Ameritas vs. MassMutual: Side-by-Side Disability Insurance Comparison

Choosing the right disability insurance policy starts with finding coverage that fits your profession and financial goals.But not all policies are created equal.As part of our disability insurance series, we’re pulling back the curtain to highlight major differences of Ameritas vs.MassMutual disability insurance.

Ameritas and MassMutual are two of the “Big 5” disability insurance providers who offer own-occupation policies for doctors, dentists and other high-income earners.How do they define disability? What’s the maximum monthly benefit you can get? And which policy features matter most when protecting your income? Let’s take a closer look.Ameritas vs.MassMutual disability insurance: Side-by-side Need a quick side-by-side look at Ameritas and MassMutual? Here are some key policy details to compare.

AmeritasMassMutualDefinition of disabilityTrue own-occupationTrue own-occupationMaximum monthly benefitUp to $30,000(depending on occupation)Up to $30,000(depending on occupation)Benefit period1 year, 2 years, 5 years, 10 years, to age 65 or to age 672 years, 5 years, 10 years, to age 65, to age 67, to age 70Elimination period30, 60, 90, 180, 365 or 730 days*60, 90, 180, 365 and 730 days* *Available elimination periods may be dependent on chosen benefit period or state residence.Fill out the form below to get own-occupation disability insurance quotes from the “Big 5.” Or keep reading to see a breakdown of each provider’s definition of disability and policy enhancements — both of which can really make or break your disability claim.Get the best price on own occupation disability insurance SLP Insurance will find you the best price even if it's not with us.Fill out the form below to get discounts of up to 30%.

Own-occupation coverage with MassMutual and Ameritas MassMutual and Ameritas have been providing financial products for a long time, including income protection.Both disability insurance providers offer own-occupation coverage, which is especially important for anyone who works in a specialized field.Here’s why… An “any occupation” definition of disability makes it a lot harder to file a disability claim.It’s an uphill battle because you have to prove that can’t work in any job — desk job included — which makes it much harder to qualify for benefits.

On the other hand, an “own-occupation” definition of disability is built for your medical or dental specialty.If you can’t do the duties of your occupation, you can file a claim.“True own-occupation” coverage takes it up a notch by letting you work in another field while collecting disability benefits.As you can see, the devil is in the details when it comes to the definition of disability.

So, you must understand what type of policy you’re buying in case you ever need to file a future disability claim.MassMutual’s definition of disability MassMutual’s Radius Choice® is available for highly skilled professionals — think doctors, dentists, attorneys, engineers and more.Its standard definition of disability pays out disability benefits if you can’t perform the main duties of your occupation and you’re not working at any other occupation.But here’s where it gets interesting: MassMutual offers an optional true own-occupation rider.

With this add-on, you can still collect disability benefits even if you choose to work in another profession.Related: MassMutual Disability Insurance Review Ameritas’ definition of disability Ameritas’ DInamic Cornerstone Income ProtectionSM gives you three levels of own-occupation coverage: Own-occupation (OO).Pays disability benefits while working in another profession for the length of the benefit period.Own-occupation and not working (NW).

Allows you to collect disability benefits if you can’t work in your specialty for the length of the benefit period.However, it doesn’t let you work a separate job.Two-year own-occupation and then any reasonable occupation (P2).This hybrid definition gives you own-occupation coverage for the first two years you can’t work in your specialty.

After that, the definition of disability switches to “any occupation” for the rest of the benefit period.Related: Ameritas Disability Insurance Review Ameritas vs.MassMutual: Standout features and benefits When considering which disability insurer to choose, it’s important to look beyond the basics.A strong definition of disability will provide the best protection.

But other policy features and optional riders can make all the difference for your coverage.Maximum coverage limits Each disability insurance provider sets a maximum monthly payout based on a number of factors (e.g., income, issue age and occupation).However, in most cases, you can buy coverage for up to around 60% of your gross income.Both Ameritas and MassMutual generally cap disability coverage at $20,000 per month.

Depending on the occupation class, that maximum can sometimes go up to $30,000 — but each provider treats occupation risk differently.Take dentists, for example.MassMutual offers up to $20,000 in monthly benefits for general dentists, while Ameritas maxes out at $15,000.So, you’ll need to compare quotes with each of the “Big 5” to ensure you’re getting the coverage amount you need.

Related: Guardian vs.MassMutual Disability Insurance, Principal vs.Guardian Disability Insurance Unique policy riders and benefits Every disability insurance carrier tries to stand out with custom benefits.Some add real value, while others end up being more of a marketing gimmick.  For example, MassMutual provides dividends to eligible policyholders — something that most other providers don’t do at the moment.

Basically, if you go six years without making a disability claim on the policy, MassMutual will begin refunding 10% of your premiums each year.These dividends aren’t guaranteed, but MassMutual has a long track record of paying out dividends, so it’s highly likely you’ll receive this benefit if you qualify.MassMutual also offers a retirement rider called RetireGuard®.This optional policy rider helps to replace both your employee contributions and employer match contributions that would have been made if you hadn’t become disabled.

Ameritas takes a different approach, such as a benefit advancement for certain medical and dental expenses, as well as reimbursement for COBRA premiums for up to 18 months.It also has a “good health” feature that reduces the elimination period by two days for every year you don’t receive disability benefits under the policy.Note that each of these features is part of its base policy, so they’re automatically included in every policy at no additional cost.These are just a few of the built-in and optional policy riders and benefits available through MassMutual and Ameritas.  Other important differences to consider Here are some additional considerations when comparing Ameritas vs.

MassMutual disability insurance: Financial strength ratings.MassMutual has an A++ rating from AM Best, indicating strong financial stability in terms of their ability to meet their financial obligations with all outstanding policies.However, Ameritas also maintains good financial standing with an A rating.In our experience, Ameritas tends to be more favorably priced to make up for this.  State residency.

Policy options and pricing can vary based on where you live.For example, MassMutual is often a better choice for policyholders in California.This is because Ameritas doesn’t offer its catastrophic rider, nor is its partial disability rider as strong for the state of California.Additionally, Ameritas only provides a simple 3% inflation rider instead of a compound option.

Note there used to be significant differences for New York policyholders, as well.But Ameritas recently had their newer product approved in New York, so MassMutual and Ameritas are fairly equivalent for New York policyholders now.Available discounts.Disability insurance premium discounts can range from 5% to 45%, depending on your specialty, state of residence, gender and other factors.

Additionally, some independent insurance brokers — like SLP Insurance — have access to exclusive discounts.At the end of the day, nothing beats the value of having a knowledgeable insurance agent on your side who can walk you through the fine print and help you weigh the pros and cons of each option — this way, you get the best policy for your needs and budget.Get custom disability insurance coverage for your needs SLP Insurance will search the “Big 5” for the best disability coverage and discounts.We’ll help you figure out which policy riders add real value and which are a waste of money.

We’ll also look for guaranteed standard issue (GSI) opportunities if you happen to be a medical resident or fellow.Ultimately, if we’re aware of a better deal or policy, we’ll happily forward your business to another broker.Fill out the own-occupation disability insurance quote form below, and our team will find the right coverage at the best price.Compare disability insurance quotes and save SLP Insurance will find you the best price on own occupation coverage, even if it's not with us.

Fill out the form below for a quote with up to 30% discounts.