What are some of the differences of group long-term disability insurance and an individual disability insurance policy?
Benefits are taxable if your employer pays the premium with both types of policies. More restrictive definitions within the policy for group, but the individual plan may cost more. Many have a 2 year maximum on mental and nervous disabilities in our experience whereas you have the ability to avoid that with an individual plan. 2-year own-occupation any-occupation thereafter for most group plans. Individual plans may have this same definition, but when you shop on your own you can usually find (when available) plans with longer own-occupation definitions. This may bring an added cost of course.
