Disability Insurance is part of the insurance plans that seems confusing to so many people out there. Several people who want disability insurance policy don’t seem to get it. For instance, if something accidentally occurs at work, worker’s compensation will act as an alternative to replace your monthly paycheck, but what occurs if you become injured at your apartment or when you are not working?
This is the point where your disability insurance comes in to help you through this ugly incident. For example, you are assisting a close ally to pack furniture on the weekend. Unfortunately, you fall while on the staircase during the process. Then you discover you have a severe dislocation in your bones that will make you handicapped to go to work for some months.
The key thing to note is your worker’s compensation is not going to assist you based on the fact that the injury didn’t occur at your workplace. If you have a disability insurance plan, it can help you replace your lost income. Most short term insurance plans are normally offered by employers, this article is going to centre on firms who sell long term insurance plans.
Deciding on the Best Type of Disability Insurance Plan
Based on a recent survey in America, just one-third of Americans have possessed disability coverage via their workplace, which becomes a problem because this type of insurance can offer crucial financial assistance in turbulent times. If you find yourself in a case seeking disability insurance, the first place to begin is finding the best type of plan for your basic needs.
As you go in search of making comparisons among insurance firms, you shouldn’t consider only the price rate of the company, but also your financial stand to know what you can purchase. Some of these insurance firms that will be listed below also offer short term disability insurance plans, but the aim of this list is to offer you companies that can provide the best long term plans to you.
Another key thing to note on this list is everybody needs are different, which implies each individual has different needs. One disability insurance firm might seem ideal to one applicant but becomes terrible for another. You will need to carry out a thorough check on the one that will be ideal for you.
There were numerous key factors we had to consider before compiling this list. The purpose of doing this is to look at all angles to get the best options which include: Company history, financial standing, Price, Customer service, and options, etc.
Best Disability Insurance companies in 2020
Each of these disability insurance company on this list has long term credibility and has already obtained scores. Therefore, you can depend on them to pay your disability premium benefits as at when due.
This is one of the most recognized insurance firms that have different options for disability insurance. An example is an individual disability insurance plan. This firm stands out from all the competition based on their disability insurance for their self-employed applicants. If you are into sole proprietorship then this company is the best option for anyone in search of the individual disability plan.
This company simplified the disability income insurance policy that can issue your disability insurance without having to go through all the stress. All you need to do is to have a phone interview, and they will subscribe you to their plan.
This firm was established in the year 1860. Apart from having good ratings, they also have a fortune of 250 global financial services firms. They are not new in the insurance firm as you can see from the date it was founded. They have more than 2,750 agents and 58 agencies all over the world. This means there is an agency close to your locality.
3. Illinois Mutual
It might be you have not heard of this insurance firm before, but you have to include them when you are searching for disability coverage. As you can see from the name, they were founded in Peoria, Illinois more than 100 years ago. Currently, they have more than 1,000 insurance agents all around the world. Their paycheck can enable you to pay your monthly expenses.
4. PIU (Petersen International Underwriters)
This is the least well-known company, but you don’t have to write them off when it comes to disability insurance. They have had a remarkable history in the insurance sector. PIU was founded based on the concept when W. Harold Petersen was still a teenage boy and his father was undergoing a condition.
This condition stopped him from work for several years. He performed well in offering disability insurance policy for high-income earners. They also specialize in working with other clients that will lose their income if they are not able to work.
They are not newcomers to the disability insurance market. They have been operating since 1851, and that is more than 160 years of selling insurance. Beside been around for 100 years, they have also possessed quality ratings. Some of their coverage has an elimination period in nearly everything from 60 days to 730 days.
6. Mutual of Omaha
This firm has appeared on Good Financial Credits at different times, and with adequate reasons. What makes them so unique? It is the extra benefits they offer. They have various benefits that are built-in to their plans and others you will want to add on your policy if you yearn for more coverage.
Examples of these in-built features their policy has are Survivor benefit, terminal illness benefit, critical illness benefit, rehabilitation benefit, etc. They have customizable police you are going to admire.
7. Ohio National
Ohio National has an A+ and of the reasons, we have added them to our list is based on the fact they have good customer service. If you check reviews on this company, many people are giving a good recommendation about their customer services. They have an elimination period from 60 days to a year and also a minimum income benefit that is up to $30,000.
8. Principal Financial Group
The history of this firm can be traced to 1879. They have been in existence for a while, and they have adequate time to be conversant with their products and services. They have numerous awards which include the Adviser’s Choice Award. One special feature of these plans is they are available for employees who are working for at least 20 hours.
9. The Standard
They have numerous disability insurance you can choose from. The basic option for this disability insurance is that they have Platinum Advantage. If there is a need to request leave for a member of your family with a serious sickness and lose some fractions of your income, you may receive a monthly benefit.
This insurance firm was founded in 1887 with a different name, ‘ the old line Bankers Life Company of Nebraska’. This company was merged with Union Central and Acacia Life. After this merge, the firm became known as Ameritas, and there are two types of disability insurance such as the DInamic Foundation and DInamic Fundamental.