Best disability insurance companies
While you likely do your best to avoid major preventable health issues, the reality is that injuries and illnesses can happen to anyone at any time. And, all it really takes is an accident or an unexpected medical issue, such as cancer, a broken bone or a mental health issue, to put you out of work — at least temporarily. In fact, there's a 25% chance that a worker will miss work for at least a year at some point between the ages of 20 and 67, according to the Social Security Administration.
If that happens, you might be able to make up some of your lost income through Social Security disability benefits. However, that might not be enough for some people. Luckily, disability insurance can help close some of those gaps, either by paying you a fixed monthly amount, a percentage of your monthly income or a lump sum.
There may be a chance to secure disability insurance through your employer, but in some cases, you also might want to add coverage on your own for more protection. Start by getting a free disability insurance price quote here to see what it could cost you.
Best disability insurance companies
Here are some of the best disability insurance companies to consider, broken down into five categories.
- Best for cost: Breeze
- Best for long-term disability: Principal
- Best for high-risk policyholders: Mutual of Omaha
- Best for short waiting periods: Assurity
- Best overall: Guardian
Best for cost: Breeze
Breeze is a tech-forward disability insurance company that makes it easy to compare quotes and get good deals from different insurance carriers. Disability insurance coverage through Breeze can start as low as $9/month. Get a price quote from Breeze now to see what it could cost you.
Best for long-term disability: Principal
If you're looking for long-term disability insurance, Principal is a highly regarded provider that makes it easy to get long-term disability quotes. Depending on your occupational risk, you can potentially get a disability insurance plan that covers you until age 65. The company also offers another type of coverage that can help you save for retirement in the event you become disabled during your working years. Learn more about long-term disability insurance with Principal here.
Best for high-risk policyholders: Mutual of Omaha
Working a physically demanding job can sometimes make it hard to find good disability insurance, but Mutual of Omaha is one of the best providers for high-risk policyholders. The company has a range of options for a variety of professions, such as doctors, electricians, construction workers and more. The insurer also offers many different types of riders that can help you customize your coverage.
Best for short waiting periods: Assurity
If you want your disability insurance benefits to kick in quickly, one of the best providers to consider is Assurity. For some of its short-term policies, like accident-only income protection, coverage can kick in with no waiting periods. For long-term insurance policies, you can choose from different elimination periods, starting at 30 days.
Best overall: Guardian
Guardian is a major insurer with strong financial ratings, and it offers a wide range of coverage. In addition to offering many other types of insurance, like life insurance and dental insurance, Guardian has both short-term and long-term disability policies, as well as plans for individuals and employers. The company offers coverage to many different types of workers, such as medical professionals and physical laborers, making it a good overall choice.
The bottom line
Choosing among these best disability insurance companies can help you reduce the risk of missing out on important income due to an accident or illness. However, keep in mind that what's best for one person isn't necessarily what's best for everyone else. So, if you're interested in getting disability insurance, it's good to compare providers and see which ones have the right mix of features and costs for your situation. Start by reviewing your disability insurance options here today.
