Protect Your Income with Disability Insurance
Physicians & Other Professionals can compare all major carriers in one place
You can't afford to choose the wrong disability insurance policy.
No one should have to delay protecting their income, family, and specialty because you don’t know who to trust for disability insurance. We will use our expertise to find the best policy for your situation and make it easy to understand, so you don’t have to navigate the complex policy language yourself.
We get it, knowing who to trust for disability insurance is stressful.
We have helped thousands compare the top disability insurance companies in the country.
How It Works
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Answer a few questions
Fill out the quote request form so we can get to work gathering all your options with the best discounts and pricing. You can get back to your busy schedule while we do the leg work!
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Compare your rates
We will share the rates from only the top insurance carriers in the marketplace. You will be able to compare each of your options, ask questions or adjust the coverage to fit your needs.
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Get covered
The application process will put you at ease as we guide you through the online questions. We walk you through underwriting to get you your policy and income protected in no time!
We believe disability insurance should be easy and stress-free.
We don’t want you to delay getting insurance because you don't know who to trust to help you find the right policy. At Moment Insurance, we use our years of expertise to make the buying process easy, so you can get back to worrying about what’s important to you, knowing your future income is secure.
What is disability insurance?
In simple terms, disability insurance is income insurance. If you were to become too injured or sick to work, disability insurance helps to replace your lost income. Many people believe they are at a low risk of losing their income to a disability, but in fact 1 in 4 of today's 20 year olds will become disabled before they retire. Your future income is your most valuable financial asset, and protecting your income should be the cornerstone of your financial plan.
Who needs disability insurance?
You need disability insurance if you or anyone else depends on your ability to earn an income. There are over 51 million working adults in the United States without disability insurance other than what is provided through social security benefits. More than half of Americans today cannot even cover a $1000 bill with their savings. The need for good private disability insurance is there for the vast majority of people in the workforce.
Once you reach the point of financial independence, where you no longer need to work to provide for yourself or your family, you no longer need disability insurance. For many people this is not until typical retirement age, but there are rare exceptions for those that achieve financial independence earlier in their careers.
What are the main types of disability insurance?
There are two common types of disability insurance, Short-Term Disability (STD) and Long-Term Disability (LTD).
Short-Term Disability Insurance covers you for a shorter period of time, typically a few months up to a year. These policies have waiting periods of 0-14 days from the date of injury or illness. Most people that have Short-Term Disability coverage get it from their employer. You can also purchase Short-Term Disability on the private market if your employer does not provide coverage. Typically, a good personal emergency reserve fund can replace the need for STD coverage.
Long-Term Disability Insurance covers you for a much longer period of time, as little as a couple years or more commonly up to typical retirement age. These policies have a waiting period as little as 30 days up to 1 year from the date of injury or illness. Some employers do provide LTD coverage to their employees, but it is often not enough protection and you lose the coverage if you ever leave the employer. This creates the need for most people to purchase their own private Long-Term Disability policy to protect their income no matter where they work.
How much disability insurance do you need?
The goal with a disability insurance policy is to replace your income. So most people should be looking to get a policy that covers their take home pay. Employer sponsored plans typically cover 40-60% of your gross income, but then you have to pay taxes on this benefit. That equates to only covering potentially part of your take home pay. A good private disability insurance policy covers 60-70% of your gross income, but that benefit is completely tax free. Chances are, if you have disability insurance coverage through your employer, you do need to supplement that policy with your own private policy to completely replace your take home pay.
What does disability insurance cost?
The cost of a disability insurance policy varies per the individual. The pricing is generally anywhere from 1-3% of your annual income. There are a few key elements that make up the cost of the policy:
Age - Getting a policy while you are younger means, less risk and a lower price. As you age, your chances of becoming disabled greatly increases as does the cost of getting a disability insurance policy.
Gender - Even if you find this to be unfair, the truth is women file more disability claims and therefore are considered to be higher risks. This results in women paying 20-40% more for disability insurance than their male counterparts. The good news for women is that you live longer and therefore pay less in life insurance.
Location - Where you live does determine your rate for disability insurance. Insurance carriers use actuarial data from each state to determine your risk of going on claim. Most states vary only slightly in price, but there are a few outliers which tend to cost much more. Cough, cough…California. It’s best to check rates with multiple insurance carriers, because the best priced company in your state could be very different than someone you know with the same demographic profile in another state.
Health History - Your own medical history along with your family history can impact the rate on your disability insurance policy. Insurance companies will gather information on your current medical conditions, medications and family medical history to determine an appropriate rate. If severe enough, you may find you could even be insurable. Remember, insurance companies are in the business to make a profit and aren’t willing to insure those they view as highly likely to claim disability benefits. For these reasons, it is best to get disability insurance when you are young and healthy.
Occupation - Insurance companies use something called “occupation classes” as a part of your rate on the policy. Your specific field or duties play a role into how likely you may get injured in that profession, and more importantly, how likely you are able to complete that job’s duties if something were to happen to you. For example, if you couldn’t be on your feet for long periods of time because of an illness or accident, it would be much easier to work an office desk job vs something more specialized like a surgeon or dentist.
Income - The coverage on your disability insurance policy is based on the amount of income you are protecting. The larger your income, the more benefit your policy will have which will result in a higher premium.
How do I buy disability insurance?
Most people should look to buy their own individual disability insurance policy outside of their employer benefits. This is because employer policies are taxed, you can’t take it with you once you leave your employer, and doesn’t provide a true own-occupation definition of disability which is needed by physicians, dentists, and many other professionals.
When looking for an individual disability insurance policy, start by looking for an independent insurance agent. This is an agent that specializes in disability insurance that can freely shop the entire marketplace to find the best policy for you. Some agents are captive to only one insurance carrier and may be limited in finding a policy that best fits your needs in coverage options and price.
Physicians, dentists and other medical professionals needing an own-occupation disability insurance policy should use an independent agent that works with the insurance carriers with this definition on their policy. This includes Ameritas, Guardian, Mass Mutual, Ohio National, Principal, The Standard, and Mutual of Omaha.
Moment Insurance is a truly independent agency with no ties to any one insurance company. We can shop the best rates with all the carriers in the marketplace with the highest discounts available. You can get started at looking at your own personal quotes by completing the short quote request form here.
Once you request quotes, we help you compare all of your best options available and select the best plan for your needs. We help you apply online and manage all the communication with the insurance company during the underwriting process to help get you the best policy at a price that fits your budget. It will only take a moment to get started today in protecting your income.