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Ameritas Disability Insurance for Physicians (Updated 2022)

As a medical professional with a significant amount of time and money invested into your career, disability insurance is one of the most important types of insurance that you should consider purchasing.

With a long track record of paying claims and strong financial strength rating, Ameritas is a great option for medical professionals looking for comprehensive disability income insurance.

Here’s our in depth review of everything you need to know about Ameritas disability insurance.

Ameritas Disability Insurance - Ratings Summary

Overall Rating
4.1
out of 5
Financial Strength
4/5
Definition of Disability
5/5
Affordability
4/5
Ease of Application
3.5/5
Claims Process
4/5
Available Riders
4/5

Name

Colin Nabity

Age

35

.

Ameritas Disability Insurance Highlights

Ameritas is a mutual insurance company headquartered in Lincoln, Nebraska. It is considered one of the “Big 7” carriers that offer medical professionals a true disability insurance policy that protects their ability to work in a specific medical specialty.

The Ameritas disability insurance policy, DInamic Foundation, is issued by American Life Insurance Corporation in 49 states. In the state of New York, the policy is issued by American Life Insurance Corporation of New York. What’s great about Ameritas is they offer the preferred definition of total disability through their own-occupation rider. This means they allow physicians and dentists to continue to collect the full benefit if they become disabled but could still work in another occupation. Let’s dive into more details about Ameritas disability insurance.

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Ameritas Physician Disability Insurance Highlights

When it comes to purchasing physician disability insurance from Ameritas, the default policy does not often include everything you want or need in a policy. And so, Ameritas provides “add-ons,” called riders to increase the types of coverage on the policy. This helps you customize your disability insurance plan to be exactly what you need.

Own-Occupation

This is always a major section to look for when purchasing disability insurance. If you are a doctor or dentist who becomes injured and can’t work a doctor or dentist anymore, but can work in another field, Ameritas will still pay you full benefits. Not all disability policies are that generous. That said, for certain occupation classes, own occupation is only available for 5 years at Ameritas. That means that after you’ve received benefits for 5 years, you must not be able to work in any profession to be considered totally disabled.

Non-Cancellable & Guaranteed Renewable

Remember that a non-cancellable disability insurance policy means the insurance company can’t cancel, increase premiums or reduce your benefits for as long as you pay the premiums. At Ameritas, you can choose between having non-cancellable coverage or guaranteed renewable.

Benefit Period

A benefit period is up until what age the insurance company will pay your benefits if you become disabled. For example, if you become disabled at age 55, do you want them to pay you benefits until you are 60? or 65 years old? Or 70? The length of a benefit period will affect the price of the premium because the longer the benefit period, the greater is the insurer’s risk. Ameritas’s maximum benefit period is up until age 70.

Pre-Disability Earnings

This is always an important detail to look for. When you are paid disability, which income is the insurance company using to determine your benefits? At Ameritas, the company will take your average monthly earnings for the 12 months and 24 months prior to your disability and use whichever is higher.

Mental Disorders

Does the policy pay benefits for mental disorders? In the case of Ameritas, the answer is yes. The company has a two-year limitation on coverage for mental disorders/substance abuse.

Interested in comparing rates from Ameritas against the other disability insurance companies?

Compare Disability Quotes

Ameritas Physician Disability Insurance Riders

All physician disability insurance policies come with the option to add riders. A rider is an optional provision within the insurance contract that provides extra benefits or flexibility depending on your situation. Most riders come with an added cost, but it depends on the insurer. Here are two important riders for Ameritas:

Cost-of-living Adjustment (COLA) Rider

A COLA rider ensures that your benefits will keep up with inflation. The rider will adjust your policy’s monthly benefit on an annual basis, based on a fixed percentage or tied to the consumer price index. Ameritas offers two cost-of-living adjustment riders:

  1. The first one determines the cost of living benefit by multiplying the monthly income benefit by 3% for each year you are disabled
  2. The second COLA rider uses an index ratio based on the consumer price index. The index ratio will be the lesser of:
    • The current index divided by the initial index
    • 1 + 6%, compounded annually

This ratio will never be less than 1 and your adjusted monthly benefit is equal to the index ratio multiplied by your contractual monthly benefit.

