Disability insurance protects your income if you're unable to work due to illness or injury. Relying on employer benefits or SSDI may leave you underinsured, as their payouts are often insufficient. "The Big 5" disability insurance companies specialize in policies for doctors, offering a true own occupation definition of disability. This ensures full benefits if you're unable to work in your specialty, even if you earn income in another field. Explore these carriers to find the best coverage for your needs.
"Big 5" Best Disability Insurance Companies
Ameritas
Ameritas offers its Cornerstone disability insurance policy, a popular choice known for its robust built-in benefits, including:
- Benefit Advancement: If an injury requires medical treatment or dental repairs to natural teeth, Ameritas will advance part of your benefit to help cover these expenses.
- COBRA Premium Benefit: If a disability leaves you unemployed and responsible for COBRA health insurance premiums, Ameritas reimburses up to a specified amount to help you maintain your coverage—an often overlooked expense when purchasing disability insurance.
- Good Health Benefit: For every year you complete without receiving benefits, Ameritas will reduce the elimination period by two days. In turn, this allows you to collect your benefits sooner if you become disabeld in the future.
Guardian
Guardian's Provider Choice disability insurance stands out with its Enhanced True Own Occupation definition of total disability, making it a top choice for surgeons and hands-on specialists. If most of your income depends on surgical procedures or direct patient care, and you're unable to perform those key tasks, you'll still be considered totally disabled—even if you continue performing other duties within your specialty.
In addition to this industry-leading definition, Guardian offers flexible elimination periods, the option to suspend premiums during unemployment, and a variety of customizable riders. Explore Protuity's detailed review to learn why Guardian is among the best disability insurance providers.
Principal
Principal's Income Protector disability insurance offers a range of built-in features, making it a strong and popular choice for medical and dental professionals. Key features include:
- Waiver of premium benefits.
- A death benefit for your beneficiaries.
- A supplemental health benefit that provides a lump sum if you're disabled and diagnosed with certain conditions like cancer, stroke, or coronary artery bypass graft surgery.
- Capital sum benefit offers a lump sum if you experience irrecoverable loss of sight in one eye, or the use of a hand or foot.
- Non-cancelable and guaranteed renewable coverage up to age 65.
Policies are customizable with flexible elimination periods and optional riders for enhanced protection. In addition to customizable riders, Principal offers True Own Occupation coverage, tailored specifically for medical and dental specialists. Read our detailed review to learn more about why Principal is considered one of the best disability insruance companies for doctors.
The Standard
The Standard's Platinum Advantage disability income policy is specifically tailored for physicians, offering a variety of built-in benefits for comprehensive protection, including:
- Family Care Benefit Rider: Helps cover lost wages while caring for an ill family member.
- Rehabilitation Benefit Endorsement: Assists with physical therapy and other recovery services.
- Survivor and Death Benefits: Provides financial support for your family.
- Waiver of Premium: Ensures your premiums are waived if you become disabled.
In addition to these essential features, The Standard offers a wide array of customizable options to further tailor your coverage to your needs. These include True Own Occupation coverage, student loan repayment riders, residual (partial) disability benefits, and much more. With such flexibility, The Standard is considered to be one of the best disability insurance companies for doctors.
MassMutual
MassMutual is one of the country's largest disability insurance companies, with over 10,000 employees. Physicians can obtain MassMutual's comprehensive policy called Radius Choice.
These policies are non-cancelable and guaranteed renewable to age 65. Additionally, you are able to personalize your coverage with optional riders like the student loan rider, future increase rider, true own occupation, RetireGuard and more. With its top customization options, MassMutual is known to be one of the best disability insurance companies for doctors.
Lloyd's of London: Specialized Coverage for High-Risk Individuals
While not one of “The Big 5,” Lloyd's of London has been synonymous with insurance for over 300 years. It's an insurance and reinsurance marketplace specializing in connecting buyers and sellers for unique insurance needs. The company has earned an A+ (Superior) financial strength rating and a positive outlook from AM Best.
Lloyd's of London specializes in covering complex risks that many traditional insurers may not underwrite. This includes disability insurance for high-risk occupations or individuals with specific medical history. Typically, Lloyd's of London policies will be offered through one of its syndicates, such as Petersen International Underwriters, with limitations including a term of insurance or lower benefit periods. However, this could be a great option for those with major pre-existing conditions affecting the ability to qualify for other top company policies.
Before purchasing disability insurance from Lloyd's of London or any other provider, it's advisable to consider consulting with an independent insurance broker to ensure you are selecting the coverage that best meets your needs.
Considerations for Choosing the Best Disability Insurance Company for Your Needs
Leverage the following tips to begin narrowing your search for your ideal insurer:
- Start looking early in your career: Carriers charge premiums based on your risks, including age. Getting coverage early on can help you lock in lower rates for the long term, as well as discounting for students, residents, fellows, or qualifying employers as an Attending physician.
- Familiarize yourself with the terminology: Insurance policies contain a lot of industry-specific language. Getting to know some common terms and definitions will make your analysis more meaningful.
- Compare benefits and features offered: Every insurer's policy differs. Comparing the coverage and options can get you the best value for the protection you need.
- Work with a trusted, unbiased insurance agency: Independent brokers offer flexibility, choice, objectivity, specialized knowledge and client advocacy that can be advantageous compared to agents who are bound to a single insurance company's offerings. They play a crucial role in helping individuals and businesses navigate the complex landscape of insurance to secure the most appropriate and competitive coverage available.
Request Your Quotes From Today's Best Disability Insurance Companies For Doctors
Protuity will provide you comparison quotes from the "Big 5" disability insurance carriers. Our agents are 100% independent, which means we're client-centric and have a fiduciary duty to act in your best interests. We'll discuss your needs and get multiple quotes before thoroughly reviewing your options with you.
Take the first step to protecting your financial stability by submitting a quote request.
