• Doctors

• Dentists

• Federal employees

• Nurses

• Lawyers

• Oncologists

• Pharmacists

• Self-employed people

• Small business owners

• Software engineers

• Startup employees

• Teachers

• Veterinarians

How much does disability insurance cost?

The cost of disability insurance policies depends on these factors:

The monthly benefit amount, benefit period, and elimination period 

The higher the coverage amount, the longer the benefit period, and the shorter the elimination period, the more your policy will cost.

Gender, age, and health

Women tend to pay more for coverage, as do older applicants. Your health rating and whether or not there will be restrictions in coverage will be determined by your medical records and medical exam. 

Profession

An insurance company may price members of a certain profession differently than another company, even for seemingly safe jobs. Choosing the right company for your chosen profession can save you a lot of money over the life of the policy. You can compare disability insurance quotes with Policygenius to quickly find the best price. 

Best long-term disability insurance

In addition to the financial and consumer ratings, cost, and professional considerations listed above, you should look at the policy features and riders offered by each disability insurance company to ensure you’re getting a policy that works for your situation.

What to look for in a long-term disability policy:

Base policy details

First, look at all the base policy details. This includes the:

• Elimination period or waiting period: How long you must wait before the insurer pays a benefit

• Benefit period: How long the benefit will last

• Policy's disability qualifications: Some disability companies, like Principal or The Standard are better for covering mental health, for example.

• Partial benefits: If you qualify when you're still able to do some work

Built-in policy features

Next, look at the built-in policy features. These are subject to availability based on your personal profile, but are standard across most insurance companies. Policy features include:

• Guaranteed renewable

• Waiver of premium

• Automatic increase benefit

• Presumptive total disability

• Family care benefit

• Survivor benefit or death benefit

• Occupational rehabilitation

Additional riders

Finally, consider what disability riders are available. Some disability insurance companies may have a greater variety than others to help extend your coverage and customize a disability policy for your situation. For example, Ameritas has a built-in rider that for good health that can reduce your elimination period.

Best short-term disability insurance

There are fewer options for private short-term disability policies than with long-term disability insurance. Most people get short-term disability insurance from their workplace.

While short-term disability insurance isn’t the most cost-effective form of protection, it can still provide income protection under the right circumstances. Since long-term disability insurance policies can have a lengthy elimination period, a short-term policy can help fill that gap and ensure that you can continue paying bills in the interim.

Popular short-term disability insurance providers include:

• Aflac

• Humana

• Mutual of Omaha

• Metlife

Policygenius partners with LifePreserve to offer short-term disability policies to workers in the gig economy.