How to Compare Disability Insurance Companies
Compare the exact issuing insurer and contract, not only a brand name or a financial-strength grade. Verify state licensing, understand the scope of each rating, and review definitions, limitations, riders, premiums and service questions. Drs Choices’ specific carrier access must be confirmed for your proposal.
By Navid Lalezari · Author
Reviewed by Navid Lalezari
Last reviewed
In this guide
Identify the issuing legal company
A familiar brand may have several insurance subsidiaries. The NAIC advises checking the company name on the policy and confirming licensing with the state insurance department. Save the legal insurer name with each quote so you compare the correct records.
Sources:[1]
Use financial and complaint information carefully
Review current information about the insurer’s financial condition and complaint history through the NAIC and state department. If you use a rating agency, note its date and scale; a grade from one organization is not automatically equivalent to another’s. A rating does not rewrite claim eligibility or guarantee the outcome of a claim.
Sources:[1]
Compare the contract on equal terms
List the disability definition, benefit amount and duration, elimination period, riders, exclusions and renewal provisions. Ask which differences explain the premium. A stronger match to one physician’s duties or budget does not make that contract the best choice for everyone.
Read next: How to Compare Disability Insurance Quotes Without Losing the Details
Clarify access, compensation and service
Ask the advisor which carriers were considered, which they can arrange in your state and any limitations on the comparison. Request the applicable compensation or fee disclosure. Ask whom to contact for policy changes and claims information. This page does not publish a carrier ranking, verified appointment list or a promise of lower-than-direct pricing.
Read next: How We Compare · Licensing & Availability
Where to go from here
These next steps are educational and have no cost or obligation. They do not start an insurance application or begin coverage.
- Check My Options
Tell Drs Choices what you are weighing and request a conversation about your situation.
- Compare Policies
See how the coverage types and policy terms on this page differ side by side before you decide.
- Start Your Plan
Build a discussion brief from your own numbers. No account or email is required.
Sources
Drs Choices summarizes and compares these sources on this page. Each entry links to the original if you want to verify the wording yourself.
NAIC: Consumer insurance search and company licensing
View original source for “NAIC: Consumer insurance search and company licensing” (opens in a new tab)Guardian: Disability insurance definitions
View original source for “Guardian: Disability insurance definitions” (opens in a new tab)Guardian: Disability insurance pricing factors
View original source for “Guardian: Disability insurance pricing factors” (opens in a new tab)