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Ameritas Disability Insurance for Physicians (Updated 2022)

If you work in another field after becoming disabled, you will still receive benefits

What Is Ameritas?

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. The other 6 carriers are MassMutual, Guardian, Mutual of Omaha, Ohio National, Principal and The Standard. LeverageRx works with them all so don't hesitant to fill out this form and speak with a specialist for free.

The Ameritas disability insurance policy, DInamic Foundation, is issued by American Life Insurance Corporation in approved 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.

Ameritas Physician Disability Insurance Highlights

When it comes to purchasing physician disability insurance, the default policy does not often include everything you want or need in a policy. And so, the insurance company will sell "add-ons," called riders. Each rider is a way to 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.

Click here to talk to a specialist for FREE. He will answer all your questions and explain the differences in policies

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.

Ameritas Physician Disability Insurance Alternatives

Ameritas isn't the only insurance company out there that specializes in physician mortgage insurance. Here are some alternatives that we suggest you check out.

AMA Disability Insurance

The American Medical Association offers physicians and dentists disability insurance, but everything from how they define total disability to the option of COLA riders and Future Increase riders are abysmal compared to the "big six."

Learn More: AMA Disability Insurance Review

Ohio National Disability Insurance

Ohio National has a stricter definition of own-occupation. The rider for their policy says the physician or dentist who got injured or ill must be under the care of a physician in order to receive total disability benefits.

Learn More: Ohio National Disability Insurance Review

MassMutual Disability Insurance

MassMutual has a great COLA rider which guarantees an increase to the benefit every year. By the 6th year, the MassMutual COLA rider increases the payout by 16%! That said, their own-occupation is weak. If you can work at all, then MassMutual pay not pay you full benefits.

Learn More: MassMutual Physician Disability Insurance Review

Is Ameritas Physician Disability Insurance Right for you?

It's tough to read through insurance policies and understand what they say in layman terms. Our in-house specialist has over 10 years experience and will answer your questions for free. You can fill out this form and he will be in touch. In the meantime, is Ameritas disability insurance right for you? Below are the provisions included in Ameritas's base policy, meaning this would be your policy if you didn't buy riders.

  • Good Health Benefit. For every year that you do not receive benefits, the company will reduce the elimination period by two days.
  • Presumptive total disability benefit. The policy will waive the elimination period if you sustain a total loss of sight, hearing, use of hands or use of feet. The loss is not required to be permanent and the elimination period would be waived even if you are able to work.
  • COBRA premium benefit. The policy will pay a maximum benefit of $1,000 for 18 months to help you pay for COBRA medical plan premiums if you become unemployed following a disability.
  • Partial disability benefit. This benefit is only available with a guaranteed renewable policy and only if you do not elect a residual disability rider. It provides a benefit equal to half the benefit for total disability. It’s paid for a maximum of 12 months if you are unable to perform at least one of your main duties or can only work up to 50 percent of the time prior to the disability.
  • Non-disabling injury benefit. The policy will pay for treatment by either a physician or a dentist resulting from an injury. Payment will be half of your monthly benefit for total disability up to a maximum of $3,000.

Which Banks Offer Physician
Mortgage Loans?

Compare rates, features, and more from the best physician mortgage loan programs of 2022.
Filter
14 companies match your search
CompanyLoan Amounts For
Residents & Fellows
Loan Amounts For
Practicing Physicians
Minimum
Credit Score
States available in
States AvailableAK, AZ, CO, FL, GA, HI, ID, IL, IN, IA, KS, MI, MN, MO, MT, NE, NV, NM, ND, OK, OR, SD, TN, UT, WA, WI, WY
About

BMO Harris offers doctor loans for primary residences, for purchase or refinance.

