Top-Notch Short-term Disability Insurers Uncovered
Top-Notch Coverage for Temporary Health Setbacks: Short-Term Disability Insurance
Hey there! Sharing some killer insights on the best short-term disability insurance providers that'll give you the financial security you deserve. Here's the skinny:
#1. Best Overall, Best for High Earners: Assurity
- Max benefit: $20,000/month (Century policy)
- Shortest elimination period: 0 days
Assurity gets the spotlight for its super-generous coverage, especially for those heavy earners requiring income protection.
- Centers around the highest monthly max benefit ($20,000/month via its Century policy) amongst rivals
- Covers up to 74% of wages
- Features online quotes and claim handling for convenience
- Offers quick benefits, sometimes with no waiting period
- Competitors offer cheaper premiums
Assurity's Century policy offers a solid income replacement option for big earners, boasting coverage for up to 74% of wages and a monthly max benefit of $20,000 (tying the highest in our study). Despite being marketed as long-term disability insurance, Century provides coverage periods as short as 30 days, making it an excellent short-term alternative.
It's worth mentioning the elimination period (also known as a waiting period), which is the time between when an injury or illness takes place and when you receive benefit payments from the insurance company.
With Century's comprehensive coverage, if you ever find yourself unable to work, you'll likely enjoy a higher income replacement level than many competitors.
Additionally, Assurity provides the convenience of online quotes and claim filing, making it a breeze to access your disability benefits. For added protection, you can include a catastrophic disability rider, covering the most severe disabilities.
Assurity's standard short-term disability insurance offers weekly benefits beginning almost instantaneously, with durations spanning 13 weeks to 2 years. It's worth mentioning that, while premiums might run higher, this policy only offers benefits up to $1,500 per week.
Standout fact: Assurity was founded back in 1890, making them seasoned insurance vets!
#2. Most Affordable: Thrivent
- Max benefit: $3,700/month
- Shortest elimination period: 30 days
Thrivent's short-term disability insurance is a solid bet if you're all about keeping costs low. Keep reading to see the pros and cons:
- The cheapest premiums among the companies in our study
- Quick benefits, often available within 30 days
- A good range of riders
- Exclusive coverage for Christians and their families
- The lowest maximum monthly benefit
- No online quotes or claims
Thrivent excels by offering the lowest premiums on short-term disability insurance among the companies we researched. Even for a 40-year-old dentist earning $100,000 yearly, Thrivent's monthly premium was a mere $48, beating State Farm's next-cheapest quote of $60.
Additionally, Thrivent delivers relatively swift access to benefits, sometimes dispensing payouts within just 30 days. The selection of riders allows customizing your coverage to your specific needs.
However, Thrivent's offerings don't come without trade-offs:
- Limited maximum monthly benefit of $3,700, which might leave high-income professionals searching for extra funds
- No online quote or claim handling, necessitating a more traditional process
- Exclusive coverage, available only to Christians and their families
Thrivent first emerged in 1902 and calls Minneapolis home.
#3. Best for Customization: Ameritas
- Max benefit: $20,000/month
- Shortest elimination period: 0 days
Ameritas gets a big thumbs-up for the flexibility it offers when building your short-term disability policy with added riders.
- Wins a tie for the highest monthly maximum benefit ($20,000/month in our study)
- Benefits may start immediately
- Accepts applications up to age 64
- Extensive selection of riders
- No online quotes
Ameritas stands out for its impressive roster of customization options, giving you a vast array of riders to suit your coverage needs. It also ties with Assurity for the highest monthly maximum benefit, a whopping $20,000, a substantial replacement of income.
Additionally, Ameritas allows applications up to age 64, and its short-term disability policy includes rehabilitation benefits to help you recover and return to work.
Ameritas' DInamic Cornerstone policy may include a benefit period as short as one year if you select a guaranteed renewable plan. Available riders if you choose to add on:
- Residual disability rider (aka partial disability), paying benefits if you can work part-time
- Student loan repayment rider, helping manage student loans during disability
- Catastrophic disability rider, offering additional support for severe disabilities
It's worth mentioning that you can't get an online quote for a short-term Ameritas policy; instead, you'll need to liaise with a financial professional.
Did you know Ameritas traces its roots all the way back to 1887? It's based in Lincoln, Nebraska.
- Assurity's Century policy offers a maximum monthly benefit of $20,000, which is the highest among the competitors, catering to high earners who need income protection.
- If you're focused on keeping costs low, Thrivent's short-term disability insurance is an affordable option, with the cheapest premiums in the study.
- For a customizable short-term disability policy, Ameritas offers an extensive selection of riders that help tailor your coverage to your unique needs.
- In terms of industry experience, Assurity, founded in 1890, and Thrivent, established in 1902, can both boast over a century in the insurance business.
- Customers of Assurity can enjoy a quick benefits process, sometimes with no waiting period, excelling in swift income replacement during disabilities.
- Although Ameritas offers a high monthly maximum benefit of $20,000, similar to Assurity, it does not provide online quotes for short-term disability insurance policies, requiring communication with a financial professional instead.
