Self Employed Life Insurance Rates (2024)
Self employed life insurance rates are likely to be similar to those who are not self employed. In most cases, you will not receive a self employed life insurance deduction on your taxes unless your life insurance is part of an employee benefits package. The best life insurance policy for self employed people is often term life insurance.
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Travis Thompson
Licensed Insurance Agent
Travis Thompson has been a licensed insurance agent for nearly five years. After obtaining his life and health insurance licenses, he began working for Symmetry Financial Group as a State Licensed Field Underwriter. In this position, he learned the coverage options and limits surrounding mortgage protection. He advised clients on the coverage needed to protect them in the event of a death, critica...
Licensed Insurance Agent
UPDATED: Dec 4, 2023
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Dec 4, 2023
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
- Self employed life insurance rates are likely to be similar to those for non-self employed people but may differ based on many factors
- Unless you own a business that offers life insurance as an employee benefit, your life insurance premiums are not tax-deductible
- Term life insurance is a popular life insurance choice for self employed people since it is more affordable
If you are self employed or own a business, the death benefit from life insurance could help support your family and keep your business running after you pass away. However, whether or not you can afford self employed life insurance rates may be a concern.
Learn more about self employed life insurance and how to pick the best policy for you below. The best life insurance companies will provide you with coverage options that will suit your needs.
If you’re looking to buy self employed life insurance, enter your ZIP code into our free quote comparison tool above to compare companies in your area.
How much are self employed life insurance rates?
Life insurance premiums depend on many different factors, including age, gender, health, policy type, coverage amount, and more. Term life insurance may be cheaper than other types of insurance. Let’s look at some average life insurance rates:
Average Monthly Life Insurance Rates for a $500,000 Policy Based on Age
| Age | Average Monthly Rates With Medical Exam | Average Monthly Rates Without Medical Exam |
|---|---|---|
| 35 | $14.07 | $18.27 |
| 40 | $18.19 | $23.75 |
| 45 | $28.52 | $29.39 |
| 50 | $41.73 | $45.70 |
| 55 | $70.63 | $74.56 |
| 60 | $112.75 | $127.32 |
Another major factor that can affect your life insurance rates includes your occupation. Those who work in high-risk occupations or industries are likely to pay more for life insurance.
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Is self employed life insurance tax deductible?
In many cases, self employed people and freelancers can deduct health insurance premiums along with business expenses on their taxes. However, these rules do not apply to life insurance.
To receive a self employed life insurance deduction, an individual must own a business that provides the life insurance as an employee benefit. The owners of sole proprietorships, LLCs, and S corporations can also deduct the premiums they pay for their employees.
If you’re considering setting up a life insurance package as an employee benefits package, you may also want to include health insurance, disability insurance, and retirement savings accounts.
What is the best life insurance for self employed people?
The main types of life insurance include term life insurance, whole life insurance, and universal life insurance. Term life insurance can typically be the best option for self employed people since it is affordable and can offer coverage that will last for a long time.
However, whole life insurance and universal life insurance may offer greater wealth-building potential in the form of cash values and the ability to borrow against the policy. These are also permanent policies, so you won’t have to renew or convert like you would with a term life policy.
If you need affordable self employed life insurance quotes, enter your ZIP code into our free quote comparison tool below to find the best self employed life insurance company for you.
Your one-stop online guide for life insurance quotes. Get free quotes now!
Secured with SHA-256 Encryption
Travis Thompson
Licensed Insurance Agent
Travis Thompson has been a licensed insurance agent for nearly five years. After obtaining his life and health insurance licenses, he began working for Symmetry Financial Group as a State Licensed Field Underwriter. In this position, he learned the coverage options and limits surrounding mortgage protection. He advised clients on the coverage needed to protect them in the event of a death, critica...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.