Best Long-Term Disability Insurance Companies

MassMutual has the best long-term insurance policy because of their high coverage limits and flexible policy customization options. Disability insurance is essential. If you turn 20 in 2023, there’s a 25% chance that you will become disabled before retirement age. Disability insurance can replace the majority of your lost income. Investopedia analyzed 11 insurers and compared them based on factors such as coverage, cost, and financial strength.

Best Long-Term Disability Insurance Companies

  • Best Overall: MassMutual
  • Most Affordable: Thrivent
  • Also great for affordability: Assurity
  • Best for Financial Stability: State Farm
  • Best Customization Options Principal
  • Best for High Earners The Standard

Best Long-Term Disability Insurance Companies Expand your mind with this Best Long-Term Disability Insurance Companies

  • Our Top Picks
  • MassMutual
  • Thrivent
  • Assurity
  • State Farm
  • Principal
  • The Standard
  • See More (3)
  • Why Trust Us?
  • Methodology

Best Overall : MassMutual

Investopedia Rating 4.8

MassMutual

 MassMutual

  • Maximum monthly benefit: $30,000
  • Maximum benefit periodUp to 70 years old
  • Minimum elimination period60 Days

Get a Quote Why We Choosed It

MassMutual excels at long-term disability insurance, offering high income replacement and lengthy coverage periods.

Pros & Cons Pros

  • High maximum percentage of income covered

  • Policies are available up to the age of 64 with coverage to 70

  • Good rider selection

Cons

  • The waiting period for payouts is 60 Days

Overview

MassMutual is a good option for long-term disabilities insurance. Its policies are able to cover up 80% of your earnings, a proportion that is equal with State Farm in Investopedia review. You can get coverage that lasts until 70 years old, providing financial security for the long term. 

You can customize your policy by adding optional add-ons to meet your needs. You can choose an own-occupation option that will protect your income in the event you are unable to work in your field. This is different from any-occupation coverage which only pays if you cannot perform any job. Married couples are eligible for a 10% reduction on their premiums.

Radius Choice Disability policy from MassMutual offers waiting periods of 60 days, 90 days, 180 days, 365 and 730. But competitors such as Principal and State Farm have shorter waiting periods of 30 days, allowing for faster financial relief. 

Note:

The elimination period (also known as the waiting period) is the period of time you have to wait between being injured or sick and when your insurance coverage begins.

MassMutual is based in Springfield Massachusetts and was founded in 1851.

Most Affordable : Thrivent

Investopedia Rating 3.0

Thrivent

Thrivent 

  • Maximum monthly benefit: $18,000
  • Maximum benefit periodUp to the age of 67
  • Minimum elimination period30 Days

Get a Quote Why We Choosed It

Thrivent can be a cost effective option for long-term disabilities insurance, particularly if you prefer a shorter waiting time before benefits start. Only Christians or their spouses are eligible to join.

Pros & Cons Pros

  • Low premium rates

  • 30-day elimination period available

Cons

  • Only Christians or their spouses are eligible to join.

  • The maximum percentage of income covered by the plan is 70%

  • The lowest maximum monthly benefit

Overview

Thrivent offers the lowest premiums on disability insurance. We compared quotes for a dentist aged 40 who earns $100,000 per year for coverage up until age 67. It also has a 30-day cancellation period, which means benefits begin sooner. Some policies pay out dividends after 5 years. These can be used as a way to lower costs.

Thrivent will cover you up to $2,000 per month for up to 24 consecutive months if you are staying at home to take care of your family. The organization’s income coverage is capped at 70% while competitors MassMutual, State Farm and State Farm offer 80%. Thrivent has the lowest maximum monthly benefit of all the companies Investopedia evaluated, at $18,000.

Thrivent offers these benefits to Christians, their spouses or children who are being raised as Christians.

Thrivent, headquartered in Minneapolis, was founded in Minneapolis in 1902.

Also Great in Affordability : Assurity

Investopedia Rating 3.3

Assurity Life Insurance

Assurity Life Insurance

  • Maximum monthly benefit: $20,000
  • Maximum benefit periodUp to the age of 67
  • Minimum elimination period30 Days

Get a Quote Why We Choosed It

Assurity offers a budget-friendly option for long-term disability insurance, with comparable benefit amounts.

Pros & Cons Pros

  • Low long-term Disability Premiums

  • 30-day elimination period available

Cons

  • Competitors have more riders

  • Poor maximum monthly benefit in comparison to competitors

Overview

Assurity offers affordable long-term disability coverage. A dentist earning $100,000 per year at age 40 can expect to pay only $232 a monthly for coverage until age 67. This is lower than all other competitors except Thrivent. It offers a 30 day elimination period that allows for quicker access to the benefits.

The maximum benefit per month is $20,000; this is lower than that of competitors such as The Standard, who offer a maximum benefit per month of $35,000 Assurity offers less optional riders in comparison to some of its competitors.

Assurity was founded by Lincoln, Nebraska in 1890.

Best for Financial Strength : State Farm

Investopedia Rating 3.8

State Farm

 State Farm

  • Maximum monthly benefit: $20,000
  • Maximum benefit periodAge 67
  • Minimum elimination period30 Days

Get a Quote Why We Choosed It

State Farm has a strong financial standing and offers long-term coverage that is affordable. This insurance can replace a significant portion of your earnings.

