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Hello.
I would be applying for ILR in a couple of months and have a few questions to decide the best way forward:
Background:
My wife is on Tier 2 General and I am on her dependent visa. Her visa was stamped on 30 Sep 2015 and mine on 21 Nov 2015.

1. Can my wife and I apply for ILR separately? Actually, considering the delays and suspension of priority service due to Covid19, I don't want to wait for ~2 additional months to apply for my wife's ILR.

2. Does applying separately make any difference in the application fee? (I guess not, but need a confirmation here)

Regards,
Amit

Yes.
You can not apply for ILR until you reach 5th anniversary minus 28 days counting from visa issue date.

She can apply first, you can apply later on.
Note, your ILR will only be successful if her ILR application is successful.

What is the current visa expiry dates? Your wife’s and yours?

Is your wife going to apply for ILR via Tier 2 route and NOT LR?

Fees is same.

Thanks Cullinan for prompt response.
Below are my comments and a few follow-up questions.

She can apply first, you can apply later on.
Note, your ILR will only be successful if her ILR application is successful.

Q. Do I need to wait for her application to get a decision before I can apply? Or I can apply as soon as I am within 5 years minus 28 days?

What is the current visa expiry dates? Your wife’s and yours?

For both of us it is May 2021. So we have enough time.

Is your wife going to apply for ILR via Tier 2 route and NOT LR?

Yes, it's Tier 2 route and NOT LR.

Q. And may be I must ask this question as well :: Our daughter who was born here, shall be eligible for British citizenship, as soon as either of us get the ILR. As her current Tier 2 Dependent visa is also valid until May 2021, is there a risk that our ILR applications might take longer and a decision is reached after May 2021... And this causes issue for our daughter's visa. Or am I thinking too much!

Q. Do I need to wait for her application to get a decision before I can apply? Or I can apply as soon as I am within 5 years minus 28 days?

You must apply before your visa expiry regardless if she has a decision by then or not. You can apply up to 28 days before 5th anniversary from visa issue date.

For both of us it is May 2021. So we have enough time.

In this case (since her visa will not be expired) you both can apply together also in case she wants to wait till you fulfil your continuous residency OR apply separately as discussed before.

And may be I must ask this question as well :: Our daughter who was born here, shall be eligible for British citizenship, as soon as either of us get the ILR. As her current Tier 2 Dependent visa is also valid until May 2021, is there a risk that our ILR applications might take longer and a decision is reached after May 2021... And this causes issue for our daughter's visa. Or am I thinking too much!

Child born in UK is entitled to register as BC after one parent(s) gets settled status. Her visa expiry is not applicable. Even if her visa expires you do not have to do anything. Just register her as BC after one of you get ILR.

Note: Add a cover letter when you both apply for ILR that the child will be registered as BC after you get your ILR. Its just that HO usually writes back otherwise asking why you did not apply ILR for the child, its normal practice for them to write for child safety. It may save you delays.

Dear Cullinan,
Thanks again. Appreciated! And specially the note towards the end. I have already informed another friend who is applying now about this additional statement about the child.

I have decided to apply my wife's ILR in coming days while mine towards end of October.

Regards,
Amit