Self-Employed and Life Insurance

Being self-employed there are two things you should consider:

  • Life insurance to protect your family in case you die;
  • Health insurance to protect you and your family against unexpected medical and dental bills.
    (Note: you may be able to deduct your health insurance premiums from your taxable income).

The question is, what type of life insurance? Term life or whole (permanent) life?

Term life insurance is more affordable than whole life, and offers protection for a given amount of time (the "term"). In addition, at some future point in time many term life policies can be converted to whole life.

Whole life also offers protection against the death of a partner, but unlike term life whole life has a cash value, and can also be used for investment purposes .

self employed affordable life insurance Jennifer,
Medicine Hat, Alberta

Jennifer: After I started my own business I purchased health insurance for both myself and my daughter (that will help cover the costs of my daughter's braces), and I also bought enough term life insurance to make sure my daughter would be taken care of financially should I die. Fortunately before buying the life insurance I talked to an advisor, and because of his advice the term life policy I have can be converted into permanent life insurance when the 10-year term is up (I may use this for my daughter's future tuition).

affordable term insurance

Call 1-866-369-4474

Couples Self-Employed Have Children? Homeowners Estate Planning Follow Us at Twitter