Life Insurance for Freelancers and the Self-Employed

Life Insurance for Freelancers

In recent years, the landscape of traditional employment has undergone a significant transformation. Today’s labor market is characterized by short-term contracts and freelance work rather than permanent jobs. Freelance work ranges from rideshare drivers and graphic designers to consultants and independent contractors.

There are several reasons why freelance life may be appealing to some:

· Flexible work times

· Freedom to work wherever one chooses

· Ability to balance other commitments

· Diversification of one's skill set

Another appeal lies in the opportunity for additional income. Many individuals take on freelance work to supplement their main income, provide extra financial resources, or save towards specific financial goals.

Despite its benefits, freelancing can have downsides.

· No health insurance

· No employer-sponsored retirement plan

· No paid leave

· No employment-related benefits

Freelancers need life insurance

Not having life insurance can expose the freelancer's family to significant financial risks. They might overlook life insurance because of its perceived high cost or the belief that it's unnecessary if they're young and healthy. However, life insurance is a vital safety net that can provide peace of mind and stability, among other things.

Life insurance:

· Is an investment in their family's future

· Covers final expenses

· Pays off debts

· Is an inheritance for heirs

· Accumulates cash value

· Provides cash for emergencies

· Pays estate taxes

· Can be a source of retirement income

Freelance work may be appealing, but it has its challenges: the issue of no employer-sponsored benefits. Therefore, freelancers must work with a financial professional to understand these risks and take proactive steps to explore flexible life insurance options tailored to them.

Self-Employed and Reviewing Your Coverage?

Schedule a complimentary consultation with J. Martin Wealth Management at (480) 630-6177. Serving clients in Chandler, Gilbert, Maricopa, and Gold Canyon.

Contact Us Today

Jeff Martin, CRPC®, is President of J. Martin Wealth Management, LLC and an Investment Adviser Representative of Tucker Asset Management LLC. As a fiduciary financial advisor, Jeff helps individuals and families in Chandler, Gilbert, Maricopa, and Gold Canyon with retirement, income, investment, and tax planning.

Schedule a complimentary consultation or call (480) 630-6177.

Disclosure: Opinions expressed reflect the author's views as of the date of publication and are subject to change without notice. This material is for informational and educational purposes only and is not a recommendation, an offer or solicitation to buy or sell any security, or personalized investment, tax, or legal advice. Strategies discussed may not be suitable for every investor; consult your own tax and legal professionals before acting. Investing involves risk, including possible loss of principal, and no strategy can guarantee a profit or prevent losses. Past performance is not indicative of future results. Information from third-party sources and linked websites is believed to be reliable but is not guaranteed. This content may not be reproduced without written permission from J. Martin Wealth Management.

Tax laws are complex and subject to change. Consult a qualified tax professional about your situation. Insurance products are offered separately from advisory services and are subject to underwriting, fees, and policy terms. Jeff Martin is a licensed insurance agent and may receive commissions on insurance products.

Investment advisory services are offered through Tucker Asset Management LLC (CRD #174844), an SEC-registered investment adviser. J. Martin Wealth Management is independent of Tucker Asset Management LLC. Registration does not imply a certain level of skill or training. For more information, including Form ADV and Form CRS, visit adviserinfo.sec.gov/firm/summary/174844 or call (480) 630-6177.