The desire to live life on one's own terms is one of the key motivators for people to pursue self-employment. However, while it provides a sense of ownership and responsibility and the potential for increased financial resources, it is also a risky undertaking compared to the security of a regular, fixed monthly pay check.
Self-employed business people, unlike salaried employees, do not have a set salary. A loan might be necessary to start the firm or expand it, and that debt would have to be repaid.
Repaying these loans while you're gone can be difficult for your family. But, even if you are no longer with your family, you can safeguard their financial future with a life insurance policy, particularly term insurance. So, in this article, we have jotted down a few aspects of insurance for self-employed people that will help you understand the importance of a term plan and how it can assist you in supporting your family in hardships.