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Ameritas Disability vs AMA

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  • Ameritas Disability vs AMA

    Hello

    I am looking at Ameritas for disability insurance which is own occupation specialty specific
    I currently have AMA pro insurance for disability which is own occupation
    I have a year's worth of income saved up so I am wondering if there is any merit to doing a 365 waiting period. I only need a 3K benefit
    Any reason to recommend Ameritas over AMA policy, any reason not to recommend.
    The ameritas policy does not increase year over year and is Non-Cancelable which I have read from the forums and the podcasts
    I am wondering if any one recommends deducting the policy from 1099 income (benefits are then taxable) versus using post tax dollars to pay for the policy?
    Any experience with both?

  • #2
    Originally posted by rick43221 View Post
    Hello

    I am looking at Ameritas for disability insurance which is own occupation specialty specific
    I currently have AMA pro insurance for disability which is own occupation
    I have a year's worth of income saved up so I am wondering if there is any merit to doing a 365 waiting period. I only need a 3K benefit
    Any reason to recommend Ameritas over AMA policy, any reason not to recommend.
    The ameritas policy does not increase year over year and is Non-Cancelable which I have read from the forums and the podcasts
    I am wondering if any one recommends deducting the policy from 1099 income (benefits are then taxable) versus using post tax dollars to pay for the policy?
    Any experience with both?
    You should read the AMA policy and not the brochure.
    AMA is not true own occupation, it is own occupation not engaged.
    I would not suggest you look at the 365 on AMA, it is a very difficult policy to make a claim on because of the "Total and Continuous" clause in the waiting period.
    AMA can also change anything in the policy they want at any time they want including their rate.
    How long are you going to hold the contract? Depending on the answer you might just want to ask about the embedded rate increases that are already scheduled or if there are any 1 year discounts that might be removed.

    You should look at the Ameritas as a GR contract, own occ not engaged, and maybe the 365 day waiting period if you want a contract that the language can't be changed but a bit softer on the terms because what you are currently looking at are two Very different contracts.

    If you are going to be deducting premiums you should visit with your CPA and even have a disability reimbursement plan written out and kept in your corporate minutes if you are going to do that. That area gets sticky for any entity that is not a C corp and deducting the premiums on the ownership.
    Scott Nelson-Archer, CLU, ChFC
    303-953-0263 Direct / [email protected]

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    • #3
      Hello

      Thank you great advice
      I will go for the Ameritas contract
      I think this is better overall. I want the 365 day waiting period since I have enough income for a whole year.
      The amount increases dramatically otherwise for a year long policy.
      Anything else you would recommend, any good experience with Ameritas?

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      • #4
        Just make sure you are getting max discounts, those can vary by 20%.
        Scott Nelson-Archer, CLU, ChFC
        303-953-0263 Direct / [email protected]

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        • #5
          one last question is ameritas generally a policy you recommend to your clients

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          • #6
            also what is gr contract and the insurance agent indicates ameritas policy is occupation and speciality specific

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            • #7
              Originally posted by rick43221 View Post
              one last question is ameritas generally a policy you recommend to your clients
              Well, I can't speak for all of his clients, but I just bought one Ameritas disability insurance policy through Scott for ophthalmology. I highly recommend his team.

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              • #8
                Originally posted by rick43221 View Post
                also what is gr contract and the insurance agent indicates ameritas policy is occupation and specialty specific
                We recommend what is appropriate for the client based on age, gender, medical specialty, and state of residency any of the big carriers with the right definition of disability and premium structure for the client is what we eventually suggest as the product choice.

                As for the GR that is an optional contract with Ameritas along with a few other carriers have that. In regards to the definition of disability, you can certainly buy a true own specialty from them but you can also buy a own occupation not engaged and even some lower quality definitions so make sure that what is being told to you is actually in the policy. That carrier really allows for quite a bit of customization of their policy to fit what the client want to acquire in terms of design, you just have to make sure your agent knows how to design the policy to match your expectations of policy performance if there is a claim.
                Scott Nelson-Archer, CLU, ChFC
                303-953-0263 Direct / [email protected]

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                • #9
                  I did a guest post for WCI on the AMA (NY Plan) and the potential issues surrounding it https://www.whitecoatinvestor.com/am...ity-insurance/

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