Life Insurance for the Self-Employed

Being your own boss has it’s benefits, but there are some drawbacks too. When you go out alone you lose the stability of working for someone else, as well as the benefits, such as life insurance, health insurance or death-in-service.

Life insurance for the self-employed can help restore a sense of stability to an otherwise turbulent career, giving you peace of mind should the worst happen. This need is elevated if you have close family or dependents that you want to ensure are looked after when you’re gone.

What is Life Insurance for the Self-Employed?

Life insurance policies are generally the same whether you work for yourself or not. Generally speaking, there are different policy types available that offer different levels of cover:

 

Decreasing term 

This is usually the cheapest option, and is designed to cover gradual repayment of debts, such as a mortgage.

 Level term

As the name suggests, this is a level of cover that will pay a fixed amount if the policy holder dies within the agreed term.

 Increasing term

With increasing term, the payout increases each year in an attempt to mitigate inflation. However, this also means that your premiums may increase each year.

 

 Whole Life

This lasts until you die, regardless of when that might be.

What Is the Difference Between Income Protection and Health Insurance?

While similar, life insurance is very different to income protection insurance. Income protection insurance is designed to pay a monthly benefit if you are unable to work due to injury or illness, which helps you to keep on top of your rent, mortgage payments and more.

Life insurance is designed to payout in the event of your death, within the agreed terms. They complement each other well and help create a robust safety net for you and your family.

How Dead Simple Insurance Can Help

At Dead Simple Insurance, we know what policies you need to protect your employees, yourself and most importantly: your business. We can help you find the best prices from reputable providers, taking the hassle out of life insurance.