The right disability insurance policy can be essential financial protection, especially for high-earners, but it’s important to make sure you’re choosing the best disability insurance company for you. Our expert picks for the top disability insurance companies make it easy to find one that fits your needs.
Best if … | What we like about it … | |
|---|---|---|
You earn a high income and have a non-manual job | Offers lifetime benefits for total disabilities (even after the policy expires). | |
You have a manual job with some physical risk involved | Applicants under age 60 can qualify for fast underwriting. | |
You have a very high-risk job or a complicated medical history | Covers high-risk applicants who might have a hard time finding a policy. | |
You have a high income and have dependents who rely on you | Includes a family care benefit if you have to take time off to care for a sick loved one. |
What is disability insurance?
Think of disability insurance as income protection insurance. If you can’t work because of an unexpected injury or illness, like a back injury from a car accident or severe anxiety or depression, your disability insurance will cover you.
You can use your disability insurance just like your regular paycheck, for everything from your mortgage to your grocery bills.
What makes a disability insurance company the best?
The best disability insurance company for you is going to be the one that matches your needs and budget. As you shop, pay attention to policy details, coverage options, and cost. Knowing these basic disability insurance terms can help you understand what to look for:
Benefit period: The maximum length of time your policy will pay out. The best companies offer benefit periods that last until retirement age, but some companies even offer coverage that continues after your policy has expired in certain cases.
Definition of disability: Some policies define a disability as an illness or injury that keeps you from working at all, but with others, a disability is anything that keeps you from doing your current job, even if you’re able to work in a different field
Elimination period or waiting period: The time between your illness or injury and when you can start receiving benefits. A shorter waiting period means you’ll get paid out sooner, but it’ll be more expensive.
Riders: Coverage add-ons that modify or enhance your coverage. Some riders are optional, others are included on most standard disability insurance policies.
Best disability insurance companies: Expert picks
2024 Policygenius award winner
Guardian
4.0
Why we chose it
Guardian disability insurance is a good option for people with high incomes who don’t have a job with manual or physical duties.
Pros and cons
Pros
Non-cancellable rider built in
Offers a lifetime extended benefits rider
Lots of other optional riders
Cons
Not a top choice for people with manual jobs
More details
More about Guardian disability insurance
Definition of disability: Own occupation, and any occupation
Available waiting periods: 30, 60, 90, 180, 360, and 720 days
Available benefit periods: 2 years, 5 years, 10 years, to age 65, to age 67, to age 70
Built-in riders: Guardian’s disability insurance comes with a hospice care benefit, a non-cancellation/guaranteed premium rider, presumptive total disability benefits, an unemployed premium suspension, and a waived elimination period if you’re injured within five years after another disability.
Optional riders: Guardian offers an automatic increased benefits rider, a basic and enhanced partial disability benefits rider, a catastrophic disability rider, a cost of living adjustment, a lifetime extended benefits rider that allows you to collect benefits after your policy’s expiration date, a future increase option, a lump sum benefit rider, a severe disability rider for illnesses and cognitive impairment, a student loan repayment rider, and a supplemental disability insurance benefit.
Customer satisfaction ratings: Guardian has a company-wide complaint index of 0.80, according to the National Association of Insurance Commissioners (NAIC). That means Guardian receives about 20% fewer complaints than expected.
State availability: Available in all 50 states
2024 Policygenius award winner
Illinois Mutual
3.5
Why we chose it
Disability insurance from Illinois Mutual is a great choice if you work a specialized manual job, like construction workers, electricians, and truck drivers.
Pros and cons
Pros
Policies include a partial disability benefit
Comes with a rider that pays for home modifications
Offers coverage for mental health, substance abuse
Cons
Not available in every state
More details
More about Illinois Mutual disability insurance
Definition of disability: Total and own occupation
Available waiting periods: 30 days, 60 days, 90 days, 180 days, 1 year, 2 years
Available benefit periods: 6 months, 1 year, 2 years, 5 years, 10 years, to age 67
Built-in riders: Disability insurance from Illinois Mutual comes with an automatic increased benefits rider, a benefit if you’re disabled after a transplant, extra benefits after you lose sight or two limbs, partial disability coverage, a recurrent disability benefit in case past disability crops up again, a presumptive total disability benefit, a retraining and home modification benefit, a survivor benefit, an unemployed premium suspension, and waived premiums after you’re disabled.
