Life Insurance for the Self-Employed

Life Insurance for the Self Employed | Tiffany Davidson Squarespace Web Designer Squarespace SEO expert

As a self-employed solopreneur, it’s up to me to fund my own health insurance, retirement plan, and life insurance.

Life insurance isn’t something I’ve put much thought into until just recently.

For some reason, I started imagining if something tragic happened to me, the terrible emotional state those very close to me would be left in. It breaks my heart to think about the pain they would be feeling, yet would have to carry on day to day life, working, paying bills.

So, I decided I should leave them money! No, this doesn’t cure the pain of grief and loss at all, but I figure if I leave enough, it can at least take the weight of existence off for a while as they do what they need to mourn and heal.

I started researching and not only did I find getting life insurance to be incredibly simple, but also very affordable. I wanted to share what I found with other self-employed folks who might be considering life insurance, too. I hope you find this helpful!

finding good Life insurance as a self-employed solopreneur

Two words: Policy Genius

Yes, Policy Genius.

Not only was this the easiest process you can imagine, but I feel like I got a great deal as well! Meaning, the amount I’ll be paying each month seems minuscule to the amount that my dear beneficiaries would receive in the tragic scenario that I passed away unexpectedly.

Policy Genius even promises you won’t find lower rates out there, and if you do they’ll give you $100! (But you won’t :) )

Here is how Policy Genius’ very simple process works:

You go fill out the form online (Life insurance > shop the marketplace > it’s really self-explanatory once you get onto the site)
Once you’ve filled everything out and submitted, they’ll call you within 10 minutes! The person I spoke with was very eloquent and straight to the point, not wasting any of my time. Our call lasted about 15 minutes in which we just verified application details and I was able to ask any questions I had.
You have to get a medical exam and you can either go do this on your own or they will schedule someone to come to your home. I chose the latter option and it was only a few minutes after my chat with Policy Genius that “Sarah,” a nurse in the closest city, called me. We set up the appointment for her to come to my house, and she instructed me to fast in advance to get the most accurate results from my blood and urine samples.
You’ll receive an email to sign your application. This is done online via Docusign and is very quick and easy (it took me less than 2 minutes).
Now, you just carry on as usual and wait to hear back from them regarding approval. Odds are, you’ll be approved, then you simply finalize everything and voila! Now your beneficiary, or beneficiaries, are left with a tax-free lump sum to use in whatever way will be most helpful for them.

numbers to expect:

Just to give you an idea, you can spend less than $20 per month to leave your beneficiaries half a million dollars. It’s around $30/month to leave one million. A small price to pay to offer peace of mind during what would be a terrible time for my dearest ones.

I certainly feel better having done it :)