Karan had been ecstatic when his father opened his own restaurant. It soon garnered all the fame and reputation. But due to the pandemic and the unprecedented demise of his father, he was left broken, both mentally and financially. 

Restaurant was on the verge of being shut down and Karan had no means of taking care of his mother and himself. Fortunately, he soon became aware of the term life insurance that his father had opted for that not only took care of his mother’s medical bills, but also helped him in acquiring a good education and becoming financially independent.

“A stitch in time saves nine.” But, do we always follow it in our actual lives? Prevention is surely better than cure, but little do we do in order to execute it. 

Covid-19 came disguised as an epiphany to make us understand the importance of being prepared. It hit us with a strong wind of realization and caught us in the web of unpredictability. So, the least t we can do is secure the ones we love and who depend on us. Securing their future so that they do not have to go through the trials and tribulations that life carries with it, should be our topmost priority. 

So, logically, the smart step would be to opt for a life insurance that can take care of your family in your absence by providing them a lump sum amount. Just like Karan used this money to keep the poor business of his father’s restaurant afloat, you can also mirror him and take the right step.

The reason why life insurance is more necessary for the self-employed is because:

• They carry the burden of irregular income sources, since growing and investing
  in their business is their top priority. They prefer to take less amount back home
  and fund most of what they have in their beloved companies. But a good life
  insurance plan allows a self-employed individual to pay the premium amount in a
  short span of time and saves them from having to endure the burden of making
  long term payments, considering the irregularity of their monthly income.
• Working capital loans and other loans that a self-employer takes in order to run and expand their businesses add on to the liabilities that they have to bear. Thankfully, these liabilities can be covered through efficient insurance plans.  Additionally, opting for a plan which covers risks such as critical illness, accidents or disability and provides monetary coverage for your medical procedures with a little extra cost in your premium is a smart option.
• While being your own boss gives you flexibility in working hours and more space to do things as you desire, it lacks the employment benefits that you would get if you work under someone, like sick pay, health and life insurance covers, employee provident fund etc. Thus, it may manifest itself into the cracks in the shield that will guard your future. But, with the income protection benefit of the insurance plan, you will secure a regular monthly payments if you are incapacitated to work due to an illness or an injury.

A self-employed individual has to juggle both household and business liabilities since they only have themselves to depend on, due to which they sometimes miss out on savings and investments, following which it becomes even more important for them to opt for insurance plans.

So, conclusively, being your own master has its own perquisites, but it nevertheless comes with certain risks and perils. Just like Karan’s father had taken a responsible decision of securing his family against undetermined circumstances, so can you. 

While life can turn incredulous at any waking moment, the life insurance policy that you would opt for will unequivocally be there as the shade that will protect your dear ones from the harsh and unforgiving sunlight of life. Get in touch with me for a free consultation to know more!