Provider: Ameritas Life Insurance Company
A.M. Best Rating: A (Excellent)
A.M. Best Rating Explained: A forward-looking, independent, and objective opinion regarding an insurer’s, issuer’s, or financial obligation’s relative creditworthiness. The opinion represents a comprehensive analysis consisting of a quantitative and qualitative evaluation of balance sheet strength, operating performance, and business profile or, where appropriate, the specific nature and details of a security.
COMDEX Score: 82
COMDEX Score Explained: COMDEX is a ranking composite of all of the ratings that an insurance company has received from A.M. Best, Standard & Poor’s, Moody’s and Fitch. It gives the company’s standing, on a scale of 1-100, in relation to all other companies that have been rated by the rating services. A company needs to be rated by at least two rating services to receive a COMDEX.
Invested Assets: $15 Billion
Residual Benefit: Requires 15% or 20% loss of income (depending on the rider)
Guaranteed Benefit Increases: Available until age 55
Company Profile
Founded in 1887, Ameritas Life Insurance Company has a long history of providing insurance and financial services. With over a century of experience, Ameritas has built a solid reputation for financial strength, stability, and dedication to customer service. They are one of a few insurance companies who provide a true own occupation benefit and offer robust disability insurance solutions for doctors.
True own-occupation disability insurance ensures that you receive benefits if you are unable to perform the specific duties of your medical specialty, even if you can work in another capacity.
Common Elements to a Policy
Elimination Period: The number of days you must be disabled prior to receiving benefits. The most common option is 90 days, though longer options are available (180 or 365).
Benefit Period: Typically recommended up to at least age 65 (retirement age), but available up to age 70.
Non-Cancelable and Guaranteed Renewable Policies: Ensuring that your coverage cannot be canceled and your premiums cannot be increased as long as premiums are paid on time.
Common Enhancements to a Policy
Partial/Residual Benefit: Partial benefits that are paid in the event of a partial loss of income due to a disability. This amount of partial benefit is typically equal to the percentage of lost income.
Cost of Living Adjustment (COLA): Increases the monthly benefit while disabled and receiving benefits to keep pace with inflation. As long as you remain disabled, Ameritas will pay an additional 3% of the Monthly Benefit on each anniversary of the date of the disability.
Automatic Benefit Enhancement: Increases the monthly benefit on an annual basis while you are still working and not disabled. These increases will raise your premium, but it can be declined. It provides an annual 4% benefit increase each year for six years, with no proof of income required.
Future Increase Option (FIO): This option allows you to increase benefits every 1 to 3 years until age 55, without medical underwriting. Not all companies offer the option to increase every year. There is financial underwriting required for exercising increase options.
Additional Policy Options to Consider
Student Loan Repayment: This rider reimburses monthly payments for specified student loan debt, while you are disabled, for as long as the loan obligation remains.
Choosing the right disability insurance provider is crucial for medical professionals, and Ameritas is an excellent option for doctors. The definition of totally disabled being a true own-occupation.