Optional riders: Optional additions include cost of living adjustments, a future increase option until age 55, a non-cancellation/guaranteed premium rider, a residual benefits rider that makes up for your loss in income after you come back from a disability, a retroactive disability rider if you’re disabled within the first 30 days of another injury, a return of premiums rider, and a social insurance substitute which offsets your benefits from other disability payments.
Customer satisfaction ratings: Illinois Mutual has a company-wide complaint index of 0.28, according to the National Association of Insurance Commissioners (NAIC). That means Illinois Mutual receives much fewer complaints than expected.
State availability: Available in every state except Alaska, California, the District of Columbia, New York, and Vermont.
2024 Policygenius award winner
Petersen
3.5
Why we chose it
Peterson disability insurance may be best for people who are considered high-risk, either because of their jobs or their medical history.
Pros and cons
Pros
Offers coverage for higher-risk shoppers
Comes with non-cancellable coverage
Covers disabilities from war and terrorism
Cons
Limited benefit periods
More details
More about Petersen disability insurance
Definition of disability: True own occupation
Available waiting periods: 30 days, 60 days, 90 days, 180 days, and 365 days
Available benefit periods: 1 year, 2 years 3 years, 5 years and 10 years; to age 65, 67, or 70 only for executives, attorneys, accountants
Built-in riders: Petersen has a few features built into its disability insurance, including coverage for disabilities caused by wars and terrorism, a non-cancellation/guaranteed premium rider, presumptive disability coverage, and waived premiums after you’re disabled.
Optional riders: Petersen offers just two optional riders: a cost-of-living increase and residual disability coverage if your income is reduced by 15% or more.
Customer satisfaction ratings: Petersen doesn’t have complaint data with the NAIC available, but it has an A+ rating from BBB.
State availability: Available in every state except Maine, Montana, and Rhode Island
2024 Policygenius award winner
The Standard
4.0
Why we chose it
We recommend disability insurance from The Standard for high earners who don’t have a manual or high-risk job.
Pros and cons
Pros
Includes a family care benefit
Offers a student loan protection rider
Gets a lower-than-average number of complaints
Cons
Not a top choice for people with manual job duties
More details
More about The Standard disability insurance
Definition of disability: Own and modified own occupation
Available waiting periods: 60, 90, 180, and 365 days
Available benefit periods: 2 years, 5 years, 10 years, to age 65, to age 67
Built-in riders: Disability insurance from The Standard comes with a family care benefit that covers you if you have to take care of a sick family member, presumptive disability coverage, a recurrent disability benefit in case you become disabled again within 12 months after an earlier disability, a rehabilitative care benefit, a survivor benefit, and suspension of the policy while you’re on active military duty.
Optional riders: The Standard offers automatically increasing coverage for six years, basic and residual partial disability coverage, a catastrophic disability insurance rider, cost-of-living coverage increases, a future increase option, a non-cancellation/guaranteed premium rider, and student loan protection.
Customer satisfaction ratings: The Standard has a company-wide complaint index of 0.25, according to the National Association of Insurance Commissioners (NAIC). That means The Standard receives much fewer complaints than competitors.
State availability: Available in all 50 states
Complete list of the best disability insurance companies
Here is our list of top disability insurance companies, along with financial strength scores from trusted third-party AM Best, the relative number of complaints that each company receives, and Better Business Bureau (BBB) ratings.
AM Best rating | NAIC complaint index | BBB rating | |
|---|---|---|---|
Ameritas | A | 46% below average | A+ |
Assurity | A- | 56% below average | A+ |
Fidelity Security | A- | 68% below average | A+ |
Guardian | AA+ | 20% below average | A+ |
Illinois Mutual | A- | 72% below average | A+ |
Massachusetts Mutual | A++ | 96% below average | A |
MetLife | A- | 60% below average | A+ |
Mutual of Omaha | A+ | 52% below average | A+ |
Northwestern Mutual | A++ | 97% below average | A- |
Ohio National | A | 55% below average | A+ |
Petersen | A | N/A | A+ |
Principal | A+ | 80% below average | A+ |
RiverSource | A+ | 83% below average | A+ |
State Farm | A++ | 77% below average | A+ |
The Standard | A | 75% below average | A+ |
Thrivent | A++ | 97% below average | A+ |
Unum | A | 29% below average | A+ |
The average NAIC complaint index score is always 1.00. This means that a company with a complaint index score of 0.50 gets 50% fewer complaints than is average for the industry.
