Life Insurance for Freelancers


When freelancing, you may not have a steady income stream the way someone who has a 9-to-5 job does. This means you will also need to take care of your financial security as well. Freelancing can be financially rewarding, but it’s also an incredibly demanding profession. You will need to meet strict deadlines and work long hours on many days of the week in order to make enough money. The good news is that freelancing affords you the opportunity to secure your financial future by setting aside money for retirement or life insurance. These types of policies are typically unaffordable for full-time employees, but they can be extremely beneficial for freelancers. In this blog post, we will discuss the benefits of having life insurance as a freelancer and how you can get affordable coverage that fits your needs and budget.

What is Life Insurance?

Life insurance is a contract whereby an insurance company promises to pay a specified amount of money upon the death of the insured person. The amount you choose to pay into your policy will determine the amount the person receiving the payout will receive. Depending on your needs and the amount of coverage you buy, there are three main types of life insurance policies: term, cash value, and universal.

Why You Need Life Insurance as a Freelancer

Life insurance is an important financial asset for everyone, but especially for freelancers. Freelancing is a very flexible profession. It may not provide a steady monthly income, but it allows you to set your own hours and work whenever you want. This means that if you are hit by an unexpected health crisis, you could lose your income and end up in debt. If you have no savings, you could be forced to take a reduced-paying job. Having a small amount of life insurance will protect your loved ones and financial future. You can also purchase term life insurance to help fund your future retirement.

How do you get life insurance as a freelancer?

The first thing you need to do is identify which policy type would be best for you. There are three main types of life insurance policies: term, cash value, and universal. Each have benefits and drawbacks that make them good or bad for different types of people. Term insurance is typically the most affordable option, but it also has a 10-year term. During this time, you’ll need to regularly renew it or face high premiums. This could be problematic if your income changes dramatically during this period and you no longer qualify for the coverage. A cash value policy is like a savings account for your life insurance. This is what it pays you as a guaranteed rate of return. You can cash it in at any time at the current rate to receive a certain amount of money immediately. A universal life policy pays benefits to your beneficiaries regardless of your death date. This makes it a good option for people who don’t know what their future health care costs will be.

Requirements for getting life insurance for freelancers

– There are many types of insurance policies available. It’s important to get one that will provide you with adequate coverage.

– You’ll need to be able to provide extensive documentation and prove your income.

– Your life insurance application may be rejected. Be prepared for this and don’t get discouraged.

– You may have to pay a large fee to purchase a policy. Contact your insurance provider and ask them what they charge to sell you a policy.

– You may not be able to get coverage right away. You can usually apply if you’re currently working, but you may have to wait a few weeks before you hear back.

– You may be turned down by multiple companies. You may want to consider this a sign and try another company.

– You should also keep in mind that life insurance has a long waiting period before you can collect any benefits. This could take four to six months.

The 3 types of freelancer coverage

Term – This policy has a term of 10 years. You can renew it, but you’ll have to pay more each year. A term policy will typically cost you between $500 and $5,000.

Cash value – This is like a savings account for your policy. You’re guaranteed to earn a certain interest rate. A cash value policy may cost you $100 to $200.

Universal – This pays benefits for any number of beneficiaries, no matter when you die. It typically costs the most and has the shortest term.


Freelancing can be a great way to make money and set your own schedule, but it comes with many challenges. One of those challenges is finding adequate coverage for retirement, health, and other risks. Life insurance can help protect your family and finances in the event of your death. Whether you’re interested in purchasing term or universal life insurance, you can get affordable coverage that fits your needs and budget.