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Life insurance for the self-employed

Protect your family and your business with the right policy.

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Name Product Issue age Minimum Coverage Maximum Coverage Term Lengths Medical Exam Required
18 - 85 years old
10, 15, 20, 25, 30 years
Depends on provider and policy
Compare 12+ top insurers side-by-side to get the best possible deal, and shop return of premium policies online.
18 - 60 years old
10, 15, 20, 25, 30 years
Get a quote in less than 10 minutes with on-the-spot approval and no medical exam.
Everyday Life
20 - 75 years old
10, 15, 20, 25, 30, 35 and 40 years.
Ladder multiple life insurance policies to save on the coverage you need for all your debts.
20 - 60 years old
10, 15, 20, 25 or 30 years
No, for coverage up to $3M
Apply for term life insurance online without the medical exam. Get an instant decision and adjust your coverage at no charge.
18 - 60 years old
5, 10, 15, 20, 25 and 30 years
Compare 40+ insurers and apply online to get the lowest possible price — no medical exam required.

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If you’re self-employed, life insurance could provide a safety net for your family and the people who depend on your business.

Why do I need coverage if I’m self-employed?

If you’re a small business owner or self-employed, the payout from a life insurance policy could be what your business and family needs to keep it afloat.

Depending on the coverage you choose, your policy can cover everyday operating expenses, pay off loans or take care of real estate taxes and sales. A few reasons you may need life insurance coverage if you’re self-employed:

  • Income from your business pays the bills and supports your family.
  • You want your business to keep running without you.
  • You have debt or real estate connected to your business.
  • You’re looking to help your partners or beneficiaries with a buy–sell agreement or key man insurance.
Protect your loved ones
Compare 12+ top insurers side-by-side to get the best possible deal, and shop return of premium policies online.

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MUST READ: What is key man insurance?

Key man insurance is a life insurance policy on an owner, founder or key employee of a business. Such people are considered critical to the success of the business — so critical, the business could fail without them.

The business is the beneficiary of key man insurance to help it avoid bankruptcy if the person who’s important to the company dies. If the business closes, the policy payout can be used to settle debts, pay investors and help with selling the business.

If I die, how can my business affect my loved ones?

Aside from your family depending on your business income — they may also have to figure out how to handle the business moving forward. Here are reasons your family might have to step in after your death:

  • Loans backed by personal assets. If your business loans are backed by personal assets your family could lose their home, cars or any other collateral used to start your business.
  • The sell of your business. If your family has to sell your business quickly because they aren’t equipped to run it, they may be forced to sell it for cheap, or during bad market conditions.
  • Keep your business running. If your family relies on this income alone they may be forced to learn to run the business or assist your business partners during a stressful time.
Protect your loved ones
Compare 12+ top insurers side-by-side to get the best possible deal, and shop return of premium policies online.

Need help? Talk to a customer specialist


What type of life insurance policy do I need?

The type of life insurance policy you need depends on how much you can afford. Consider factors like your debt, financial responsibilities and business assets.


Usually a more affordable option, this coverage could be good for those just starting a business with little funds.

  • Choose coverage for 10, 15, 20, 25 or 30 years.
  • Good for younger people in good health.
  • Renew or convert to a permanent policy after your term ends.


This coverage lasts as long as you pay your premium and can include:

  • Whole life. As you pay your premium, your policy builds cash value. You can use this cash as a loan if you need it, but it decreases the payout to your beneficiaries.
  • Universal life. Payment flexibility with the option to increase or decrease your payments and change how often you pay. Use the money in your policy for a loan or to cover payments.
  • Variable life. Like universal life, but you can invest in securities like stocks, bonds and mutual funds.

Bottom line

Deciding to get life insurance coverage if you’re self-employed means providing a plan for your business — and your family after you’re gone. Compare life insurance policies to find the right fit for your business and budget.

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