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.
Company | BBB Rating | A.M. Best Rating |
|---|
Ameritas | A+ | A |
Assurity | A+ | A- |
Fidelity Security | A+ | A- |
Guardian/Berkshire | A+ | A++ |
Illinois Mutual | A+ | A- |
MassMutual | A+ | A++ |
MetLife | A+ | A+ |
Mutual of Omaha | A+ | A+ |
Northwestern Mutual | A+ | A++ |
Ohio National | A+ | A+ |
Petersen International | A+ | A |
Principal Financial Group | A+ | A+ |
RiverSource | A+ | A+ |
State Farm | A+ | A++ |
The Standard | A+ | A |
Thrivent | A+ | A++ |
Unum | A+ | A- |
Methodology:A.M. Best ratings are an evaluation of an insurers' financial health. Ratings range from superior (A++ and A+) to poor (D). BBB ratings are based on consumer feedback from the Better Business Bureau. Grades range from A+ to F.
→ Read our reviews of the top disability companies for 2023
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:
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 from 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:
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 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
Best disability insurance FAQs
Is disability insurance worth getting?
If you would not be able to support yourself and your dependents if you lose your ability to earn income, then an individual disability insurance policy is worth the cost of premiums.
Can you buy your own disability insurance?
About half of U.S. employers do not provide disability insurance and the ones that do might not provide enough coverage. Getting private disability insurance – either long-term or short-term – is the best way to fill the coverage gap left by employer-provided disability insurance.
Who offers the best long-term disability insurance?
The best company for long-term disability insurance varies based on your profession, age, gender, health, and overall financial needs. Reach out to a Policygenius agent for free to compare your options for disability insurance.
