Assurity offers many opportunities for disability insurance for physicians. With a large number of elimination and benefit periods and the reassurance of own occupation coverage, it’s a great policy to consider.
With the ability to customize coverage how you need it with a large number of riders, Assurity offers affordable coverage with robust options.
About Assurity
Assurity has been in business since 1890, helping to simplify insurance for individuals and families so they have proper protection. As a mutual insurance company, Assurity is owned by its policyholders so its goals and strategies are meant to benefit those who matter most.
- CEO: Susan L. Keisler-Munro, FSA, MAAA
- Year Founded: 1890
- BBB Score: A+
- A.M. Best Rating: A-
- Phone Number: 800-869-0355
- Services Offered: Life, disability, accidental death, critical illness, accident, and annuities
Assurity Disability Insurance: Fast Facts
Assurity offers disability insurance for individuals and employers. They are the world’s largest insurance company to become a Certified B Corporation to create a business that is for the greater good.
- Disability Insurance Products: Short and long-term disability
- Eligibility Requirements: Ages 18-60; no medical exam required for qualifying clients ages 18-55 for up to $6,000 of coverage
- Benefit Periods: 1, 2, 5, and 10 years; to age 65, to age 67
- Maximum Benefits: $20,000 per month
- Elimination Periods: 30, 60, 90, 180 or 365 days
- Discounts: 15% for three or more policies for small business owners (not available in all states)
Assurity Disability Definitions
Assurity has two disability definitions: own occupation and total disability.
Own Occupation
Own occupation disability protects the insured from any disability that renders them unable to work their regular occupation for the first two years of the disability. This is the case even if the insured can work another occupation.
Total Disability
Assurity considers it a total disability when the insured cannot perform the regular duties of their occupation and needs a doctor’s care during the first two years of the disability. After the first two years, it’s a total disability if you cannot work any occupation, not just your regular occupation.
Built-in Benefits of Assurity Disability Insurance
An Assurity disability insurance policy has many features that don’t affect your premium.
- Waiver of premium: Your premiums are waived after you’re determined to be disabled
- Partial disability benefit: Pays up to 50% of the disability benefit if you are still partially disabled after a total disability and can only work part-time
- Occupational Rehabilitation: If you are totally disabled, this benefit pays for your rehabilitation program to get you back to work
- Home modification: If your home needs modifications to make it easier for your disability, the renovations may be covered
- Survivor benefit: If you receive 12 months of disability payments and die while totally disabled, your survivor can receive a lump sum of six months of your monthly disability pay
- Presumptive Disability Benefit: If you lose sight in both eyes, hearing in both ears, use of speech, or use of both hands, both feet or one hand and one foot, you can receive the full monthly benefit immediately without waiting out the elimination period or even if you can work
Assurity Disability Insurance Riders
The company offers various riders that, while they increase your premiums, can help you customize your disability insurance coverage.
- Return of Premium Benefit Rider: This rider promises a return of some or all of your premiums paid if you cancel your policy, the policy lapses, you reach age 65, or you die.
- Critical Illness Benefit Rider: The critical illness benefit rider pays an extra lump sum benefit if you’re diagnosed with a covered illness for the first time, such as a heart attack or cancer.
- Residual Disability Benefit Rider: If you lose at least 20 percent of the previous month’s income due to disability because you cannot perform your job duties, this benefit may make up for some of the income loss.
- Catastrophic Disability Benefit Rider: This rider extends your disability benefits beyond the benefit period if you experience a catastrophic disability and exhaust all total disability benefits.
- Retroactive Injury Benefit Rider: The retroactive injury benefit rider pays you a lump sum benefit for an injury that caused total disability. You’ll receive the lump sum after your elimination period ends.
- Guaranteed Insurability Rider: This rider enables the opportunity to increase your total disability income coverage within a specific timeframe.
- Supplemental Disability Income Rider: This pays a monthly benefit after any government-issued benefits for disability, such as Social Security.
