Is life insurance necessary if you're self-employed?

I recently started working for myself and was wondering if life insurance is something I should seriously consider. Since I don’t get any of the workplace benefits like death-in-service or sick pay, should I be looking into life insurance? Anyone here self-employed and have life insurance?

I’ve been self-employed for a few years now, and I decided to get life insurance pretty early on. Since there’s no employer to provide benefits like death-in-service, life insurance felt like a smart way to protect my family if anything happens to me.

@Chen
Same here. I didn’t want to leave my family struggling financially, so I went with a term life insurance policy. It’s also good peace of mind if you’re responsible for a mortgage.

I added Critical Illness Cover to my life insurance since I’m self-employed. It’s important to have something in place in case you get seriously ill and can’t work. That way, there’s a safety net for your family.

@Harley
That’s a great idea. I’ve been considering Critical Illness Cover too. Do you think it’s worth the extra cost?

Flynn said:
@Harley
That’s a great idea. I’ve been considering Critical Illness Cover too. Do you think it’s worth the extra cost?

Definitely. It’s a bit more expensive, but knowing I have protection in case of a serious illness is worth it. Without it, I’d have no income if I couldn’t work.

If you’re self-employed, I’d also look into Income Protection Benefit. It covers you if you can’t work because of illness or injury. I took it out last year, and it’s good to know I have something to fall back on if I’m unable to work for a while.

@Sam
Income Protection is a game changer. I’m a freelancer, and the idea of being out of work for months without sick pay used to stress me out. It’s definitely worth considering.

Even though life insurance isn’t tax deductible for self-employed people, the payout isn’t taxed, which is a relief. I got my life insurance after going freelance because I didn’t want to leave my family without financial support if something happened to me.

I went with Decreasing Life Insurance to cover my mortgage. It’s affordable, and the coverage goes down as the mortgage gets paid off, so it fits perfectly with what I need.