  • 100% financing up to $1MM for training or attending
  • 95% financing up to $1.5MM for training or attending
  • 90% financing up to $2MM
States AvailableFL, GA, IL, IN, KY, MI, NC, OH, SC, TN, WV
About

Fifth Third Bank offers residents and physicians a primary residence loan for either purchase or refinance:

  • 100% financing up to $750k (training or attending)
  • 95% financing up to $1MM (training or attending)
  • 95% financing up to $1.25MM (attending more than 1 year)
  • 90% financing up to $2MM (attending more than 2 years)
States AvailableVA, TX, TN, SC, NC, MS, LA, FL, GA, AR, AL
About

First Horizon's doctor loan program is available for primary residence, for purchase or refinance:

  • 100% financing up to $1.5MM (training or attending)
  • 95% financing up to $2MM (training or attending)
  • 90% financing up to $2.5MM (training or attending)
States AvailableDE, DC, GA, MD, NC, OH, PA, SC, TN, VA, WV
About

First National Bank offers residents and physicians financing on primary or secondary residences, for purchase or refinance:

  • 100% financing up to $1MM (training or attending)
  • 90% financing up to $1.5MM (training or attending)
States AvailableMN, WI
About

Frandsen Bank & Trust's doctor loan program is available for primary or secondary residences, for purchase, refinance or equity:

  • 95% financing up to $1.25MM (training or attending)
  • 90% financing up to $2MM (training or attending)
States AvailableDE, DC, NJ, PA
About

Fulton Mortgage Company has a doctor loan program available for home purchase only on primary residences:

  • 100% financing up to $1MM (training or attending)
  • 95% financing up to $1.25MM (training or attending)
States AvailableAZ, AR, CA, CO, CT, DE, DC, FL, GA, ID, IA, IN, IL, KS, KY, ME, MD, MA, MI, MN, MO, MT, NE, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, UT, VT, VA, WA, WV, WI, WY
About

Huntington Bank's doctor loan program is available for primary residences, for purchase or refinance:

  • 100% financing up to $1MM (training or attending)
  • 95% financing up to $1.25MM (training or attending)
  • 90% financing up to $2MM (attending)
States AvailableWY, TN, SC, RI, NM, NH, AZ, AK, NV, MT, HI, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, WA
About

KeyBank's doctor loan program is available for primary or secondary residences, for purchase or refinance. For residents or attending physicians alike:

  • 100% financing up to $1MM
  • 95% financing up to $1.5MM
  • 85% financing up to $2MM

Geographic restrictions may apply.

States AvailableMI
About

Level One Bank's doctor loan program is available for primary residences, for purchase or refinance:

  • 100% financing up to $500k (training)
  • 100% financing up to $1MM (attending 1+ year)
  • 85% financing up to $2MM (training or attending)
States AvailableMI, IN, OH, KY
About

Mercantile Bank's doctor loan program is for primary residences, for purchase or refinance:

  • 100% financing options for residents & fellows
  • 100% financing options with loan amounts up to $2MM for practicing physicians

Equal Housing Lender

Member FDIC

States AvailableAL, AR, FL, GA, IL, IN, IA, KY, LA, MS, MO, NC, SC, TN, TX
About

Regions' doctor loan program is available for primary residences, for purchase or refinance:

  • 100% Financing up to $750k (training or attending)
  • 95% financing up to $1MM (training or attending)
States AvailableDE, IN, KY, MD, MI, NJ, OH, PA, VA, WV
About

S&T Bank's doctor loan program is available for primary residences, for purchase or refinance:

  • 95% financing up to $5MM (training or attending)
States AvailableVA, VT, SC, RI, PA, NC, NY, NJ, NH, MA, MD, ME, FL, DC, DE, CT
About

TD Bank's doctor loan program is available for primary residences, for home purchase only:

  • 100% financing up to $750k (training or attending)
  • 95% financing up to $1.25MM (training or attending)
  • 90% financing up to $1.5MM (training or attending)
States AvailableAL, AR, CA, CT, DE, DC, FL, GA, MS, TN, VA
About

Truist's doctor loan program is available for primary residences, for purchase or refinance.

For training or attending physicians with less than 10 years experience:

  • 100% financing up to $750k
  • 5% down up to $1MM
  • 10% down up to $1.5MM

**if you have been attending for more than 10 years but less than 15, Truist requires a 10% down payment

Colin Nabity - CEO & Co-founder

Colin is a former investment banker turned entrepreneur and the founder of LeverageRx. He has well over a decade of experience in the financial services industry and has written for Thrive Global, Chime, Breeze (another business Colin founded) and SmallBizClub.com. Colin was named Midlands Business Journal’s 2019 Entrepreneur of the Year and his work has been featured in Forbes, Council for Disability Awareness, Medical Economics, Dental Products Report, HCP Live, and more.

Disability InsurancePublished September 11, 2020
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