Protect your family with life cover from just 20p-a-day
Yes, it's completely possible to securefamily life insuranceif you're self-employed.
As of August 2024, there are around 4.23 million self-employed workers in the UK[1].
Whether you have an employer or are self-employed won't have an impact on your ability to secure life cover.
The only time your occupation is likely to have an impact on your cover is if you work in a high-risk occupation.
While being self-employed can mean having to complete more paperwork in your daily life, LifePro can take the stress away from arranging your life insurance.
We can compare prices and assist you secure the right policy to meet your needs from just 20p-a-day † .
Why choose LifePro for your self-employed life insurance?
- Whole-of-market comparison from 50+ UK insurers
- Expert advice from FCA-regulated advisors
- No extra cost - insurers pay our commission
- Fast quotes in 60 seconds
- Support throughout your policy lifetime
How much life insurance do you need if you're self-employed?
How much life insurance you need will depend on what you'd like to protect and your available budget.
For those in employment, receiving death in service benefit can help to reduce the amount of personal cover that's required as these two forms of cover can work together to provide a fully comprehensive solution.
However, as discussed, self-employed workers don't receive this benefit so it's important to ensure that the amount of cover you secure is the right amount to cover all aspects for your family members.
Take some time to consider your circumstances and what aspects of your life you want to protect to answer the question how much life insurance do you need?
What do you want help protecting?
How much cover do self-employed workers need?
Enter your financial commitments below to understand the level of self-employed life insurance cover you need.
The amount of life insurance you need depends on your financial obligations and what you want to provide for your loved ones. A common rule of thumb is to have cover worth 10 times your annual salary, though your individual circumstances may require more or less.
Consider the following when calculating your life insurance needs:
- Outstanding mortgage balance
- Other debts and loans
- Income replacement for your family (typically 5-10 years of salary)
- Children's education costs
- Funeral expenses (typically £4,000-£10,000)
- Any specific financial goals for your dependents
For example, if you have a £200,000 mortgage, earn £40,000 per year, and want to provide 10 years of income replacement, you might need around £600,000 of cover (£200,000 + (£40,000 × 10)).
Use our free comparison tool to get personalised quotes from 50+ UK insurers, including Life Insurance For Self Employed, and find the right level of cover for your needs at the best available price.
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What is the best life insurance for self-employed?
The best life insurance for you isn't dependent on whether you're self-employed or in employment.
Instead, the best option for you will be the policy that covers everything you need it to and is at a price within your budget.
There are a number of different policies available, each better suited to protecting different aspects of your life. These include:
