Guide For Self Employed
Are you self-employed and looking for the right life insurance to protect you and your family?
What is Life Insurance?
There are many benefits of being self-employed, including more time and freedom. But this new freedom also comes with a host of new responsibilities, as well as risks. When you are employed, you usually receive benefits such as sick pay and a death in service payout. Unfortunately, you no longer have this luxury when you are self-employed.
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There is a lot to think about and take on when you become self-employed, including planning for your future financially, and life insurance is not something you want to miss. While life insurance is not mandatory, it is highly recommended and invaluable, to financially protect and support your family if you pass away. It is not always what we think about when planning our finances within our business, or the most favoured topic, but it is important to consider what financial obligations you are tied to and in turn, will be passed to other family members in the unfortunate event of your passing.
- Profession and the level of risks involved
- Smoking status
- Age
- Weight
- Medical history
- Current health status
The Cost of Life Insurance
The cost of life insurance for you will also depend on different factors. Everyone’s personal circumstances are different, so no two levels of insurance will be the same. The amount of cover will depend on what you are looking to protect. This will include assessing elements such as your:
- Average salary
- Number and age of dependents
- Living costs
- Mortgage debt
- General debt
- Assets
- Funeral costs
Securing the right policy not only means peace of mind, but more importantly, it provides financial stability to your family and a lifeline in an already stressful situation. It can be a very tricky and complex topic, and there is a lot to consider. Contact one of our specialist advisers today, who can answer any questions, assess your circumstances, and talk you through the right policy to meet your needs.
