Many self-employed professionals don't have access to group disability plans, which are often provided by employers. Group disability plans are generally less expensive than individual disability insurance policies because they are purchased in bulk by the employer. However, group disability plans often have limitations and restrictions, and they may not provide sufficient coverage for all self-employed professionals.

Individual Disability Insurance, on the other hand, is purchased by the individual and tailored to their specific needs. Individual disability insurance policies provide more comprehensive coverage and can be customized to meet the unique needs of self-employed professionals.

Individual Disability Insurance policies can vary depending on the insurance provider and the specific policy. However, there are several key features that you should look for when choosing an individual disability insurance policy:

Definition of Disability: The definition of disability is an important factor to consider when choosing an individual disability insurance policy. The definition of disability determines when you are considered disabled and eligible for benefits. Look for a policy with an "own-occupation" definition of disability, which means you are considered disabled if you are unable to perform the duties of your own occupation, even if you can perform other work.

Benefit Period: The benefit period is the length of time that benefits will be paid if you become disabled. Look for a policy with a benefit period that is long enough to provide financial security in the event of a long-term disability.

Elimination Period: The elimination period is the amount of time that you must be disabled before benefits begin. Look for a policy with an elimination period that is reasonable and that you can afford to cover with your emergency fund.

Benefit Amount: The benefit amount is the amount of money that you will receive if you become disabled. Look for a policy with a benefit amount that is sufficient to cover your living expenses and other financial obligations.

Cost: The cost of an individual disability insurance policy can vary depending on several factors, including your age, occupation, health status, and the level of coverage that you choose. Look for a policy that is affordable and fits within your budget.

In conclusion, individual disability insurance is an essential component of a comprehensive financial plan for self-employed professionals. If you become disabled and can't work, an individual disability insurance policy can provide you with a source of income to help cover your living expenses and other financial obligations. While group disability plans may not be available to self-employed professionals, individual disability insurance policies can be customized to meet their unique needs. It's important to work with a trusted financial advisor to assess your needs and choose an individual disability insurance policy that provides the right level of coverage at an affordable price.