How self-employed individuals can secure the right life insurance.
Whether you call yourself a freelancer, a contractor, or self-employed, the crux of the matter is that you are branching out on your own. While you are working independently, this does not mean that you are alone in your personal life. If you have a family that is relying on you, then it’s important that you take steps to protect their future. This is why it’s so important for self-employed individuals to secure the right life insurance coverage. Here’s what contractors need to know about their life insurance.
- You Can Afford It
Oftentimes, contractors do not have a lot of extra capital lying around. This is why you may assume that life insurance is too expensive for you. However, you may be surprised to learn just how affordable life insurance can be. A recent study showed that most people believe that life insurance is three times more expensive than it actually is. So, if you haven’t already gotten a life insurance quote, then take this step now. You may find that your coverage is way cheaper than you initially assumed.
- Term Life Insurance is Probably Your Best Bet
Term life insurance is the cheapest and most straightforward life insurance option out there. With term life insurance, you will have coverage for a specified amount of time (usually 10-30 years). During this period, you will pay your premiums until your term expires. If you die during your term, then your beneficiaries will receive the predetermined payout. Once your term ends, the insurer will have no obligation to you and, if you need more coverage, you will have to secure another policy. Because term life policies only offer temporary coverage, they are more affordable than other life insurance options. The cost and ease of term life policies make them a great choice for contractors.
- You Do Not Need to Wait for Open Enrollment
Many people assume that they need to wait for an open enrollment period to secure life insurance. However, this isn’t the case. Much like home and auto insurance, you can secure a life insurance policy whenever it is convenient for you. To save on your policy, secure life insurance when you are young and healthy so you can lock in low rates.
These are some of the things that contractors need to know about getting life insurance. Do you need help securing life insurance coverage? If so, then contact the experts at Steve Wilk Insurance. Check out our new office today at 310 S Main Street, Suite C, Lombard, IL 60148.