Sara Routhier, Managing Editor of Features and Outreach, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming worl...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Mar 26, 2021

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The Brief

  • Life insurance for self-employed drivers and other contractors is important since you most likely don’t receive life insurance through a standard benefits package
  • Life insurance rates for self-employed individuals are likely similar to rates for those employed by someone else
  • Most, if not all, life insurance companies will offer life insurance for self-employed individuals, so make sure you’re comparing your options based on product availability, financial strength, and rates

Life insurance for self-employed drivers is relatively easy to find, but it takes intentional effort to research life insurance companies and make sure you’re protected. Below, we’ll discuss why it’s important, how much it may cost, and where you can find life insurance.

Term life insurance is one of the most popular types of life insurance. Use our free quote comparison tool above to compare self-employed life insurance quotes now.

Why is life insurance for self-employed drivers important?

Life insurance for self-employed drivers is essential because contractors, freelancers, or sole proprietors don’t typically have access to benefits packages typically offered by traditional employers.

While everyone should make sure that their families are protected, being self-employed means you have to put more thought into intentionally completing the task of picking life insurance.

Even if you are employed or a contractor that is lucky to have benefits that include life insurance, you may still want to review how much coverage you have. Life insurance packages from an employer often offer minimal coverage, and you may wish to purchase additional coverage.

In some countries, it may also be advisable to purchase income protection insurance for self-employed individuals. Self-employed income protection insurance will give you an income if you can’t work due to an illness or accident.

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What does life insurance for self-employed drivers cost?

Self-employed life insurance rates will be about the same as those for individuals employed by someone else and paying out of pocket. The average life insurance rates are around $26 per month.

Let’s look at some life insurance rates from a few of the leading life insurance companies:

Average Monthly Term Life Rates By Term Length, Gender, and Company: $500,000 Policy
Company10-Year Term Average Monthly Rates20-Year Term Average Monthly Rates30-Year Term Average Monthly Rates
Mass MutualMale: $15.68
Female: $13.93		Male: $23.48
Female: $20.03		Male: $37.83
Female: $31.78
Lincoln NationalMale: $13.96
Female: $11.99		Male: $20.31
Female: $17.20		Male: $32.69
Female: $27.39
PrudentialMale: $30.63
Female: $23.63		Male: $33.25
Female: #27.13		Male: $35.44
Female:$31.50
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Life insurance rates are based on life expectancy and risk. Therefore, many factors that will determine your rates, including your age, overall health, family history, smoking status, location, coverage amount, and more.

Where can self-employed drivers get life insurance?

Being self-employed doesn’t limit your ability to find a self-employed life insurance company. Most, if not all, life insurance companies will offer a life insurance policy that will work for self-employed individuals.

You should take the time to compare life insurance products and features and find a company that offers the ones you want. You may also want to search for financial ratings, such as those from A.M. Best, to ensure the company you’re considering is financially stable.

Lastly, you should compare quotes from multiple companies to make sure you’re getting the best rate. If you need help finding affordable self-employed life insurance, enter your ZIP code into our free quote comparison tool below.

References:

  1. https://www.statista.com/statistics/194489/life-insurance-companies-in-the-us-with-most-assets/