Why Is Life Insurance Important for Self-Employed?

[Knowlopedia]

Self-employed individuals have a unique set of financial needs and considerations. One of the most important financial tools for self-employed individuals is life insurance.

While life insurance is important for everyone, it is especially critical for self-employed individuals. Self-employed individuals often have less financial security and stability than those who are employed by others. If something happens to the primary breadwinner in a self-employed family, the family may be left in a difficult financial situation.

Life insurance can provide peace of mind and financial security for self-employed individuals and their families. It can help ensure that loved ones are taken care of financially if something happens to the primary breadwinner. It can also help cover business expenses and continue a business if the primary owner dies.

There are many different types of life insurance, so it is important to research and choose the right policy for your needs. Speak with a financial advisor to learn more about life insurance and how it can benefit you as a self-employed individual.

 

[Augusta]

Yeah I think the insurance industry should be more promotion driven so that they get this education to a lot of people that needs to know what life Insurance is all about abd why thru should indulge it. I always like more of whole term insurance as you save for your future and your family to enjoy at your demise.

 

[Mika]

If you work for a company or let's say you are on a company's payroll and when you retire, you will receive pension or retirement benefits. The funds you receive upon your retirement will help you pay your bills when you no longer have an income source. If you are self-employed, you do not have access to any retirement benefits, you will have to build your own retirement funds. There are different ways to build retirement funds and buying life insurance is one of them. Sel employed also need insurance because it will help them cope with emergency situations like accidents.