Have you ever thought of what will happen if you unexpectedly get injured or become ill and are unable to support your family? No doubt that that’s not a thought to entertain. Fortunately, disability insurance can cover your lost income for months or years.
Unlike short-term disability insurance, which covers about 3-6 months, long-term disability can cover your paycheck for several months or years, depending on monthly premiums, time, and other factors.
According to a 2018 U.S Bureau of Statistics publication, 34% of private industry workers had access to long-term disability plans. In this article, we will explain where to find the best long-term disability insurance company to cushion yourself in case of illness or injuries.
Top 3 Long-Term Disability Insurance Companies of 2022
Here are some of the best companies of 2022 you can check.
Principal Disability Insurance
Started in 1879, Principal is a disability insurance provider located in Des Moines, Iowa. Besides disability, the company has been offering other insurance policies, including retirement benefits and life insurance for over fourteen decades.
It is typically challenging to find an insurance provider for a particular profession. Let’s take the example of physicians who are typically overworked and who stand to lose a lot financially if they have to suffer a long-term disability. For instance, a surgeon might end up losing their career entirely if they suffer a serious injury to their hands. Thus Principal disability insurance can be of huge help to a physician or any other professional who suffers from a long disability.
With AM Best, BBB, S&P Global index, and Moody’s Investor Service rating the company A+, it is amongst the best insurance providers. Another reason this could be a good choice is that the company operates globally and has 33+ million customers.
Northwestern Mutual
Located in Milwaukee, Wisconsin, United States, Northwestern Mutual company is a famous and outstanding insurance provider rated well by AM Best and BBB. Besides its great ratings, its flexibility makes it the best fit for self-employed people looking for long-term disability insurance. It offers customizable policies that cover injuries and sickness to high earners and gig workers.
It is also among the best choices because it has good customer service, an excellent reputation, and is financially stable. You can start receiving benefits after six months and be paid for up to 67 years. Renewals depend on the policy as well option selected.
The good news is that you can utilize the services of an insurance agent if you are busy. Since an insurance agent possesses expertise in insurance coverage, he/she can help you create an affordable and effective policy.
Assurity
With 100+ years of offering high-risk professions with disability policies, Assurity is the best company for risky careers, including state patrol officers, welders, and mechanics. Its long-term disability insurance provides you with a variety of extra riders to select.
The company provides policies with partial or full insurance coverage, subject to whether you can work on any occasion. Assurity offers benefits from one year, two, five, ten, or even through your retirement age, depending on factors like age and underwriting class. It is rated A- by AM Best.
Conclusion
Long-term disability insurance can protect your income if you cannot work due to illness or injuries. Although the above are among the best insurance providers for long-term disability coverage, they might differ. Monthly premiums payable, the time it takes to receive benefits, and personal factors may make you choose one company over the other.
Author Bio:
Heather Blacksmith has a Bachelor’s Degree in Finance and works at a finance firm based in Seattle, Washington. She specializes in small business finance, credit, law, and insurance. When she is not working, she spends her time in her favorite coffee shop writing on various finance-related topics. Other than that, she enjoys adult coloring books, recycling, and running.