- Own Occupation Rider: This rider extends your own occupation definition period from two to five years, or it can cover the entire benefit period.
- Automatic Benefit Increase Rider: This rider automatically increases your benefit by five percent annually up to twice the original monthly benefit. No underwriting is required.
- Non-Cancelable Rider: This ensures your policy stays in effect and is renewable until age 65.
Assurity Disability Insurance: Premiums
Disability insurance typically costs one to three percent of your salary. This equals $1,000 to $3,000 for every $100,000 you earn annually.
The exact cost of a disability insurance policy from Assurity depends on your age, gender, occupation, lifestyle, elimination period, benefit period, and chosen riders.
Alternatives
The Standard
The Standard offers own occupation disability insurance, which ensures you’ll receive disability payments if you cannot perform the duties of your regular occupation. They offer regular disability benefits for when you miss work due to a disability and offer riders that stretch out your partial benefits if you return to work part-time. Plus, if your disability returns within a specified period, you can resume your benefits without waiting.
Principal
Principal offers physician disability insurance for one to five percent of your annual salary. They have a maximum benefit of up to $30,000 and have benefit periods of 2 years, 5 years, or up to age 65, 67, or 70. Their elimination periods are 60, 90, 180, or 365 days.
Ameritas
Ameritas also offers disability insurance with coverage up to $30,000 per month. They have much longer elimination periods that last up to 730 days and similar benefit periods of 2, 5, or 10 years and up to age 65 or 67.
Mass Mutual
Mass Mutual isn’t as transparent with their disability benefits, but they have elimination periods of 60 days to as long as two years and benefit periods of 2, 5, or 10 years and up to age 65 or 67. All Mass Mutual disability plans require a medical exam.
Pros and Cons
Assurity disability insurance has its pros and cons, including the following.
Pros
- Excellent ratings from the BBB and AM Best. Has an A+ BBB and A- AM Best Rating.
- Flexible and generous own occupation definition. Makes it easy for physicians to focus on recovering while not being forced to work another occupation.
- Offers partial benefits if you return to work part-time. If you can only work part-time, you can get residual benefits.
- Has a wide range of benefit and elimination periods. Physicians can choose from many coverage options.
Cons
- Short non-cancelable policy terms, which means your premiums could increase. The maximum non-cancelable policy term is five years.
- The claim process can be challenging. Many people state that filing a claim took longer than expected.
Frequently Asked Questions
How Does Disability Insurance Work?
If you suffer a covered disability, you can file a claim on your disability insurance. You must wait your elimination period and then receive the monthly benefits stated in your insurance policy as long as your premiums are paid. You can receive the benefits for the duration of your disability as long as it falls within your benefit period and you meet the requirements.
How Much Does Disability Insurance Cost?
The typical disability policy costs one to three percent of your annual salary. However, your actual premium depends on your qualifying factors, the coverage amount, and your chosen riders.
Who Needs Disability Insurance?
Anyone who earns income needs disability insurance. Think of it as protection of the investment in yourself. If you become disabled and cannot work, who will pay your bills? Disability insurance provides this protection and alleviates the stress of the unknown.
What Types of Disabilities Are Typically Covered?
Most common injuries and illnesses qualify as a disability, but each insurance company has different definitions of disability. Determine whether your insurance company has an own occupation disability definition, which provides coverage if you cannot perform your occupation but can perform others, or if you must be totally disabled to secure benefits.
How Long Do Disability Benefits Typically Last?
Each insurance company offers different benefit periods, generally ranging from 2 – 10 years. Some companies also offer coverage to retirement age, usually 65 or 67 years old.
Is There a Possibility of Adjusting Coverage Over Time?
Many insurance companies offer a rider that allows you to adjust coverage without going through underwriting. If you don’t have this type of coverage, you can typically reapply to increase coverage, but you must go through underwriting again.
