Best Disability Insurance Companies for Doctors

Disability insurance is an effective way to protect against income loss and maintain financial stability if you can’t work following a serious illness or injury. Without individual coverage, you’re taking an unnecessary risk that you’ll be able to cover your expenses and sustain your lifestyle with your employer-sponsored group plan, employee benefits and Social Security Disability Income (SSDI). Those programs’ payouts are usually less than sufficient, especially if you require higher treatment levels.

Fortunately, several insurers specialize in policies designed specifically for physicians. They’re collectively known as “The Big 5” disability insurance companies because they all offer a true own occupation definition of total disability. That definition allows you to receive full benefits if a disability prevents you from working in your specialty, even if you can earn income in another occupation. Exploring these carriers can help guide your decision about which may be best for you.

Principal

Principal Financial Group began in 1879 in Des Moines, Iowa. It’s among the best-rated disability insurance companies with an A+ (Superior) grade from AM Best, indicating excellent financial health. The ratings on this page were last updated on September 27th, 2024.

Built-in advantages of Principal’s Income Protector disability insurance include:

• Waiver of premium benefits.
• A death benefit.
• Supplemental health benefit, which pays a lump-sum if you become disabled and diagnosed with coronary artery bypass graft surgery, cancer or stroke.
• Capital sum benefit, which pays a lump-sum if you have an irrecoverable loss of use of sight in one eye, or the use of a hand or foot.
• Non-cancelable and guaranteed renewable up to age 65.

You can also choose an elimination period — the time you must wait before benefits kick in — between 30 and 365 days. Customize the policies with additional riders for extra security. Options include:

• Catastrophic disability endorsements.
• Cost of living adjustment (COLA) riders.
• Benefit increase riders to help your coverage stay in step with your earnings growth.
• Residual or partial disability benefit endorsements that provide additional income when you can only work part-time or complete some duties required in your specialty.
• True Own Occupation coverage designed specifically for medical and dental specialists.

The Standard

The Standard is part of the StanCorp Financial Group. The company, which dates back to 1906, has its headquarters in Portland, Oregon. AM Best has designated the carrier’s financial strength rating as A (Excellent), making it one of the best disability insurance companies for doctors.

The Standard offers comprehensive disability income benefits specifically for physicians through its Platinum Advantage policy. These plans include several valuable built-in benefits, including:

• Family care benefit rider that pays out for lost wages you incur while caring for an ill family member.
• Rehabilitation benefit endorsement to help pay for services like physical therapy as you recover.
• Survivor/death benefits.
• Waiver of premium benefits.

Customizable options for extra peace of mind include:

• COLA riders.
• Catastrophic disability riders.
• True own occupation definition of total disability.
• Residual (partial) disability benefit riders.
• Benefit increase riders.
• Student loan riders.
• Customizable elimination periods and benefit periods.

MassMutual

MassMutual is one of the country’s largest disability insurance companies, with over 10,000 employees. The carrier was founded in Springfield, Massachusetts, in 1851 and boasts one of the highest ratings within the industry — an A++ (Superior) AM Best rating for financial strength. MassMutual is a mutual company, operating for the benefit of policyholders.

Physicians can obtain a comprehensive policy with the Radius Choice product. These policies are non-cancelable and guaranteed renewable to age 65.

You can also personalize your coverage with the following options:

• Student loan rider
• A future increase rider
• A COLA benefit
• Partial or residual disability benefits
• Future benefit increase riders.
• A true own occupation definition.
• RetireGuard helping replace your and your employer’s retirement contributions, with increase options and inflation protection.

Guardian

Guardian is one of the longest-tenured and best disability insurance companies for physicians. It’s also among the most trusted carriers, rated by AM Best as A++ (Superior) for financial strength. The company began in 1860 and has its headquarters in New York City.

The Provider Choice product has a unique, built-in benefit called the Enhanced True Own Occupation definition of total disability. This is a definition that could be considered the best in the industry for most surgeons. If most of your income came from surgical procedures, or hands-on patient care, and you could no longer operate or perform patient care, you will be considered totally disabled even if still performing the other duties of your specialty.

Guardian’s individual policy also provides you with:

• Your choice of elimination period between 30 and 720 days.
• Waiver of the elimination period if you become disabled within five years after the end of a previous disability which lasted more than six months
• Non-cancelable and guaranteed renewable feature.
• Waiver of premiums while disabled.
• Unemployment premium suspension, giving you the option to pause coverage and premium payments during unemployment without losing your policy.

Optional riders you can add to boost your coverage include:

• Future increase and automatic increase benefit riders.
• COLA benefits.
• Student loan repayment rider.
• Catastrophic disability rider.
• Unemployment waiver of premium rider, helping you continue your coverage during unemployment while waiving premium payments.
• Supplemental benefit term rider which provides an additional benefit for a specified term period.
• Lump sum disability benefit rider, providing a lump sum payout at age 60 based on a percentage of all disability benefits paid.
• Retirement protection plus disability benefit, helping replace contributions made for your retirement.

Ameritas

Ameritas Life Insurance rounds out the top five of the best companies for disability insurance. It was founded in 1887 in Lincoln, Nebraska, and has earned an overall financial strength rating of A (Excellent) from AM Best.

Their Cornerstone policy is one of the most popular, thanks to the wide range of built-in advantages it affords policyholders. These include:

• A good health benefit that removes two days annually from your elimination period for every year you didn’t collect benefits under the policy.
• COBRA premium benefits that will contribute up to $1,000 monthly toward your premium cost to continue health insurance coverage under your existing employer plan, after unemployment due to disability.
• Benefit advancement to help cover medical treatment or repair to natural teeth after an injury.

Options to customize your coverage with endorsements include:

• Automatic increase benefit and future increase riders.
• True own occupation
• A selection of partial and residual disability riders.
• COLA riders.
• Non-cancelable and guaranteed renewable status or only guaranteed renewable for slightly lower premium.
• Catastrophic disability benefits.
• Lump sum savings, providing a payout at age 60 based on any disability benefits paid previously.
• Student loan repayment rider.

Lloyds of London

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 a Quote From Today’s Top Disability Insurance Companies With DrDisabilityQuotes.com

DrDisabilityQuotes.com partners with the leading disability insurance companies nationwide to help medical providers like you secure the coverage they need. Our agents are 100% independent, which means we’re carrier-agnostic 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 contacting us directly or submitting the quote request below.