If you’re a freelancer, you may be worried about whether it’s possible to buy insurance. After all, if you don’t have a full-time job, won’t an insurance company not want to insure you? And if they do sell policies to freelancers, how much will it cost?
The good news is that insurance companies are aware that many people work in the gig economy these days and understand the risks associated with doing so. They’ll help you find affordable coverage—and even issue policies tailored specifically for freelancers and independent contractors. Some policies of life insurance for freelancers are:
Health insurance
Health insurance is a bit more complicated. You’re probably used to thinking of health insurance as something that an employer provides, so it might be hard for you to imagine how you could buy your own. But don’t worry too much about whether you’re buying right or not—it’s actually more important right now to figure out if health insurance is even possible for you at all.
If your business has been going well and you have enough money saved up, then yes: it’s definitely possible! However, if things have been tough lately and especially if freelancing is still new for you (or if the idea of self-employment, in general, scares the heck out of you), then maybe taking on this task isn’t feasible yet. It’ll depend on your financial situation and how much stability (and stress) each option would bring into your life at this point in time.
According to an insurance expert, Ethos, “There are several different criteria that impact your quote, including your age, health, smoking status, and coverage amount.”
Dental and vision insurance
Dental and vision insurance are two of the most important types of health insurance, as they are necessary for maintaining your overall well-being and physical appearance.
As a freelance writer or other self-employed professional, you might not be able to afford a dental or vision plan through your employer. In this case, you will need to buy these kinds of plans on your own.
Disability insurance
Disability insurance is a type of insurance that pays the insured a benefit when they become disabled. It typically provides coverage for loss of income due to an inability to work and can be used in conjunction with other types of insurance.
In order for disability benefits to be paid, two requirements must be met:
- The insured person must have suffered an injury or sickness (called an “inability”) that prevents them from working; and
- That inability must last more than one day and not just be temporary.
Life insurance
If you want to buy life insurance, there are two main types of policies: term and whole. Term life insurance is a one-time payment for a set amount of time, like five years or ten years. Whole life is an investment where you pay premiums for your entire life.
Term policies can be purchased without having to prove your information through medical tests; however, they may not cover as much in the long run due to their shorter duration and lower cost than whole-life plans..
As you can see, there are many different types of insurance that freelance workers should consider purchasing. However, it’s important to understand which policies will best suit your needs and what coverage they provide. It’s also crucial that the company offering these plans is trustworthy and reliable—this includes financial stability as well as legal compliance with state laws.
