General insurance Insurance for Freelancers

[Mika]

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.

 

[arunima25]

Whole life insurance is always a better choice be it for freelancers or for someone with a regular source of income. If one has dependents, whole health insurance makes better sense as in case of any eventuality the dependents will get the benefits.
Insurance does give a sense of financial security in case of some unforeseen eventuality or emergency. But still many people don't see it as a need to have a find ot a waste of money by paying regular premiums.
Insurance companies do a lot of background check up before giving you any insurance. With a regular source of income and financial security your chances to pay premiums on tike is high and that would be appreciated by any insurance company. But that's not the case with freelancers. So, if they sense that you might fail to pay regular premiums on tine, they might not be so willing to provide you their service.
Many countries have insurance policies for the economically poor. Though the term insured might not be huge, it would be good to opt for it. The premiums might not be that high abd some part of it might be covered by the government. But then you need to have supporting documents to avail them.