The Simple Way to Compare and Buy Disability Insurance

• 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.

• Highest premium amount.
• No presumptive total disability benefit.

• 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.

• 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.

• 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.

• Own-occupation and non-cancelable riders sold separately.
• Only one COLA rider and residual disability rider option.
• Lowest COMDEX score: 79.

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.

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.

Read our full review of Principal's disability insurance policy.

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.

Read our full review of Ameritas's disability insurance policy.

• True own-occupation provision.
• Excellent customer service.
• Various add-ons such as a hospice benefit, survivor benefit and recurrent disability benefit.

• Lowest physical and labs limit means simplified underwriting is only allowed for up to $3,000 per month.