20 Popular Long-Term Disability Insurance Companies

Today, we are going to share 20 popular long-term disability insurance companies. We are not affiliated with any of these companies, nor are we endorsing them. To stay neutral, we are listing them in alphabetical order. This article is for educational purposes only.

What is Long-Term Disability Insurance?

I figured the best way to start this post is to explain what long-term disability insurance is. Here’s a great definition I found online.

Longterm disability insurance (LTD) is an insurance policy that protects an employee from loss of income in the event that he or she is unable to work due to illness, injury, or accident for a long period of time.

Source: The Balance Careers

Why should you buy it? Because you need an income to live! There are so many things in life that our out of control. If you get sick or disabled and lose your income, it could force you into bankruptcy or homelessness. You don’t want that to happen.

20 Popular Long-term Disability Insurance Companies

Top 20 Long-Term Disability Insurance Companies

With that being said, here is our list of 20 popular long-term disability insurance companies. They are in alphabetical order.

# 1 AllState

The Allstate Corporation is one of the largest insurance providers in the United States and one of the largest that is publicly held. The company also has personal lines insurance operations in Canada. Allstate was founded in 1931 as part of Sears, Roebuck and Co., and was spun off in 1993. The company has had its headquarters in Northfield Township, Illinois, near Northbrook since 1967. Allstate ranked No. 79 in the 2018 Fortune 500 list of the largest United States corporations by total revenue. Its current advertising campaign, in use since 2004, asks, “Are you in good hands?”

Source: Wikipedia

# 2 American Fidelity

American Fidelity Assurance Company is an Oklahoma-based supplemental health insurance and financial services company, specializing in multiple industries, including education and healthcare. It offers group short and long-term disability plans, as well as a $50,000 Accidental Death and Dismemberment benefit. Founded in 1960, the company has 1,600 employees.

Source: consumersadvocate

# 3 Ameritas

Ameritas was originally established in 1887 under a different name, the Old Line Bankers Life Company of Nebraska. They merged with Acacia Life and Union Central Mutual Holding Company of Cincinnati, Ohio. After the two mergers, the company became known as Ameritas.

Source: Good Financial Cents

# 4 Assurity

Assurity follows their motto of helping people through difficult times every day. Founded in 1890, they are a mutual company offering a wide variety of insurance products. Being a mutual Assurity company (like Guardian or MassMutual) means Assurity is owned by their policyholders, so corporate goals and strategies should benefit those policy owners.

Source: High Income Protection

# 5 Guardian Life

Guardian Life Insurance has been around for a long time—150 years! For a life insurance company—or any company—to be in business for that long says a lot. Guardian has made a name for themselves as a trustworthy mutual life insurance company with solid financial strength.

Source: TermLife2Go

# 6 Illinois Mutual

Over the past 100 years, they’ve experienced a lot of growth. They’ve grown from the small Illinois insurance company they started as, into a company with over 1,000 independent agents.

They had over $1,000,000,000 in total assets in 2016. One thing to be aware of is the states Illinois Mutual can service.

Source: Good Financial Cents

# 7 MassMutual

Massachusetts Mutual Life Insurance Company, better known as MassMutual, is one of the oldest insurance companies in the United States. George W. Rice founded the company in 1851 as a mutual company, or one that is owned by its policyholders. From its early beginnings, Massachusetts Mutual Life Insurance Company has grown to become a financial giant serving over 13 million clients worldwide.

Source: the balance

# 8 MetLife

MetLife, Inc. (MetLife), incorporated on August 10, 1999, is a provider of life insurance, annuities, employee benefits and asset management. The Company’s segments include U.S.; Asia; Latin America; Europe, the Middle East and Africa (EMEA); MetLife Holdings, and Corporate & Other.

