Ameritas Disability Insurance Review

Ameritas Disability Insurance

An independent review of Ameritas Disability Insurance. 

Article Summary – Ameritas Disability Insurance Review

Ameritas is an A+ rated carrier that has sold Disability Insurance since 2006. It’s a solid product, designed as an affordable option for white-collar workers.

Ameritas Disability Insurance has all the essential features needed. But lacks some of the more comprehensive benefits found with other carriers. Such as:

  • Hospice Care Benefit
  • Home & Work Modifications
  • Waiver of Elimination for Recurrent Disability
  • Serious Illness Benefit
  • Retirement Savings Benefit

Also, some of the benefit’s are not quite as generous as other carriers… but not by much. Overall, it’s solid and affordable Disability Insurance for Professionals.

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Company Profile – Ameritas Disability Insurance Review

Ameritas has an A+ (Strong) rating by S&P, with over $12 Billion in assets  Their history dates back to the late 1800s, and have been branded Ameritas since 1988.

In 2006, Ameritas acquired a long-standing Disability Carrier called Union Central. This was their entrance into Disability Insurance. The policy currently sold is basically the old Union Central Policy.

In addition to Disability Insurance, Ameritas offers Life Insurance, Annuities, and Employee Benefits. The Employee Benefits division probably accounts for the largest portion of their company.

Product Features – Ameritas Disability Insurance Review

Ameritas Disability Insurance has all essential features that a white-collar professional needs. Most important being “Own-Occupation” definition of Disability. They also have contract language specific to Medical Specialties… however, this contract provision is not as comprehensive as other competitors such as Guardian or The Standard.

Definition of Disability:
True Own-Occupation and Modified Own-Occupation available

Premiums and Contract Provisions:
Non-Cancelable (premiums are locked-in) or Guaranteed Renewable (premiums can increase but coverage is guaranteed).

Benefits Period choices:
1 year – 2 years – 5 years – 10 years – To age 65 – To age 67 – To age 70

Partial Disability and Recurrent Disability:
Included. Partial Disability requires a minimum of 15% loss of income.

Waiver of Premium when Disabled:
Included. Not extended for any period after being Disabled.

Waiver of Elimination Period for Recurrent Disability:
Not Available

Catastrophic Disability Coverage:
Included. No COLA on the benefit.

COLA (Cost of Living Adjustment):
CPI Based or 3% Simple

Future Increase of Coverage:
Automatic Benefit Enhancement included. Future Increase Rider optional.

Mental Health Benefit:
Capped at 60 months or 24 months, depends on Occupation.

Occupational Rehab Benefit:
Included

Home & Work Access Modifications:
Not Available

Lump Sum Benefit Option:
Not Available

Retirement Savings Protection:
Not Available

Critical Illness Benefit:
Not Available

Studen Loan Protection:
Not Available

Target Market – Ameritas Disability Insurance Review

This product was developed for the average white-collar professional. A low to mid level employee making $50k – $100k is the best profile for this product. It is one of the more affordable options within the white-collar Disability Insurance market. But it still offers high-quality benefits.

Alternative Options – Ameritas Disability Insurance Review

Ameritas Disability Insurance was designed for white collar professionals in the $50k – $100k range. If you are a high earner, you might want to look at options that are a bit more comprehensive.

If you are a specialist in your occupation or a high-income earner, I recommend you look at alternatives such as Guardian Life or The Standard.

If you are a blue-collar worker, then take a look at this article.

Summary – Ameritas Disability Insurance Review

Ameritas has a very solid Disability Insurance Policy. It is a good choice for white-collar professionals and even some grey-collar professionals. Ameritas is a well-rated carrier and has excellent customer service in my experience. Overall, it is a good option for someone who needs comprehensive income protection at a competitive price.

If you would like a Quote for Ameritas Disability Insurance, feel free to contact me or schedule a consult.

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Thanks for reading and have a great day!