Ameritas is a highly rated insurer offering attractive rates on long-term disability insurance. While their customer service operations may be slightly slower than some, the wait is worth it for top-quality products.
|Product name||DInamic Foundation|
|Elimination period||30 days, 60 days, 90 days, 180 days, 365 days, 730 days, subject to benefit period|
|Benefit period||2 year, 5 year, 10 year, Age 65, Age 67, Age 70|
|Definition of disability||Own Occupation, Not working; True Own Occupation available as add on|
|Guarantee||Guaranteed Renewable; Non-Cancelable via add on|
|Partial/residual disability||Built-in or added via rider|
Automatic increase. Automatic 4% increase in benefit for the first five years you own the policy with no underwriting.
COBRA premium benefits. If you become unemployed due to disability, Ameritas will reimburse you for COBRA medical premiums.
Cosmetic disability. If you become disabled as a result of elective cosmetic surgery, the benefit is paid.
Good health benefit. This reduces the elimination period by two days every year you own the policy and don't file a claim.
Presumptive total disability. Presumes total disability if you lose sight, hearing, speech, hands, or feet. No elimination period and full benefit paid regardless of employment.
Non-disabling injury. Reimburses some medical or dental expenses for injuries that are not disabling.
Surgical transplant. Elective transplant surgery qualifies as a sickness after six months of policy ownership.
Survivor benefit. If you die while on claim, three additional months will be paid to your beneficiaries.
Waiver of premium. No more premium payments are required once a claim is approved.
Catastrophic disability benefit. An additional monthly benefit is paid if you cannot perform two or more activities of daily living.
Cost of living adjustment. Increases the monthly benefit while on claim, based on Consumer Price Index (3% max).
Enhanced residual disability/Basic residual disability. Pays a benefit if you are still working in your job, but lose income due to injury or illness.
Future increase option. Lets you increase the coverage on an annual basis, up to age 55, with no medical underwriting.
Social insurance substitute. Part of the monthly benefit could be reduced if you qualify for social security disability.
Available riders may vary by state and individual application.
Ameritas is an old institution but a newer entrant to disability insurance, offering a comparably strong contract for lower rates. Their operations are a bit slow (with a typically slower-than-average turnaround) but the product is worth the wait.
Evaluation: 4.5 / 5
Contract: 5 / 5
Application process: 5 / 5
Customer service: 3 / 5
Underwriting: 5 / 5
A.M. Best rating: A
BBB rating: A+