Self Employed Life Insurance Rates (2021)
Self employed life insurance rates are likely to be similar to those who are not self employed. In most cases, you will not receive a self employed life insurance deduction on your taxes unless your life insurance is part of an employee benefits package. The best life insurance policy for self employed people is often term life insurance.
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UPDATED: Jul 8, 2021
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- Self employed life insurance rates are likely to be similar to those for non-self employed people but may differ based on many factors
- Unless you own a business that offers life insurance as an employee benefit, your life insurance premiums are not tax-deductible
- Term life insurance is a popular life insurance choice for self employed people since it is more affordable
If you are self employed or own a business, the death benefit from life insurance could help support your family and keep your business running after you pass away. However, whether or not you can afford self employed life insurance rates may be a concern.
Learn more about self employed life insurance and how to pick the best policy for you below. The best life insurance companies will provide you with coverage options that will suit your needs.
If you’re looking to buy self employed life insurance, enter your ZIP code into our free quote comparison tool above to compare companies in your area.
How much are self employed life insurance rates?
Life insurance premiums depend on many different factors, including age, gender, health, policy type, coverage amount, and more. Term life insurance may be cheaper than other types of insurance. Let’s look at some average life insurance rates:
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Another major factor that can affect your life insurance rates includes your occupation. Those who work in high-risk occupations or industries are likely to pay more for life insurance.
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Is self employed life insurance tax deductible?
In many cases, self employed people and freelancers can deduct health insurance premiums along with business expenses on their taxes. However, these rules do not apply to life insurance.
To receive a self employed life insurance deduction, an individual must own a business that provides the life insurance as an employee benefit. The owners of sole proprietorships, LLCs, and S corporations can also deduct the premiums they pay for their employees.
If you’re considering setting up a life insurance package as an employee benefits package, you may also want to include health insurance, disability insurance, and retirement savings accounts.
What is the best life insurance for self employed people?
The main types of life insurance include term life insurance, whole life insurance, and universal life insurance. Term life insurance can typically be the best option for self employed people since it is affordable and can offer coverage that will last for a long time.
However, whole life insurance and universal life insurance may offer greater wealth-building potential in the form of cash values and the ability to borrow against the policy. These are also permanent policies, so you won’t have to renew or convert like you would with a term life policy.
If you need affordable self employed life insurance quotes, enter your ZIP code into our free quote comparison tool below to find the best self employed life insurance company for you.