Source: Reuters

# 9 Mutual of Omaha

Mutual of Omaha is considered to be one of the most financially sound insurance companies in the United States. As of year-end 2016, the company reported a pre-tax operating income of more than $526 million, on revenues of nearly $8 billion. Both of these figures represent an increase over its 2015 results. The company also reported an after-tax consolidated net income of more than $356.5 million, as compared with $333 million in 2015.

Source: InsuranceScored.com

Only 33% of private sector workers have access to long-term disability benefits through their employer, and 40% have access to short-term disability benefits.

# 10 Northwestern Mutual

Northwestern Mutual offers life insurance, long-term care insurance, disability insurance, annuities, mutual funds, and employee benefit services.

Northwestern Mutual’s headquarters is in Milwaukee, Wisconsin. Northwestern Mutual has a revenue of $28.1B, and 5,800 employees. Northwestern Mutual’s latest funding round was a Investment Fund for $150M on May 2019.

Source: Owler

# 11 Ohio National

Founded in 1909, Ohio National Life Insurance Company is a mutual insurance holding company headquartered in Cincinnati, Ohio. The company has nearly $42 billion in assets under management, and employs more than 1,300 associates at its headquarters.

Source: Simple Life Insure

# 12 Petersen International Underwriters (PIU)

Petersen International Underwriting will cover risks that traditional life insurance companies either will not or cannot insure. That being said, you will receive a more favorable rate if you can ultimately place a policy with a traditional life insurance company.

Source: Good Life Protection

# 13 Principal Financial Group

Principal Financial Group, Inc (Principal) is an financial institution incorporated in 1879, whose controlling shareholder is the American investment fund The Vanguard Group Inc (10.73%). The company offers pension instruments, insurance and asset management throughout 18 countries. It has its headquarters in Des Moines (Iowa, USA) and regional offices in Mexico, Chile and Sao Paulo.

Source: bnamericas

# 14 Prudential

Prudential Financial, Inc. is an American Fortune Global 500 and Fortune 500 company whose subsidiaries provide insurance, investment management, and other financial products and services to both retail and institutional customers throughout the United States and in over 40 other countries.

Prudential Financial is the largest insurance company in the United States, with total assets amounting to approximately 1.456 trillion U.S. dollars.

Source: Wikipedia

# 15 RiverSource

Riversource has been in business since 1894 and has an “A+” financial stability rating from A.M. Best. Two income protection plans are available through RiverSource, Income Protection and Income Protection Plus. Both plans offer an income tax-free monthly benefit. Coverage is guaranteed up to age 65. A cost of living rider adds coverage to help protect you against cost-of-living increases.

Source: the balance

# 16 Sunlife Financial

Sun Life Financial, Inc. is a diversified financial services company. It provides life and health insurance, savings, investment management, retirement and pension products and services to both individual and corporate customers. The company was founded by Mathew Hamilton Gault on March 18, 1865 and is headquartered in Toronto, Canada.

Source: CompaniesHistory.com

# 17 The Hartford

Founded in 1810, The Hartford Financial Services Group, Inc. (NYSE: HIG) is one of the largest investment and insurance companies based in the United States, with offices in Japan, Brazil, Ireland, England, and the United States. With nearly 30,000 employees and $2.1 billion in income in 2004, The Hartford was ranked 88th on the 2005 Fortune 100 list.

Source: Advantage Group LLC

# 18 The Standard

The Standard is in fact a group of companies based in the United States. It carries under its name the Standard Insurance Company of Portland, Oregon, as well as Standard Life Insurance Company of New York, based in White Plains, New York. The former is active and has license to operate in all the states of America except New York, which is covered by the latter.

Source: Great Life Insurance Group

# 19 Thrivent

Back in 1902, a company named Aid Association for Lutherans (AAL), a fraternal benefit society, launched in Wisconsin. Around fifteen years later, Lutheran Brotherhood (LB) formed in Minnesota. For a long time, the two operated separately but with very similar goals. In 2001, after years of conversation and praising the services of one another, the two insurers combined and became Thrivent Financial for Lutherans. Currently ranked #316 on the 2017 Fortune 500, this non-profit company helps to support families in numerous ways (including their many life insurance products).

