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I'm a Freelancer: What Life Insurance Do I Need?

The pandemic of COVID-19 has altered the way all of us live and make a living. After the outbreak, the gig economy has grown drastically, prompting more people to seek contract or freelance jobs as a primary or secondary source of income. In the United States, there are 57.3 million freelancers as of 2019. According to reports, freelance employees will account for more than half of the US workforce in the next five years.

Although freelancing and gig jobs are excellent ways to earn money while maintaining a healthy work-life balance, contract employees are also concerned with the lack of employer-sponsored benefits.

How life insurance supports freelancers

Many freelancers are used to their revenue fluctuating month to month, which creates some confusion when it comes to budgeting and recurring expenses. Life insurance is a vital expense that you can avoid excluding from the spending at all costs. A comprehensive insurance package can be very cheap, and the coverage can be invaluable if you pass away suddenly.

Benefits of life insurance for freelancers

As a freelancer or gig worker, the greatest advantage of getting life insurance is the financial security it provides for your loved ones. If you have a mortgage or will leave a loan to your loved ones if you died, life insurance will help offset certain liabilities so they aren't faced with a financial strain.

Benefits of life insurance for freelancers include:
  • Affordable premiums can be paid monthly or annually
  • Term amount only lasts for the years you need coverage
  • Can cover business debt if you pass away unexpectedly
  • Return of premium rider could provide a full refund of premiums paid if the policy goes unused Tax free benefit paid to loved ones
  • Can make your insurance premiums if you were unable to work* (In most states, it is accessible. There could be certain restrictions. Benefits and carriers for coverages can differ depending on underwriting clearance, package limitations, and availability).

What life insurance policy is best for a freelancer

For freelancers, term life insurance is normally the safest choice. You will pick how many years you need coverage over and how much coverage you need for term life insurance. The duration of most policies is between 10 and 30 years. Term life insurance is one of the most cost-effective forms of life insurance available, and a stable person may get benefits for as little as $20 per month.

Since premiums are determined by your age and fitness at the time you qualify for benefits, it's important to get a scheme in place as soon as possible. It's also worth noting that you'll actually pay a higher premium over a 30-year period and the insurance company's chances of receiving a payout rise over the duration of the policy span.

A 10-20 year term life insurance policy is a cost-effective way to get the compensation you need, with the additional benefit of ensuring your loved ones won't be financially strained if you pass away.

Find the right price by connecting with a Symmetry Financial Group licensed agent It's easy to be intimidated by life insurance, particularly with too many choices. Working with a certified provider is a good way to choose the most cost-effective life insurance package with the features you need. Your Symmetry company will browse around with you to find the right term life policy for your needs and they have access to over 30 of the top insurance providers.

Save yourself the time and effort of doing analysis, making phone calls, and comparing prices around the internet by scheduling a virtual appointment with a Symmetry consultant, who will provide you with all of your choices at no cost.

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