Pros & Cons Pros

  • Low-cost long-term disability insurance

  • Replaces up to 80% income

  • Benefits are available after a 30-day wait period

Cons

  • Low maximum monthly benefit in comparison to competitors

  • Select your rider

Overview

State Farm’s financial stability and competitive prices make it a good option for reliable long term disability insurance. State Farm has high ratings for its financial strength. It should be reliable in paying future claims. 

State Farm disability insurance is able to replace up to 80% your pre-disability earnings, which is tied for the highest percentage of Investopedia’s study.

Note:

AM Best, a credit-rating agency that focuses on the insurance sector, rates companies according to their financial strength. These ratings measure an insurer’s capacity to pay claims. State Farm received the highest possible AM Best rating.

You can choose to have a 30-day wait period. This means that you can begin receiving benefits as soon as one month after becoming disabled.

State Farm’s maximum benefit per month is $20,000 – lower than most other companies – and it offers less customization options.

State Farm was founded by Herbert B. State in 1922 in Bloomington, Illinois.

Customization options are best for you : Principal

Investopedia Rating 3.9

Principal Life Insurance

 Principal Life Insurance

  • Maximum monthly benefit: $30,000
  • Maximum benefit periodUntil age 70
  • Minimum elimination period: 30 Days

Get a Quote Why We Choosed It

Principal’s flexible waiting period and diverse rider choices make it an excellent option for creating a long term disability policy that meets your specific needs.

Pros & Cons Pros

  • 30-day elimination period available

  • Good rider selection

Cons

  • Insurance policies are only available to people under the age of 60

  • Relatively High Premiums

Overview

Principal’s long-term disability policy is highly customizable. The company offers several waiting periods including 30, 60 and 90 days. You can also choose between 180 and 365 day waiting periods. This will allow you to customize when your benefits begin, potentially saving money on premiums. It also offers a wide range of riders that can be added to your policy to suit your needs. 

You can purchase disability income coverage specifically to save for retirement. If you cannot work because of illness or injury, Principal DI Retirement Security will begin putting money aside for you every month. Once you reach retirement, you will receive the accumulated funds as monthly payments.

Principal offers an online calculator that will generate a quick quote for a policy. Its policies are expensive and you have to apply before 60.

Principal was founded by John H. Principal in 1879. It is based in Des Moines.

Best for High-Earners : The Standard

Investopedia Rating 3.3

The Standard Life Insurance Company

The Standard Life Insurance Company

  • Maximum monthly benefit $35,000
  • Maximum benefit period: Age 67 and older
  • Minimum elimination period: 60-day refund

Get a Quote Why We Choosed It

The Standard provides substantial long-term coverage amounts. This could be ideal for those with high incomes. 

Pros & Cons Pros

  • Maximum monthly benefit of $35,000

  • You can apply for the program up to 64 years old

Cons

  • The minimum waiting period to receive benefits is 60 Days

  • No online quotes

Overview

The Standard is a good option if you require high benefits from your long-term insurance. It offers the highest monthly benefit amount in Investopedia’s review, at $35,000 and accepts applications until age 64.

The Standard offers a Family Care Benefit that can help offset lost income if you have to reduce your working hours to take care of a family member who has a serious illness. This benefit is available when both your income and work hours drop by at least 20 percent.

The Standard has a 60-day waiting period before you can receive benefits. You’ll have to pay for your living expenses during the first two months of being disabled. The company doesn’t offer any pricing information online.

The Standard, originally known as Oregon Life Insurance Company, was founded in Portland in 1906.

Why You Should Be Trusted

Investopedia reviews reflect the results of thorough, unbiased analysis and research conducted by our expert team. This list of the top long-term disability insurers was compiled by collecting data from 11 companies. We evaluated factors such as coverage maximums and riders, premiums, and premiums to give an objective evaluation. Investopedia, founded in 1999, has been reviewing disability insurance companies since the year 2020.

How we selected the best long-term disability insurance companies

Investopedia’s ranking of the top disability insurance providers is based on a thorough research of 11 providers. Insurance companies had to meet Investopedia standards for transparency and financial stability in order to be considered for the list. Between Jan 3, 2025 and Jan 23, 20,25, we collected 190 points of data across 19 criteria. We collected data from company websites and media representatives. We also gathered information through customer service calls, AM Best and AM Best.

Then, research analysts and staff editors created a model that scored each company in eight major categories. We weighted categories according to the following:

  • Maximum benefit period: 20%
  • Maximum monthly benefit: 18%
  • Percentage covered by income: 15%
  • Riders: 14%
  • Financial strength: 11%
  • Minimum elimination period: 10%
  • Quotes: 10%
  • Maximum age of issue: 2%
A family doing research together in their kitchen about the best companies for long-term disability insurance.

FG Trade / Getty Images

Article Sources Investopedia requires that writers use primary sources in order to support their work. These include whitepapers, government data and original reporting as well as interviews with industry experts. Where appropriate, we also reference original research by other reputable publishers. Learn more about our standards for producing accurate, unbiased material in our Editorial policy

  1. Social Security Administration. “Disability Tables and Death Probability Tables For Insured Workers who Attain the Age of 20 in 2023.” Page 1.

  2. AM Best. “Guide to Best Financial Strength Ratings.”

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