Self Employed: Life Insurance
Despite your health condition, you can still buy life insurance.
Life insurance is an excellent source of money for the following purposes:
- To provide money for your loved ones (either as a lump sum or in payments over time).
- To pay for a funeral.
- To pay any debts you may have at the time of your death.
- To provide you with a source of money while you are still alive. In addition to any features built-in to the policy such as a savings feature known as "cash value," you may be able to sell the policy and get cash now either through a process known as a Viatical Settlement or a Senior Settlement. In case you want to obtain money from a life insurance policy by selling it, it doesn't matter whether the policy is permanent such as Ordinary life, or term (policies that do not have a savings feature). To be salable, any policy you buy should:
- Be issued by a company with an A or A- rating.
- State that ownership of the policy can be transferred (is "assignable") - or at least doesn't state that it cannot be transferred.
- For more information about obtaining money from a life insurance policy, click here.
In addition to the normal sources of life insurance, perhaps you can buy it through a group or association of other self employed people. For more information about buying life insurance, click here.