Mika
VIP Contributor
If you are working on a firm, you get a lot of benefits such as retirement benefits, pension plans, provident funds, health insurance, or even life insurance offered by your employee, etc.
There are numerous benefits of being a freelancer, however, financial security or insurance is not one of them. Since you don’t have access to the retirement benefits, your old age might be financially difficult. Therefore you need to prepare for emergencies.
Freelancers need to save as much as they can and invest as much as they can. However, freelancers lack a constant supply of income, therefore, they cannot save or build funds for investment. Therefore, the only way freelancers can ensure financial security is by getting health insurance and life insurance.
Freelancers can get term life insurance or whole life insurance, however, for the freelancers who have dependents, whole life insurance will be a better option because their spouse and kids will get the benefits.
There are numerous benefits of being a freelancer, however, financial security or insurance is not one of them. Since you don’t have access to the retirement benefits, your old age might be financially difficult. Therefore you need to prepare for emergencies.
Freelancers need to save as much as they can and invest as much as they can. However, freelancers lack a constant supply of income, therefore, they cannot save or build funds for investment. Therefore, the only way freelancers can ensure financial security is by getting health insurance and life insurance.
Freelancers can get term life insurance or whole life insurance, however, for the freelancers who have dependents, whole life insurance will be a better option because their spouse and kids will get the benefits.