Self-employment gives you the freedom to work and grow your own business when and how you want, without the restrictions and guidelines imposed by a boss. However, it also means you don’t automatically get the benefits traditional jobs offer, including life insurance.
Life insurance is a crucial coverage for anyone, no matter what your age, family, or employment situation. If you have employees who depend on your business for their livelihood, life insurance helps make sure their income won’t vanish if something were to happen to you. Even if you’re a freelancer or sole proprietor, your loved ones depend on you and your income, and life insurance is a way to protect them. And you’re never too young to need life insurance, so don’t put off this
Business reasons you need life insurance:
- You want your business to continue if something were to happen to you. This is especially important if your business has employees besides yourself.
- Your business has debts or rent/property obligations that you don’t want your family to inherit.
- If something were to happen to you, you would have to fund a buy-sell agreement to help someone buy and take over your business.
Some personal reasons you need life insurance:
- You may have used personal assets, such as your house, as collateral for business loans and want to make sure your family doesn’t become responsible for the debt.
- If something were to happen to you without a succession plan in place, your family would have to quickly learn the business or find someone to take over business operations.
While self-employment comes with many benefits, not having sufficient life insurance coverage can cost your family (and your employees, if you have them) more than you expect.
At Kamm Insurance Group, you, your family, and your business are very important to us. Contact us to discuss your life insurance needs. We can get quotes from many life insurance carriers to find you the most competitive coverage to match your budget and needs!
Source: https://www.cnbc.com/2021/02/21/benefits-needed-to-be-your-own-boss.html
https://www.theselfemployed.com/entrepreneurs-life-insurance-made-easy/
https://www.meetbreeze.com/life-insurance/life-insurance-for-self-employed/