Source: TermLife2Go

# 20 Unum

The company claims to provide insurance protection plans to more than 80,000 employers worldwide, including 32% of Fortune 500 companies. It’s been in business for decades, has high financial ratings across the board, and has made Fortune’s most trustworthy and reputable companies’ lists. It offers some riders with its group LTD policy, giving some flexibility and choice to employees. Unlike some of its competitors, it doesn’t offer individual plans, which limit its services to consumers.

Source: consumersadvocate.org

90% of long-term disability claims are not caused by accidents, but rather illnesses

Suggestions & Tips

When you are shopping for long-term disability insurance, here are a few suggestions and considerations.

  1. Ask your HR Department if this is provided by your employer and if not, what do they suggest.
  2. Talk with your current insurance company or insurance agent and see if they provide it. It would also be wise to talk with your CPA and/or attorney.
  3. Educate yourself and determine what you need and how much you need.
  4. Get quotes from at least three different insurance companies. Make sure the quotes are for comparable benefits, so you are comparing apples to apples.

Final Thoughts

There you have it folks. These are 20 popular long-term disability insurance companies. What are your thoughts? Do you agree or disagree with our list? Leave a comment below to share your thoughts.

Once again, we are not endorsing any of these companies, nor are we affiliated with them.

Suggested Reading

  1. Bankrupt Insurance Companies
  2. The Future of SIU
  3. Insurance Adjuster Careers

15 thoughts on “20 Popular Long-Term Disability Insurance Companies

  1. Ciara

    Wow! Thank you for gathering so much helpful information.

    I have a good friend who is going through some health issues and may have to seek some long term disability. I will be showing her this website for sure– thank you for breaking it down so easily.

    This can all be very confusing at times and while researching this has been one of the best articles I have come across!

    Thank you again for sharing a wealth of knowledge.

    Ciara

    Reply
    1. admin Post author

      Glad to help. What I would do is have her sit down with a licensed insurance agent and get a few quotes. That way she knows her different options. 

      Reply
  2. nasrin19

    Thanks for the nice summary. This article is for informative purposes only. This is exactly the information I was looking for.

    I can’t comment on all of the different long-term disability insurance companies, but I do know about one of them: MetLife, Inc. 

    It is one that I have been researching for the longest time. MetLife. Inc. is a provider of life insurance, annuities, employee benefits, and asset management. They have been in business many years and have a great reputation.

    Reply
  3. Stella

    I’ve heard horror stories of people who got sick or injured and could no longer work. Many of these people ended up homeless, bankrupt or financially destitute. That shouldn’t happen to anyone. If your employer doesn’t offer long-term disability insurance, you definitely want to buy it on your own. It’s worth the money you spend on it. 

    Reply
  4. Gillian

    Long term disability insurance is one of the most ignored type of insurance in my opinion. People think of “today” rather than the “future”. I believe everybody should think of having long term disability insurance because we’ll never know what will happen to us tomorrow.

    Finding an insurance company can be tricky and difficult with all the companies that are advertising their services. It’s good to read your article because you have included the top companies that readers can choose from. It helps to get to know these top companies before buying insurance plans.

    Reply
  5. Dominic

    Hi Chuck,

    Long term disability insurance is an important topic that a lot of people overlook when it comes to protecting themselves during their working lives, myself included. Just a quick question, what is the difference between LTD insurance and income protection insurance, is one more long-term or pays a higher return. Any advice would be greatly appreciated.

    Thanks

    Reply
    1. admin Post author

      Here’s what I found online.

      “Income Protection Insurance is an insurance policy, available principally in Australia, Ireland, New Zealand, South Africa, and the United Kingdom, paying benefits to policyholders who are incapacitated and hence unable to work due to illness or accident. IPI policies were formerly called Permanent Health Insurance.” ~ source: Wikipedia

      On the other hand, here is what long-term disability insurance is:

      “Long-term disability insurance (LTD) is an insurance policy that protects an employee from loss of income in the event that he or she is unable to work due to illness, injury, or accident for a long period of time.” ~ source: The Balance Careers

      I hope that clarifies the two for you. Thanks. 

