What are the differences between Individual and Group Disability Insurance policies?

Group Insurance

  1. Policy can be canceled or changed at any time.
  2. Policy is generally not portable if you decide to leave employer.
  3. Restricted definitions of disability – own occupation definition generally not included.
  4. Taxable benefits.

Individual Insurance

  1. Policy cannot be canceled or changed as long as premiums are paid.
  2. Policy is portable no matter where you are in the country.
  3. Own Occupation disability benefits available to age 65 or 67.
  4. Non-taxable benefits as long as policy premiums are paid with after-tax dollars.
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