Residual Disability Rider

Disability insurance policies pay benefits if you’re unable to work (total disability) or if you can partially work (residual disability). If you still want to receive benefits even though you can partially work, you should purchase residual disability insurance rider. Ameritas has two residual disability riders:

    Basic

  • A 15% or more decline in earnings; AND
  • Either you are unable to perform all of the “material and substantial duties of your occupation, or you are unable to work in your occupation at least 80% of the time prior to your disability
  • You’ll be paid 50% of your base monthly benefit for total disability…
  • Or your loss of earnings / prior monthly earnings x base monthly benefit.
    Enhanced

  • The only difference with Ameritas’ enhanced rider is that if your loss of monthly earnings is more than 75%, you will be considered totally disabled and paid 100% of your policy’s benefit amount
  • Also, if you’ve returned to work but your income is at least 15% of your pre-disability earnings, you will be paid a recovery benefit.

Future Increase Option Rider

A future increase option rider allows you to increase your base monthly benefit without providing evidence of insurability, up to three times your base monthly benefit. You can exercise the full amount on any policy anniversary through age 40. After age 40, you can exercise half the base benefit through age 55. Exercising the future increase option will require an additional premium.

Automatic Increase Rider

The automatic increase rider enables you to increase your monthly disability benefit by 4% on your policy anniversary for the first five years without additional underwriting.

Catastrophic Disability Rider

This rider provides additional benefits, up to 3 times the base benefit for total disability or a maximum of $10,000 a month in the event you are unable to perform at least two of the six activities for daily living.

How Does Ameritas Disability Insurance Compare?

While Ameritas provides a really great options for physicians looking for disability insurance, Ameritas isn’t the only option available in the market. Other companies like Principal, Guardian and MassMutual provide similar policies that may be a better alternative for some doctors. Here’s how Ameritas stacks up to the competition.

Ameritas_Logo_mqinpj
Principal Logo
Our Rating
A.M. Best Rating
A
A++
A+
Maximum Monthly Coverage
$25,000
$30,000
$35,000
Own Occupation
Residual Benefits
15% loss of income
15% loss of income or time
20% loss of income
Rating: 4.1/5.0

Ameritas Life Insurance Corp. is a mutual insurance company headquartered in Lincoln, Nebraska. The company sells a wide array of individual and employer-sponsored insurance products including life insurance, disability insurance, dental and vision insurance throughout the United States.

  • Legal Name:Ameritas Life Insurance Corp.
  • Year Founded:1887
  • Headquarters:Lincoln, Nebraska
  • CEO:Bill Lester
  • AM Best Rating:A
  • Ownership Structure:Mutual
  • Distribution Channels:Captive and Independent
  • Fortune 500/1000:No. 671
  • Products Offered:Life insurance, disability insurance, dental insurance , vision insurance, investments and annuities
Ameritas_Logo_mqinpj

Compare quotes for disability insurance from Ameritas and other top disability insurance providers.

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Who Offers Disability Insurance for Physicians?

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7 companies match your search
States
BBB Rating
A.M. Best Rating
Corporate Structure
Company
A.M. Best Rating
Definition of Disability
Future Increase Option
Residual Benefit
States Available In
AMA
A.M. Best Rating N/A
Definition of Disability N/A
Future Increase Option N/A
Residual Benefit N/A
States Available In Available in 55 states. (View States)
States Available
  • Alabama
  • Alaska
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  • California
  • Canal Zone
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  • District of Columbia
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  • Virgin Islands
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming
Ameritas_Logo_mqinpj Ameritas
A.M. Best Rating A
Definition of Disability Own-Occupation Definition
Future Increase Option Available annually to age 55
Residual Benefit Requires 15% loss of income
States Available In Available in 51 states. (View States)

Ameritas Life is as reputable as any name in the insurance industry. However, it’s actually a newcomer to the disability insurance space in comparison to its competitors. DInamic Foundation is its best disability insurance product for doctors. Policies are underwritten and issued by Union Central Life, its wholly-owned subsidiary.

Ameritas features a true own-occupation definition of disability. This provision benefits you if an accident or illness prevents you from practicing your specialty.

DInamic Foundation requires you to choose between non-cancelable coverage and guaranteed renewal. The maximum benefit period available is to age 70. Ameritas offers basic and enhanced residual disability riders. It also offers two different COLA riders.

    Pros
  • True own-occupation provision.
  • Lowest premium amount.
  • Two COLA rider and residual disability options.
  • Various add-ons such a good health benefit, presumptive total disability benefit, COBRA premium benefit, partial disability benefit, and non-disabling injury benefit.
    Cons
  • Slower customer service.
  • Lowest maximum policy benefit: $20,000 per month.
  • Must choose between non-cancelable coverage and guaranteed renewal.
  • For certain occupation classes, the own-occupation provision is only available for five years.
States Available
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming
Guardian
A.M. Best Rating A++
Definition of Disability Own-Occupation Definition
Future Increase Option Available annually up to age 55
Residual Benefit Requires 15% loss of income
States Available In Available in 50 states. (View States)

As one of the largest, most trusted mutual insurance companies in America, Guardian Life is the Cadillac of its industry. Its disability insurance product, ProVider Choice, is a great fit for doctors. Policies are underwritten and issued by Berkshire Life, a wholly-owned stock subsidiary.

