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Fall 2006 Conference Presentation

Disability Insurance for Freelancers 

Presented by Randy Pereschino
District Sales Manager of Mutual of Omaha

Did you know that you face a 1 in 3 chance of becoming disabled sometime during your work life? This is one of the facts that Mutual of Omaha representatives discussed during their group presentation on disability insurance. Contrary to what many people think, disability insurance is often used only to supplement Social Security benefits, not replace them. Social Security benefits may take 1 or 2 years to be paid, but disability insurance payments, which can be paid after only a 30- or 60-day waiting period, can help out with immediate financial needs. Other benefits of individual disability insurance are: it is written on your own age and occupational specifications; the benefit is tax-free, as long as policy premiums were not deducted from your income tax; you can choose the benefit period (short-term or long-term) according to your needs and budget. A physical examination may or may not be required when you apply for disability insurance, depending on the type of policy you select. If you have a pre-existing health problem, you may still be able to obtain the insurance, although benefits will not be paid for that particular health condition.

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