Becoming self-employed is a hard decision to make and even harder to uphold over time, especially when you are already used to working as an employee. It is hard to choose between being your own boss, working by your work schedule, and going on vacation whenever you want or staying with the stability of being an employee and all the benefits working for a company offers.
What if I told you that all employees’ benefits could be covered with Life Insurance? And you could also have other benefits, such as paying a single premium and even accessing tax deductions. Would you make the jump to being self-employed?
Life Insurance counters lack of employer benefits
Employers often offer their employees benefits such as health insurance, life insurance, and provident fund. By becoming self-employed, you automatically become your own boss. In other words, your own employer. Hence you must be the one to give yourself those benefits you will no longer have since you are not an employee anymore.
One of the main benefits of purchasing life insurance as a self-employed is you can cover everything mentioned above.
Additionally, acquiring a life policy will allow you to save and invest money regularly for your retirement and other financial goals that you or your family have.
Life cover with a Single Premium
One of the biggest concerns when being self-employed is having a steady income. There are good and bad months, and you may not always have enough to pay regular premiums. However, by purchasing Term Life Insurance, you can enjoy the benefits by paying a single premium upfront. This means that you and your family will be financially protected for around 30 years with a single premium without concern about the market conditions or the commercial performance of your business.
Tax Benefits
There are ways to access tax benefits as self-employed. You can obtain benefits such as reducing the income tax paid by investing in available tax savings avenues. You can reduce your tax liability by saving taxes on the life insurance premium paid along with any other eligible investment or tax savings you have. This is all under Section 80C of the Income Tax Act of 1961##.
Acquiring Life Insurance benefits for Self-employed is much easier than you think and is essential to protect your business, yourself, and your family.
Get employer benefits while paying a single premium and saving money on your taxes.
Call us today to be TOP Insured!