According to Guardian, total disability occurs when injury or illness prevents you from performing your occupation. For doctors, more than half of your income must come from hands-on patient care or surgical procedures to qualify.

Guardian’s true own-occupation definition of disability guarantees full benefits. It still applies if you’re able to maintain gainful employment in another occupation. In fact, you may be able to benefit if you can still practice your specialty with major limitations.

Coverage is non-cancelable and guaranteed renewable to age 70. You may elect 10-year, five-year and two-year benefit periods. Guardian offers 30-day, 60-day, 90-day, 180-day, 360-day and 720-day elimination periods.

Unlike other providers, Guardian features three cost-of-living adjustment (COLA) rider options. As for residual disability, Guardian offers both basic and enhanced partial riders.

    Pros
  • True own-occupation provision.
  • Highest COMDEX score: 99.
  • Highest maximum policy benefit: $20,000 per month.
  • Simplified underwriting for up to $7,500.
  • Various options for benefit and elimination periods.
  • Various options for COLA and residual disability riders.
  • Various add-ons such as an automatic benefit enhancement, benefit purchase option, catastrophic disability rider, hospice care benefit, serious illness supplemental benefit and student loan protection.
    Cons
  • Highest premium amount.
  • No presumptive total disability benefit.
States Available
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming
massmutual-physician-disability-insurance_zalsic MassMutual
A.M. Best Rating A++
Definition of Disability Own-Occupation Definition
Future Increase Option Available annually up to age 55
Residual Benefit Requires 15% loss of income
States Available In Available in 50 states. (View States)

MassMutual has been a mainstay in the insurance game since 1851. MassMutual offers two disability insurance products, Radius and Radius Choice. Both feature provisions and add-ons that allow you to customize your coverage to meet specific needs. MassMutual helps you protect your income and retirement without relinquishing payment control.

MassMutual features a true own-occupation definition of disability. However, the provision is not part of your base policy. You must purchase it as an additional rider. With this provision in place, ‘total disability’ occurs when you cannot perform the main duties of your occupation. This requires you to be under a physician’s care.

Both Radius and Radius Choice are non-cancelable and guaranteed renewable to age 65. Radius is conditionally renewable for life, while Radius Choice is only until age 74. Both policies have benefit periods available to ages 65 and 67, as well as two years, five years and 10 years. Radius Choice also offers a maximum benefit period to age 70. Both policies offer elimination periods of 60 days, 90 days, 180 days, one year and two years.

MassMutual offers one cost-of-living adjustment (COLA) rider. After your first year of disability, your monthly benefit increases by a set percentage each year. MassMutual offers one option with basic criteria that increases your chance of qualifying.

    Pros
  • True own-occupation provision.
  • Various add-ons such as an automatic benefit enhancement, catastrophic disability rider, future increase option, presumptive total disability benefit and student loan protection.
    Cons
  • Own-occupation provision sold separately.
  • Only one COLA rider and residual disability rider option.
  • No benefit purchase option, hospice care benefit or serious illness supplemental benefit.
States Available
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming
Ohio_National_Disability_vvtk3o-thumb Ohio National
A.M. Best Rating A+
Definition of Disability Own-Occupation Definition
Future Increase Option Available annually to age 60
Residual Benefit Requires 15% loss of income
States Available In Available in 38 states. (View States)

Ohio National’s disability insurance product is relatively new to the market. Still, it’s among the best money can buy. ContinuON Income Solutions II allows you to customize your coverage without losing control of premium expenses.

Ohio National offers its true own-occupation provision as a rider. Regardless of occupation class, it does not come with your base policy. With Ohio National, total disability occurs when you’re unable to perform the material and substantial duties of your specialty. To qualify, you must be under the care of a physician.

ContinuON Income Solutions II is guaranteed renewable on an annual basis. Coverage is non-cancelable as long as you consistently pay on time. Benefits periods include age 65, 67 and 70. Two-year, five-year and 10-year benefit periods are also available. Ohio National offers 60-day, 90-day, 180-day and one-year elimination periods.

Ohio National offers both a 3% and a 6% COLA rider. Policyholders may elect the basic or enhanced residual disability rider.

