Best Life Insurance Plans for Self-Employed People in 2025 (Global Perspective)
Why Life Insurance is Essential for Self-Employed Individuals
Unlike salaried employees who may get life insurance benefits from their employers, self-employed individuals must take responsibility for their own financial security. A good life insurance policy ensures that your family is financially secure in case of unforeseen events. It also helps in tax savings and business continuity planning.
Key Factors to Consider When Choosing a Life Insurance Plan:
✅ Coverage Amount – Ensure the sum assured is enough to cover liabilities and future expenses.
✅ Premium Affordability – Choose a plan that fits your budget.
✅ Policy Term – Consider long-term coverage to secure your family.
✅ Riders & Benefits – Look for additional features like accidental death benefits, waiver of premium, and critical illness riders.
✅ Claim Settlement Ratio – A high CSR ensures a hassle-free claims process for your family.
✅ Tax Benefits – Opt for plans that provide tax exemptions (based on your country’s tax regulations).
Best Life Insurance Plans for Self-Employed Individuals (Worldwide)
🌎 1. United States: Northwestern Mutual Term Life Insurance
✅ Type: Term Insurance
✅ Key Features:
- Customizable coverage with flexible terms.
- Option to convert to permanent insurance.
- Highly rated for financial stability.
Best For: Self-employed individuals seeking flexible term coverage.
🇬🇧 2. United Kingdom: Legal & General Life Insurance
✅ Type: Term and Whole Life Insurance
✅ Key Features:
- Flexible payout options.
- Affordable premiums.
- High customer satisfaction ratings.
Best For: UK-based entrepreneurs looking for reliable coverage.
🇦🇺 3. Australia: TAL Life Insurance
✅ Type: Term and Income Protection Insurance
✅ Key Features:
- Provides cover for death, disability, and critical illness.
- Flexible payment options.
- Income protection benefits for self-employed individuals.
Best For: Australian self-employed professionals needing income protection.
🇨🇦 4. Canada: Sun Life Go Term Insurance
✅ Type: Term Life Insurance
✅ Key Features:
- Instant coverage approval.
- Online policy purchase.
- Option to convert to permanent insurance.
Best For: Canadian freelancers and entrepreneurs seeking hassle-free coverage.
🇮🇳 5. India: LIC Tech Term Plan
✅ Type: Term Insurance
✅ Key Features:
- Pure term insurance with affordable premiums.
- High claim settlement ratio (98.62%).
- Online policy issuance with no agents involved.
Best For: Indian self-employed individuals seeking affordable coverage.
How to Choose the Right Life Insurance Plan for Your Needs
- Assess your financial obligations – Calculate your debts, future expenses, and emergency fund requirements.
- Compare multiple policies – Use online comparison tools to find the best premiums and features.
- Check for riders – Riders like disability coverage and critical illness benefits can provide added security.
- Look at the insurer’s reputation – Choose companies with high claim settlement ratios and good customer reviews.
Conclusion
For self-employed individuals worldwide, life insurance is a critical part of financial planning. By choosing the right policy, you can ensure your family’s financial well-being while also benefiting from tax savings. Consider your financial needs and select a policy that offers adequate coverage and flexibility.
