Why is Life Insurance Important for Self-Employed?

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Life Insurance is an invaluable investment to make for yourself and your loved ones in any circumstance, but for those who are self-employed it is a critical part of future financial security. As a business owner, the key to a successful future is to have a plan; personally, and professionally.

If you have recently made the move to become self-employed, or are currently planning for the future, having life insurance will ensure that your loved ones are taken care of in case of an emergency or in the event of your untimely death. Leaving a typical salaried job usually means leaving behind your life insurance and benefits; and this can result in a very precarious situation.

General Benefits of Life Insurance

A life insurance policy is a great idea for every person as it will provide a sense of protection for the future. A life insurance policy can be used to help cover expenses of a funeral, to replace income to keep your loved ones financially stable, for future education or expenses, and more. Choosing a policy and having the conversation of “what happens when” with your loved ones can help lessen the stress of them having to plan and make decisions during a crisis. A life insurance policy will provide needed support to your family after your death!

Inherited Debt

Accumulating debt is extremely common in all businesses, and those who are self-employed typically take on considerable extras costs to get their businesses up and running. In the event of unexpected circumstances, your family could be held responsible for any debt you may have accumulated. Having life insurance will give you peace of mind knowing that your insurance payout can help to alleviate the burden of those debts on your family.

Continued Success of Your Business

If you are self-employed and run your own business, having a life insurance policy can be extremely valuable in ensuring that your business can be successful in the future. If you plan to name a successor who will be able to take over for you, setting them up as a beneficiary of your policy can allow them to proceed with managing and moving the business forward. Without a plan in place, or a policy to fall back on, the future of your business could be in jeopardy.

Find a Policy That’s Right for You Today!

Our Advisors Insurance Brokers team can help you find the right life insurance policy for you! If you’re self-employed, let us help you secure your future and provide your family with peace of mind. We offer a wide array of products from top-rated carriers, and a dedicated support system that’s here to help you! Visit our website or give us a call today.