Best Disability Insurance Companies for 2019

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Assurity

Assurity

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Editor's Take

Assurity offers disability insurance for when you are unable to work, and will provide you with a portion of your lost income. Each month you’ll receive funds to help you with your living expenses, such as your mortgage, car payment, and monthly bills.

To get a quote you can fill out an online questionnaire where you’ll be asked about your age, income, what state you live, and occupation class. You can also call from 7 a.m. to 5 p.m. Monday through Friday to discuss your specific needs with a customer service representative.

Key Features

  • Online quotes
    No
  • Guarantee
    Guaranteed Renewable
  • BBB Rating
    A-

Details

  • Features may vary based on your state
  • Comprehensive online Customer Service Center
  • Qualifying ages: 18 to 59

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Mutual of Omaha

Mutual of Omaha

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Editor's Take

Mutual of Omaha offers multiple insurance products for a variety of different needs, of which are fully customizable. If you get sick or are unable to work, disability insurance will cover you by replacing a large part of your income. Mutual offers two solutions: Priority Income Protection and Disability Income Choice Portfolio.

Key Features

  • Online quotes
    Yes
  • Guarantee
    Guaranteed Renewable
  • BBB Rating
    A+

Details

  • Get 10-year coverage
  • Local agents to guide you
  • Comprehensive customer service

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Guardian Life

Guardian Life

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Editor's Take

Guardian Life offers four disability insurance packages. It offers individual, business owner, group, and supplemental individual disability insurance. You can get a free quote either online or over the phone. Disability insurance is not just for catastrophic life events, it also helps for common life conditions, such as severe arthritis or heart problems.

Key Features

  • Online quotes
    Yes
  • Guarantee
    Guaranteed Renewable and Non-cancellable
  • BBB Rating
    A+

Details

  • Award-winning customer service
  • Local advisors available
  • Plans may cover retirement contributions and student loan payments

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Disability Insurance Explained

Disability insurance is a form of income protection in the event you’re unable to work due to illness or injury. You can choose a short-term plan, which offers benefits for up to six months, or a long-term plan, which can cover you for years. Social Security also provides disability insurance, covering just a percentage of your monthly income.

When you enroll in a disability insurance plan, you’ll pay a monthly premium in order to get covered. If you become injured or ill and need to tap into your policy, your benefit amount will be a certain percentage of your pre-tax paycheck.

Don’t just look at the monthly cost. Look at the claim process to understand exactly how much you get and how quickly you’ll receive it.

It’s smart to make sure you receive at least 60% of your pay, if not more. This type of plan also comes with an elimination period, which you have to wait out before you can take advantage of your benefits. The cheaper the plan you pick, the longer you’ll have to wait.

Who Needs Disability Insurance

Disability insurance is ideal for anyone who doesn’t have the financial means to cover their expenses without their income. Even if you have a white-collar job, you could develop a non-injury related medical issue, such as illness, that could take you out of the workforce.

Although the majority of the American workforce does not have disability insurance, it’s a major financial gap in most households.

Serious outcomes can occur due to a lack of disability insurance coverage. Worst case scenarios include:

  • Defaulting on student loans
  • Going into foreclosure
  • Accumulating credit card debt

 Some basic planning and forethought can prevent these major issues from happening to you.

Frequently Asked Questions

How much does disability insurance cost?

There are multiple variables that influence your monthly premium for disability insurance. The biggest factors are your annual income and the amount of coverage you’d like to receive. You can fill out some basic information with an insurance company to get a quote.

Are medical expenses covered?

No, disability insurance is different from health insurance. Rather than paying for medical expenses, this type of insurance pays you a percentage of your salary so you can continue to pay your bills while sick or injured.

How much insurance should you have?

This is a personal question and depends on a lot of factors. Most financial experts recommend getting covered for at least 60% of your pre-tax income to help you through either short-term or long-term health issues.

Find the Right Disability Insurance Plan Today!

Get a personalized quote for your disability insurance today.

Call Now! (402) 476-6500

with our top pick Assurity

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