If you’re someone who is self-employed, including life insurance is a crucial part of your financial life. Specifically, if you’re the primary income earner, you need life insurance to help protect your family from, in most cases, an unexpected loss of income. Unless you have enough money in your savings account, you need to really consider getting life insurance.
Getting life insurance when you’re self-employed is a very simple process. A financial advisor or life insurance representative will also be able to help you explore different options. You should always consult with them and get a professional opinion to help assist you in making the best choice. Typically life insurance is priced on an average of per $1000 of coverage. The amount of insurance you’re looking to get shouldn’t have a huge impact on where you go to get your policy from. Once you have submitted your information, you wait for the insurer to get back to you with next steps.
If you go onto Google and simply look up “life insurance”, a huge range of products and services will come up. One of the most straightforward options is term life insurance. With term life insurance, you to make relatively small monthly payments making it more financially flexible for people who are self-employed. The cost of life insurance can fluctuate and go up and down with age and risk. To get the best rates possible, look into getting life insurance as early as possible – the younger and healthier you are, the less expensive it will be.
When you’re self-employed and running a business, getting life insurance requires finding a balance between cost and benefits. Most importantly, life insurance is a means of protecting your family from worst-case scenarios.