      Reply
  6. Alex G

    An interesting article! I would like to know more about your opinion on each of these long-term disability insurance companies, as this is an area I know nothing about. As I am from the UK, I imagine there are many comparable services here for me to choose from, but what would your recommendation be for someone who wants to look into this and has no idea where to start or what to look for?

    Reply
    1. admin Post author

      The first thing I would personally do is visit a reputable insurance agent in your local proximity and pick their brain. See what options they can offer you and then go out and get at least one additional quote from a different licensed insurance agent. That is what I would do. 

      Reply
  7. Adyns68

    You made a great list of long-term disability insurance companies. All of them have years of experience in the industry which is reassuring.

    I think this a very important and useful insurance to have. As you said, we do not control everything around us and accidents can happen. But, is it something that can be covered by an employer: in case of high risk jobs?

    Reply
    1. admin Post author

      Great question. Here is the answer I found online:

      “No laws require employers to offer longterm disability (LTD) coverage, but about half of large and mid-sized employers offer it to their workers. When you receive employer-paid disability income, you must pay federal and state income tax on the benefits, unless your company pays it for you.” ~ source: iii.org

      What I would do first is ask your employer if this option is available. If they do offer, see if it is an included benefit, or if it must be purchased separately, out of your pocket. If you must pay for it, I would do at least two or three price comparisons on similar policies, just so you know you are getting a fair deal. I hope that helps. 

      Reply
  8. Shannon

    Thank you for highlighting long term disability insurance. I completely agree, everyone should purchase it. So many people have the mentality of “It will never happen to me.” 

    23-years ago my mother underwent a routine surgery to remove a small cyst in her neck. I remember her doctors assuring her she would be home and back to work within 2 or 3 days. That surgery left her a paraplegic paralyzed from her armpits down and in a wheelchair where she still remains today.

    Unfortunately,my mom didn’t have any type of private long term disability insurance so today she relies on the little income that comes in from government disability. Had she considered this option years ago she would have a much bigger budget to work with to live on.

    Reply
    1. admin Post author

      I’m sorry to hear about your mom. Things like this happen more than we think. Most of us, including myself, tend to think we will live forever and don’t worry about the future. The fact is, anything in life can happen. No one expects to lose their ability to work, especially when they are young. 

      Having long-term disability insurance is a good back up plan. Either find an employer who offers it as part of your benefits package, or purchase your own. The peace of mind will be worth the money you spend for it. 

      Reply
  9. Dave Sweney

    Thanks for putting together this list of 20 companies that offer long-term disability insurance. This is an area that many people overlook when it comes to the various insurance coverages they seek to secure, and it often is only when it is too late that they do think of getting some.

    If you are young, the cost is minimal, and it will rise over time as you get older, and at some point, you may want to drop it when you have enough salted away and are ready to move on to retirement and other activities besides work. Especially if you have a family that is counting on you for sustenance, it is a good idea to secure this kind of insurance.

    All of the companies seem to be okay. If it were me I would check with a few to see which might have the right plan that fits with your needs. At this stage of my life, such insurance makes no sense (I am 63). There are a lot of people that could use this insurance though and they do not have it.

    In this case, foresight is better than hindsight. You will be in bad shape if you are unable to work and do not have some source of income that will at least help you survive. Thinking ahead and doing so while young means that you can rest easier knowing your loved ones are covered if anything should happen.  

    Reply
    1. admin Post author

      Great comment and wisdom, Dave. Thanks for stopping by and sharing your thoughts. Buying long-term disability insurance while you are young is definitely a smart move, and much cheaper than waiting until you are in your 40’s or 50’s. 

      Reply

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