The first recommendation is to think about if you need disability (or life, etc insurance) before shop for it. That is a personal choice, and you have to remember the insurance salesman is not an unbiased advisor. They are eyeing a commission and not just your best interests. It is unlikely you can even ask about insurance on WCI without a half dozen PMs and replies wanting to help you help them. Just because your co-resident or co-worker buys insurance or your last job provided it doesn't mean you necessarily need to buy it also. Of course it makes sense for some people, but you still need to think it through in your own shoes. Doctors have a target the size of Denver on their back for "financial products" peddlers (insurance, attorneys, accountants, etc that play on fear ... and advisors, planners, investment, real estate, brokers etc etc that play on greed).
Financial advice and wisdom and research is not to be confused with a sales pitch. The goal of gaining peace of mind and getting back to near where you were in the event of a disability is noble one, but it comes at a price. There is obviously not an insurance company on Earth that pays out more than they take in by giving good deals. Sure, there is fraud (a LOT with disability), and that gets caught sometimes, gets legit or semi-legit disability claims denied/reduced other times, and it's all rolled into the price also. The math has been done, and they always win.
It is one thing if you get it "free" from the hospital or MSG (and don't have the option of more cash in each paycheck if you decline it), and that might be worth supplementing it. It's quite another if you have to pay for it entirely in owner, PP, etc situation. The coverages are much different as airbud noted, since the income streams are variable for employee vs contractor/entrepreneur. You primarily have to think about if you have dependents, if your spouse/partner is financially competent (to roughly the level you/they live) or not, what your debt and assets look like, what is important to you (balance vs FIRE vs security), etc.
Personally, I choose a couple more shares of GOOG per year in my cash account over carrying life or disability (unless it's "free" from employer) or effectively use that same money to be my 401 match or Roth money, but everyone makes the choice that fits their own situation. It will probably work out fine for me (and nearly everyone), it might not, and nobody can predict the future. I always figure that if I run into some crazy health problem or trauma/accident, then I have much bigger problems than money anyways (and barring death, there's zero guarantee insurance would pay or pay well). It's easy to say that when I don't have kids, don't have any auto/house/etc debt, and have a partner who can easily pay the living and expenses and retire fine on her own at the level we live/travel/etc, though (her retire would just get bumped back a few years if I got very sick or hurt - or mine delayed if she did). Everyone's situ is unique.
