There has been a huge rise in the self-employed within the UK. In fact, self-employed people now account for around 15% of the working population. As technology has continued to improve, it has become easier than ever before for people to run their own businesses and work from anywhere, at any time. The largest number of self-employed workers overall are aged 45-54.
If you are self-employed, you need to consider whether you need life insurance and how important it might be depending on your personal circumstances. After all, if you are self-employed you have to take responsibility for the successes and failures of your business or line of work.
Life insurance for the self-employed can be incredibly beneficial for a number of reasons.
Why should you consider life insurance for the self-employed?
By becoming self-employed, you could miss out on some of the employment perks like death-in-service, maternity leave and sick pay. As self-employed, these are benefits you will need to provide for yourself, and it could be happening at the same time as trying to support your family.
Having life insurance when you are self-employed can provide that essential safety net for your loved ones, and create some financial support.
Choosing the right life insurance policy for self-employed
Standard life insurance policies such as level term and decreasing term are still popular choices for the self-employed. However, you should also consider if you need additional cover such as income protection or critical illness cover. If you are nearing the age of 50, you should also consider whether over 50s life insurance is a better option for you.
Income protection insurance can help to provide a type of sick pay and there are a broad range of conditions covered, including mental health issues. This can offer long-term protection if you were to become ill or incur an injury.
It is important to do your research and ensure you find the right policy for your needs. Life insurance for the self-employed can be essential if you have dependents who will struggle without your income.
If you run your own business, you should also consider business life insurance. This allows you to take out policies for important members of staff and ensure that your business and other parties involved are not at risk of financial strain.
To find out more about life insurance for self-employed, our UK based advisors are on hand to help create tailored policies to suit your needs. Contact us today for more information.