What is the best type of disability insurance?
The best kind of disability insurance for most people is private or individual long-term disability insurance. Getting your own coverage means you have full control over your policy, and having the right long-term disability insurance can mean you’ll get payments for years or even decades.
Other types of disability insurance include:
Short-term disability insurance: Coverage typically only lasts up to a year, so this can be a good stopgap between when you first are injured or get sick and when your long-term benefits start.
Employee-sponsored disability insurance: Offered for free or at a discount by your employer, this is usually short-term coverage and it’s tied to your employment, meaning you’ll lose the policy if you change jobs.
Social Security Disability Insurance: Available for free through the government, but it’s hard to qualify for and payments are low, so they may not be enough to live off of
Most other types of disability insurance don’t provide the same level of coverage as a long-term policy, but you can pair them with long-term disability insurance to close any coverage gaps.
→ Read more about whether long-term disability insurance is right for you
Own-occupation vs. any-occupation disability insurance
How your policy defines a disability affects whether you qualify for benefits. The two most-common definitions of disability are own-occupation and any-occupation — you pick the definition when you buy coverage.
What are the best disability insurance riders?
The best disability insurance riders —add-ons that change your policy — will depend on the kind of coverage you need. Some common disability insurance riders include:
Automatic increase benefit: Automatically increases your policy’s benefits every year for a set number of years to keep up with expected income increases.
Cost of living adjustment (COLA): Increases your monthly benefit to keep up with inflation.
Family care benefit: Offers coverage if you have to leave your job in order to take care of a sick family member.
Good health rider: Lowers your policy’s waiting period for every year that you don’t make a claim (but not to zero).
Non-cancelable or guaranteed premium: Your disability insurance company won’t drop your coverage or raise your rates as long as you keep up with your regular payments.
Occupational rehabilitation: Covers the cost of a job-training or a rehabilitation center after a disability.
Option for future increases: Allows you to increase your disability coverage in the future without going through another medical exam.
Presumptive total disability: Skips the waiting period for disability benefits if you lose one of your senses or a limb.
Survivor benefit or death benefit: Your loved ones will get a payout if you die while receiving benefits.
Waiver of premium: You won’t have to continue paying your premiums once you’re disabled.
Best disability insurance companies by profession
Your job can affect your disability insurance rates. You’re likely to see lower rates if you work in a corporate or desk job rather than one where you could be easily injured.
If you have a high-risk job, some insurance companies may decline to cover you. You may even have to rebuy a policy every few years because of the chance you’ll be hurt on the job.
But no matter your job, you’ll likely be able to find a long-term disability insurance policy that meets your needs. Here are the best disability insurance companies by career:
Best short-term disability insurance companies
Short-term disability insurance is usually offered as an employer benefit, sometimes for free. If you don’t get short-term disability coverage through work, you can buy a policy on your own, although the cost isn’t always worth the protection you get.
You can sometimes get short-term disability insurance as an extra from the same company where you buy your long-term coverage.
Some of the most popular short-term disability insurance companies are:
Aflac
Humana
Mutual of Omaha
Metlife
How much does disability insurance cost?
How much you pay for disability insurance will depend on your income — how much money you’d have to replace if you became disabled, but generally, disability insurance costs between 1% and 3% of your annual income.
The best disability insurance should balance solid protection with affordable rates. Here are some of the factors that will affect your disability insurance quotes:
Your monthly benefit amount
The maximum benefit period
The waiting time before you can start receiving payments
Any optional riders you add
Whether you’re billed monthly, semi-annually, or annually
Your age, gender, and overall health
The specifics of your job
Frequently asked questions
Is disability insurance worth getting?
It’s worth getting disability insurance if you work in a high-paying or specialized job and you wouldn’t be able to support yourself or your family without an income.
Can you buy your own disability insurance?
Yes, disability insurance is available to buy just like any other type of insurance. If you buy your own disability insurance, you’ll get what’s called a private or individual policy.
Who offers the best long-term disability insurance?
The best company for long-term disability insurance depends on your job, age, gender, medical records, and how much income you’d need to replace if you were injured. If you’re not sure where to start, a Policygenius agent can help you compare your disability insurance options for free.
