Individual Disability Income Protection is a must for a business owner and highly recommended for executives. If you are a business owner, you should consider purchasing both group and individual policies, if possible.
The cost of a plan provided by your employer is usually less than you would pay for an individual disability policy and often you can get coverage automatically without having to qualify medically. If your employer does not provide disability insurance, then you may want to consider an individual disability policy. You may also need a personal disability insurance policy to supplement your employer group plan. Be sure to check the group provisions carefully. How long does the group disability insurance coverage last? How much is the benefit? Does the disability insurance policy cover bonus and commission income? Will the coverage continue if you leave that employer?