I have an inconsistent income and no employer-sponsored benefits—should I still consider life insurance?

• Financial Security for Dependents: Even if your income fluctuates, your family relies on you for support. Life insurance ensures that your loved ones have financial stability if you pass away unexpectedly, covering essential needs like living expenses, debt repayment, and future goals such as education.

• Replacing Employer Benefits: Without employer-sponsored benefits like group life insurance, having your own policy is the best way to provide financial protection for your family.

Life insurance is highly customizable, making it accessible even for those with inconsistent incomes:

• Term Life Insurance: A cost-effective option that provides coverage for a set period (e.g., 10, 20, or 30 years). Premiums are fixed, affordable, and can fit into most budgets.

• Permanent Life Insurance: While more expensive, policies like whole or universal life insurance build cash value over time, which you can access during financial downturns.

• Adjustable Premiums: Some policies, like universal life insurance, allow for flexible premium payments to accommodate fluctuating income levels.

• Cash Value Growth: Permanent life insurance policies accumulate cash value, which grows over time and can be borrowed against during periods of financial strain.

• Tax-Advantaged Savings: The cash value grows on a tax-deferred basis, offering a secure way to save for the future while providing coverage.

• If you're self-employed or working freelance, life insurance becomes even more critical as you don’t have access to group policies through an employer. A personal policy ensures you and your family are covered regardless of your employment situation.

• Many assume life insurance is expensive, but term life policies can be tailored to fit your financial situation. For example, a healthy individual in their 30s can secure significant coverage (e.g., $500,000) for as little as $20–$30 per month.

• Starting with a smaller policy and increasing coverage as your income stabilizes is also an option.

• Life insurance can also serve as a tool for estate planning, debt protection, or providing funds for significant expenses like a mortgage or education. Even with a fluctuating income, it’s a reliable way to ensure long-term goals are met.

Life insurance provides peace of mind knowing that, no matter your financial situation or income variability, your loved ones will be taken care of in the event of the unexpected.

Having an inconsistent income or lacking employer-sponsored benefits doesn’t mean you can’t or shouldn’t have life insurance. In fact, it makes personal coverage even more critical. Life insurance offers an affordable and flexible way to protect your family, build a financial safety net, and provide security when employer benefits are not available. Speak with a life insurance advisor to find a policy tailored to your unique needs and budget.