Ameritas is one of the leading providers of disability insurance, and many people trust this coverage to protect them financially should they become disabled. While Ameritas may seem like a good choice, it’s valuable to compare it with the other leading options to find the best coverage for your needs. At DrDisabilityQuotes.com, our Ameritas disability insurance review can help you get started with your comparison.
About Ameritas
Ameritas was founded in 1887 in Lincoln, Nebraska, as The Old Line Bankers Life Insurance Company of Nebraska. Over time, Bankers Life changed its name to Ameritas, merged with Acacia Life and Union Central Life, and is now known today as Ameritas Life. The company remains headquartered in Nebraska but operates nationwide with over 6 million customers. Ameritas is a mutual-based company, a company owned by its policyholders, not shareholders.
Originally focused on life insurance, Ameritas has since expanded to offer a full range of insurance and financial services. This includes life, medical, dental, vision and disability insurance, along with investment solutions, annuities, and retirement planning. Ameritas is particularly well-known for its disability insurance coverage, earning a strong reputation in this area to both individuals and businesses.
Ameritas Insurance: Standings and Financial Rankings
According to S&P and A.M. Best Company, Ameritas standings are strong and excellent, respectively. With an A+ and A rating for these organizations, Ameritas offers the financial strength to back your coverage well into the future.
Ameritas Insurance Products
Ameritas has two disability insurance products – Cornerstone and Foundation.
- DInamic Cornerstone Income Protection: Released on January 23rd, 2023, this product offers enhanced customization options. As of September 9th, 2024, DInamic Cornerstone is available nationwide, except in California, Montana, and New York.
- DInamic Foundation: DInamic Foundation will only be available in CA, MT and NY until DInamic Cornerstone is approved in those states.
Both policies are designed to provide essential financial security and reassurance, ensuring individuals are protected if an injury or illness unexpectedly interrupts their ability to earn an income.
For the purposes of our review of benefits, we will be discussing the DInamic Cornerstone Income Protection product. Please feel free to reach out to us for free quotes and explanation of benefits regardless of where you reside nationwide.
Ameritas Disability Insurance Riders
With Ameritas, physician disability insurance offers policyholders the flexibility to design their coverage based on their goals and needs. With a series of optional riders, you can create a policy that enhances your benefits should you become disabled.
Automatic Increase Rider
This rider is designed to provide a 4% automatic increase to your base monthly benefit every year for the first five years of the policy. The increases do not require any evidence of insurability but your premiums will increase by a similar percentage as your benefit grows.
Residual Disability Benefit Riders
Policyholders receive a partial disability benefit if they are still working within their occupation and lose some income due to an injury or illness, but not all. Ameritas offers three different versions of this rider; Enhanced Plus, Enhanced and Basic.
Cost of Living Adjustment
The cost of living adjustment (COLA) rider increases your benefit to offset the effects of inflation during a period of disability when you’re receiving benefits. This rider gives you the option to choose the rate for your benefits. Options include a 0-3% or a 2-6% rate, both compounded. The increase will be based on the change in the CPI-U. Regardless of the rate you choose, this increase will apply each year you remain disabled to help you adjust for inflation.
Future Increase Riders
With the future increase riders, policyholders can request to increase their coverage as their income increases. When this rider is added to your policy, you can apply for a benefit increase without medical underwriting. However, you will have the choice between two different types of increase riders: Future Increase Option and Benefit Increase Rider.
Catastrophic Disability
Catastrophic disability is defined as being unable to perform at least two activities of daily living without assistance, such as getting dressed or eating. Policyholders are also classified as catastrophically disabled if they experience a substantial cognitive impairment or become presumptively disabled according to the policy’s terms. With this rider, policyholders can collect an additional monthly benefit on top of the base monthly benefit.
Student Loan Repayment
Ameritas will reimburse monthly payments for specified student loan debt, while you are disabled, for as long as the loan obligation remains. You can select the benefit amount attached to this rider, usually up to $2,500, and the length of time this rider will remain on the policy if you expect to pay off your student loan debt in a certain amount of time.
Social Insurance Substitute
This rider allows policyholders to receive benefits when they are waiting for or do not qualify for income from Social Insurance benefis. This includes Worker’s Compensation, Social Security, occupational disease or employer liability laws, and similar Federal, state or local laws or acts. Once social insurance benefits are received, this benefit will be reduced dollar for dollar.
Lump Sum Savings
If this rider is on your policy, you will be paid a lump sum benefit at age 60 equal to 25% of your base, residual and COLA benefits paid over the life of the policy. A disability could result in a reduction or halt to your retirement savings contributions. Therefore, this rider provides extra protection allowing you to continue saving for retirement.
Included Benefits With Ameritas Coverage
Ameritas provides a wide range of built-in benefits automatically included in policies.
True Own Occupation
Ameritas does have a true own occupation definition of total disability. With true own occupation coverage, policyholders can collect full benefits when they are unable to work their usual occupation or specialty, even if they choose to work another occupation.
Good Health Benefit
Ameritas rewards policyholders for maintaining good health under their policies. The company will reduce the elimination period by two days for each consecutive year a policyholder does not receive disability benefits. The most common elimination period is 90 days, meaning you must be disabled for at least 90 days to receive benefits. With this Good Health Benefit, if a disability first occurs at year 10 of the policy, your elimination period will be 70 days.
Waiver of Premium
Once a disability claim is approved, Ameritas will waive your premium for the period of your disability.
Survivor Benefit
If the policyholder dies while collecting disability benefits, Ameritas will provide three months of monthly benefit to to the policyowner’s estate.
Cosmetic Surgery Benefit
If a policyholder becomes totally disabled from cosmetic surgery, to correct a disfigurement or to improve your appearance, Ameritas will pay disability benefits. The cosmetic surgery must occur more than six months after the policy issue date.
Surgical Transplant Benefit
If you undergo a surgical transplant to donate to another person and are totally disabled as a result, Ameritas will treat this disability as caused by sickness and pay benefits accordingly.
COBRA Premium Benefit
If you become unemployed due to a disability, Ameritas will reimburse you for the cost of COBRA coverage premiums, for individuals and families. This reimbursement can be up to $1,000 a month for up to 18 months. This benefit may be helpful if your family relies on your employment benefits for health insurance, allowing you to retain your employer’s health insurance coverage even after termination due to disability.
Presumptive Total Disability
You will be considered totally disabled if you sustain the total loss of hearing in both ears, sight in both eyes, speech, or the use of any two limbs. The elimination period will be waived and benefits are payable whether you are working in any occupation or not.
Rehabilitation
You can participate in an occupational rehabilitation program without being considered “recovered” from your disability. Moreover, if Ameritas approves the program, they will pay for the reasonable expense of the program.
Get a Free Quote for Ameritas Disability Insurance
DrDisabilityQuotes.com is your source for a truly unbiased analysis of disability coverage from leading providers. While our reviews of these leading companies like Ameritas can help you get started, our quote tool helps you compare premiums to find the right choice for your goals and your budget. Once you find the right coverage for you, our team can guide you through the application process to ensure everything runs smoothly.
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