    Pros
  • True own-occupation provision.
  • Excellent customer service.
  • Various add-ons such as a hospice benefit, survivor benefit and recurrent disability benefit.
    Cons
  • Lowest physical and labs limit means simplified underwriting is only allowed for up to $3,000 per month.
States Available
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • Connecticut
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Nebraska
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming
Principal Logo Principal
A.M. Best Rating A+
Definition of Disability Own-Occupation Definition
Future Increase Option Future Increase Option
Residual Benefit Requires 20% loss of income
States Available In Available in 50 states. (View States)

Principal Life is among the most competitive providers in the disability insurance market. HH750 is an excellent option for doctors seeking a top-shelf disability insurance product. It features a wide variety of options that afford you maximum flexibility.

Principal Life is among the most competitive providers in the disability insurance market. HH750 is an excellent option for doctors seeking a top-shelf disability insurance product. It features a wide variety of options that afford you maximum flexibility.

Principal offers both a true own-occupation and a modified own-occupation provision. A true own-occupation provision is the best bet for highly-skilled individuals like doctors. You benefit if you become unable to perform the material and substantial duties of your specialty. It still applies if you can maintain gainful employment in a different occupation.

Modified own-occupation is a watered-down version of the former. Frankly, it’s only feasible if you’re cost is a concern. The definition of disability is the same, but you will not benefit if you can fulfill another occupation. Either way, both provisions are available as part of your base policy. You do not have to purchase an additional rider.

HH750 is non-cancelable and guaranteed renewable to age 65. Benefit periods are available to ages 65, 67 and 70, and for two years and five years. Principal features 30-day, 60-day, 90-day, 180-day and one year elimination periods.

Principal offers one cost-of-living adjustment (COLA) rider. After selecting a maximum benefit between 3-6%, it increases on a compound basis. Principal also offers one partial residual disability rider.

Modified own-occupation is a watered-down version of the former. Frankly, it’s only feasible if you’re cost is a concern. The definition of disability is the same, but you will not benefit if you can fulfill another occupation. Either way, both provisions are available as part of your base policy. You do not have to purchase an additional rider.

HH750 is non-cancelable and guaranteed renewable to age 65. Benefit periods are available to ages 65, 67 and 70, and for two years and five years. Principal features 30-day, 60-day, 90-day, 180-day and one year elimination periods.

Principal offers one cost-of-living adjustment (COLA) rider. After selecting a maximum benefit between 3-6%, it increases on a compound basis. Principal also offers one partial residual disability rider.

    Pros
  • True and modified own-occupation provisions.
  • Advisor’s Choice Award for advisor support.
  • Available to those who only work 20 hours a week.
  • Simplified underwriting for up to $6,000 per month.
  • Various add-ons such as a benefit update rider, catastrophic disability rider, future benefit increase rider, presumptive total disability benefit, and serious illness benefit.
    Cons
  • The modified own-occupation provision can be misleading. It can save you money now, but you will not receive as strong of benefits as true own-occupation.
States Available
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming
The Standard Logo The Standard
A.M. Best Rating A
Definition of Disability Own-Occupation Definition
Future Increase Option Available annually up to age 55
Residual Benefit Requires 20% loss of income
States Available In Available in 50 states. (View States)

The Standard is among the largest, most trusted providers in the disability insurance space. The company has several options, but Platinum Advantage is the most beneficial for doctors. It features built-in provisions and additional riders that maximize income protection.

The Standard’s true own-occupation definition of disability is available as an additional rider. With this provision in place, ‘total disability’ occurs when you are unable to perform the substantial and material duties of your specialty. You must also be under the care of a physician to qualify.

Platinum Advantage is guaranteed renewable to age 67. To make your policy non-cancelable, you must purchase an additional rider. Benefit periods are available to ages 65 and 67, as well as two years, five years and 10 years. Elimination periods of 60 days, 90 days, 180 days and one year are available.

The Standard offers one cost-of-living adjustment (COLA) rider. After selecting a maximum benefit between 3-6%, it increases annually on a compound basis according to the Consumer Price Index. The Standard offers a basic residual disability rider.

    Pros
  • True own-occupation provision.
  • Wide variety of options and strong coverage guarantee.
  • No-cost riders and benefits, such as the family care benefit.
  • Various add-ons such as an automatic increase benefit rider, benefit increase rider, catastrophic disability rider, family care benefit, premium waiver benefit, presumptive total disability benefit, student loan rider and survivor benefit.
    Cons
  • Own-occupation and non-cancelable riders sold separately.
  • Only one COLA rider and residual disability rider option.
  • Lowest COMDEX score: 79.
States Available
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming
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