Being self-employed has a lot of advantages – you can go on vacation whenever you want, you dictate your own working hours, you control your budgets, and you can work from wherever you want!
So why is life insurance important for self-employed workers?
The right life insurance plan can give business owners a sense of stability and assurance. Self-employed people also lack employee benefits, group insurance options, sick days, and more.
Here are four reasons why you need life insurance if you are self-employed:
When Life Hits, Keep Your Family And Business Protected
If you suddenly get sick and aren’t able to run your business anymore, business profits could drop and additional costs will start creeping in. Your income may also drop and this could leave your family in a financially difficult situation.
This is where the right life insurance protection plan can help.
You Are The Sole Provider When Self-Employed
If you have a family that’s counting on your income, a life insurance payout can help support your family temporarily even after you have passed away.
Your Debt Could Be Passed On
Some companies accumulate debt as a cost of doing business. But this means if you pass away before paying back the debt, your family could be held responsible. A life insurance payout can help settle your debts, so your family doesn’t have to worry.
You Need a Successor
It can be challenging to keep a business running once the owner dies. Especially if no family member is trained to carry out the day-to-day operations. Additionally, hiring a qualified individual to take over operations can be costly and time-consuming. Fortunately, the proceeds from life insurance can help cover these costs.
If you’re thinking about purchasing a life insurance policy, visit the Nour Private Wealth website! We know that looking for the right insurance product and determining the right amount of coverage can sometimes become overwhelming.
Fortunately, our team of experts at Nour Private Wealth can help you decide which plan suits your needs best. Whether it’s family protection, income protection, business continuity, wealth accumulation, or estate preservation, we can help you develop a plan perfect for you, your family, and your business.
Contact us today to learn more about why life insurance is key for self-employed individuals.
Insurance products and services are offered through Nour Insurance Services Inc., a related and separate company from Nour Private Wealth Inc. Only products and services offered through Nour Private Wealth Inc. are covered by the Canadian Investor Protection Fund.