Life insurance for independent workers.

rest easy knowing your family has help 

for what they need

A financial cushion your family deserves

Losing you would be hard enough for your loved ones. Help ensure they don’t have to scramble to cover bills and pay off debt when you’re gone. Get life insurance today.


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Learn more about Life Insurance for Independent Workers

At its core, life insurance is about helping to protect your family and loved ones. In the event of a premature death, your life insurance policy can help secure a stable financial future for your family. The life insurance benefit, known as the death benefit, is paid to your beneficiary, often in a lump-sum payment. Sure, life insurance is a little unsettling to think about, but it actually may help bring peace of mind knowing your family will receive financial assistance whether you are there or not.

Do you have loved ones that depend on your income? Do you want to ensure someone gets helps financially if you pass away? If you answered yes to either question, then the answer is yes – you need life insurance.

Your life insurance policy premium will vary depending on several factors, which include:

  • Your age
  • Whether or not you use tobacco
  • The presence of additional insured individuals on your plan
  • The length of term coverage

The premium also fluctuates based on the policy amount you purchase. Policy coverage levels are usually between $25,000 and $250,000.

When comparing different life insurance policies, consider how much your family will need to maintain their current lifestyle and accomplish their future financial goals. Will your children have money to pay for their college education? Will your spouse be able to continue covering your mortgage?

It’s important to factor in your debt and business assets as well. If you’re a small business owner, focus your search on life insurance policies that can cover business-related expenses, including everyday operating costs.

If you are a tobacco smoker, you can expect your term life insurance premium to be higher than that of non-smokers. This is due to the health risks associated with smoking tobacco.

Let’s talk hypothetically. If you were to pass away, how would your family fare? They likely would not be able to rely on your income as an independent contractor or self-employed worker, and they may even owe money on any personal loans you took out. In this hypothetical situation, let’s assume you purchased life insurance. Phew — your family can feel comforted knowing they have the financial support to help with their finances.

If you are a small business owner, life insurance becomes even more critical. Your family may have to take over the business or coordinate with business partners about how it is run. The death benefit can serve as a financial cushion as your family navigates its new reality. If your family cannot run your business, the death benefit can buy some time for your family to make decisions about selling your business or finding another solution.

Then, as a small business owner, there are the questions of loans, real estate, or debt connected to your business. Sometimes, small business owners use personal assets as collateral for their loans, which means that these assets are at risk if your family can’t pay off your loans. It can be difficult to imagine, but these problems happen to many families who opt not to take out life insurance. As family members grieve the loss of a spouse, parent, sibling, or child, they are often forced to make tough decisions while in a stressful state, because they’re not financially equipped to keep everything operating in your absence.

Life insurance for the self-employed

When you work for yourself – go Woligo.

Life insurance is a contract you make with an insurance company. You choose the type of life insurance you want, such as whole life and term life insurance, and any supplemental life insurance, such as accidental death insurance. Once your insurance broker reviews your selections and your application, they give you a premium amount you must pay regularly. In return, the insurance company will pay a lump sum, also known as a death benefit, to your insurance beneficiary in the event of your death.

You have a couple options when it comes to selecting your life insurance policy. Read on as we break them down for you.

First, let’s consider what you should look for in a life insurance policy. One of the first questions you’re likely to ask yourself is, “how much can I expect to pay for coverage?”

Term Policy

A term life insurance policy covers you for a set amount of time — a “term.” You can renew the policy when it ends, or transfer to permanent policy coverage.

Term policies have lower premiums than permanent policies for the same coverage in the initial years. Individuals who are in good health often prefer this plan because it is designed to protect beneficiaries in case of a premature death, not necessarily to pay family members once children are all grown up and on their own. It can also be a great for adults in their mid-life who want limited protection for the next decade. Term life insurance benefits can be used to make up for the lost income during your working years. The death benefit is typically paid in a single lump-sum amount.

Due to lower premiums, term life policies help you protect your family for the same coverage, but at less cost, than permanent policy premiums. You can feel secure knowing that your family will be ok if you were to pass away, but also minimize your expenses right now. Term life insurance policies are simple to understand and easy to start.

Permanent Policy

Permanent life insurance, also known as whole life insurance, can last for your entire life, as long as you continue paying your premium. Premiums are substantially higher than term policy premiums for the same coverage in the initial years because of the extended coverage.

Some independent contractors and small business owners choose a permanent policy because some of the money paid into the policy can go into a cash value account. With some policy options, you can surrender your policy for cash, but it forfeits your coverage and death benefit.

Why should you think about life insurance? It’s one way to rest easy knowing the people in your life will receive financial assistance to help in the event of your passing. Life insurance is particularly important in the prime adult years of your life, because these years are often the most expensive for the people you love. Life insurance can provide them with the financial means to help with costs like cars, mortgages, college, everyday living and even funeral expenses.

The simple answer is usually no. If the policy benefits you, you can never deduct the premium cost on your tax return. Those who are self-employed can write off the life insurance plans for employees but not if you benefit from the policy. Before you dedect the cost, it’s best to talk with a licensed tax advisor to better understand what insurance is tax deductable as a business and what to do and what not to do while managing taxes with your life insurance policy.

Yes, yes, and yes again! There are many benefits of life insurance, such as leaving money to your kids for their college or helping your spouse pay for the mortgage. But, a commonly overlooked benefit of life insurance is for freelancers, small business owners, and independent workers.

If you have debt, such as a business loan, you want to make sure you have life insurance covering your debt or business loan – especially if you used personal property as collateral. Imagine you pass away, your spouse no longer has your income to help pay bills, and they are forced to sell the house to pay off the debt you left behind?

Life insurance is a type of freelancer insurance that you should get when you are young and healthy. That’s because the younger and healthier you are, the lower your premiums are going to be.

Isn't paying for life insurance in my 20s throwing away money?

Nope! Instead, it would be best if you thought of it as locking in a lower premium to take advantage of the benefits of life insurance. Remember, as your age and health risks rise, so does the amount you will have to pay for your premium.

  • An insured person is who the life insurance contract is based on and is the only one whose death triggers the payout of the death benefit.
  • A policyholder is the owner of an insurance policy.
  • A premium is a regularly made payment for an insurance policy.
  • When it comes to life insurance, an insurable interest is a potential hardship a beneficiary might face if the insured person passes away.