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Essential Disability Insurance Strategies for Freelancers
Essential Disability Insurance Strategies for Freelancers
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BTCCSquare news:
Freelancers often overlook the critical need for disability insurance, despite the high statistical risk of career-disrupting illness or injury. True own-occupation coverage remains the gold standard, ensuring full benefits if unable to perform one's specific job. A 90-day elimination period can reduce premiums, provided a three-month emergency fund is in place.
Paying premiums with after-tax dollars guarantees tax-free benefits during a disability. Anchoring coverage to age 65 or 67 safeguards against permanent disability, while a residual disability rider offers additional protection. These strategies FORM a financial safety net for independent professionals.
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