Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Jul 8, 2021

Advertiser Disclosure

It’s all about you. We want to help you make the right life insurance coverage choices.

Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.

Facts You Should Know

  • 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:

Average Monthly Life Insurance Rates for a $500,000 Policy Based on Age
AgeAverage Monthly Rates With Medical ExamAverage Monthly Rates Without Medical Exam
35$14.07$18.27
40$18.19$23.75
45$28.52$29.39
50$41.73$45.70
55$70.63$74.56
60$112.75$127.32
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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.