Sign inGet life insurance When you work for yourself, you call the shots — but you’re also responsible for your own financial safety net. That includes [life insurance](https://www.policygenius.com/life-insurance/life-insurance-quotes/). Being self-employed, a freelancer, or a gig worker doesn’t disqualify you from coverage. It just means you’ll need to show proof of income a little differently and think through what happens to your loved ones (and your business) if something happens to you. Here’s how to find the right policy — even when your income isn’t predictable. Key takeaways - Life insurance companies look at your **most recent year of earnings** to determine how much coverage you qualify for. - You can typically apply for **10 to 15 times your income** — and sometimes up to **40×** if you’re self-employed and need extra protection. - Freelancers in **high-risk fields** may pay higher premiums, but most gig workers can get affordable coverage. - Working with a **licensed Policygenius agent** makes it easy to compare options and get coverage that fits your budget — no commissions, no pressure. How much does life insurance cost? Age Gender SelectFM ZIP code Policy length How long your coverage lasts. Rule of thumb: Your term should last at least until you retire, and should also cover your longest financial obligation (like a child's college costs). 10 yrs15 yrs20 yrs25 yrs30 yrs35 yrs40 yrs Coverage amount The amount your loved ones would receive if anything should happen to you before your policy expires. Rule of thumb: Most financial planners recommend an amount 10-15x your current income. $ 500K Monthly estimates for Life insurance rates are influenced by a number of factors, but your health has the biggest impact on the final cost. Best health $ -- Good health $ -- Average health $ -- Now compare quotes Powered by ## How much life insurance do self-employed workers need? Most financial experts recommend coverage worth 10 to 15 times your annual income. But if you’re your family’s main source of income — and don’t have workplace benefits — you may want more. Some insurers will let you apply for coverage up to 40 times your annual income, depending on your age and health. > “Regardless of whether you’re employed by a company or file a 1099, insurers use your past year’s earned income to determine how much life insurance you can qualify for,” says Jordan Schreer, life insurance expert at Policygenius. That means if you earned $50,000 last year, you could potentially qualify for up to $2 million in coverage — though most people don’t need that much. A licensed agent can help you find the sweet spot: enough to protect your family, without overpaying for coverage. Learn more >> [How much life insurance you need](https://www.policygenius.com/life-insurance/how-much-life-insurance-do-i-need/) ## How to calculate your coverage needs When your income varies month to month, it helps to take a step-back view of your full financial picture. The DIME method can help you calculate how much life insurance you should buy: - Debts: Add up what you owe — credit cards, student loans, business or car loans, etc. - Income: Multiply your annual income by 10 to 15. Include every revenue stream — clients, side hustles, even cash tips. - Mortgage: Factor in your remaining mortgage or rent payments. - Education: Consider future education costs for your kids (or yourself). Add these together for a realistic estimate of your total coverage needs. Ready to shop for life insurance if you're self-employed? Start calculator ## How to shop for life insurance when you’re self-employed Once you know your target coverage amount, applying is simpler than you might think. ### Steps to get covered 1. Gather your paperwork. Recent tax returns, proof of identity, and [residency](https://www.policygenius.com/life-insurance/does-where-you-live-affect-your-life-insurance-policy/) documents. 2. Compare quotes. Use an online marketplace like Policygenius to find affordable options. 3. Apply and complete your [phone interview](https://www.policygenius.com/life-insurance/questions-to-expect-from-a-life-insurance-phone-interview/). You’ll answer basic questions about your health, lifestyle, and income. 4. Take a free [medical exam](https://www.policygenius.com/life-insurance/life-insurance-medical-exam/) (if required). Think of it as a quick wellness check — not a reason to worry. 5. Review your offer and sign your policy. Then [pay your first premium](https://www.policygenius.com/life-insurance/how-to-pay-for-life-insurance/) and get ready to sleep better tonight. You don’t have to calculate everything yourself. [Talk to a Policygenius agent](https://www.policygenius.com/life-insurance/start/) — they’ll help you find the right policy and walk you through every step. Learn more >> [How the life insurance application process works](https://www.policygenius.com/life-insurance/how-does-the-life-insurance-underwriting-process-work/) ## The best life insurance policy for freelancers For most self-employed people, [term life insurance](https://www.policygenius.com/life-insurance/term-life-insurance/) is the simplest and most affordable option. - It provides coverage for a set period — usually 10, 20, or 30 years. - It’s significantly cheaper than permanent life insurance. - You can cancel or adjust your policy if your situation changes. A 35-year-old non-smoker can expect to pay around $29 per month for a 20-year, $500,000 term policy, according to the Policygenius Life Insurance Price Index. Learn more >> [Current life insurance rates](https://www.policygenius.com/life-insurance/life-insurance-price-index/) Ready to shop for life insurance if you're self-employed? Start calculator ## How your job affects your life insurance rates If your work involves higher-risk activities — think construction, fishing, or mining — you may pay a bit more for life insurance. But if you’re a rideshare driver, photographer, designer, or Airbnb host, your job is unlikely to affect your rates. Other factors like age, gender, health, and lifestyle typically have a bigger impact on what you’ll pay than your job title itself. Learn more >> [High-risk life insurance](https://www.policygenius.com/life-insurance/high-risk-life-insurance/) ## Are life insurance premiums tax-deductible for the self-employed? Unfortunately, no — life insurance [premiums usually aren’t tax-deductible](https://www.policygenius.com/life-insurance/is-life-insurance-tax-deductible/). The only exception is if [you run a business](https://www.policygenius.com/life-insurance/life-insurance-for-business-owners/) and offer group life insurance to your employees. In that case, the premiums you pay on their behalf may be deductible as a business expense. For typical freelancers and 1099 workers, however, you can’t deduct personal life insurance premiums. Beyond shopping for life insurance, we recommend full-time gig workers set up a private benefits package that includes health or [disability insurance](https://www.policygenius.com/disability-insurance/) and retirement savings accounts, to mimic traditional workplace perks. ## The bottom line If you’re self-employed, you’ve already built financial independence — life insurance just helps you protect it. The right policy can replace your income, pay off debts, and keep your family secure if something unexpected happens. [Compare quotes with Policygenius](https://www.policygenius.com/life-insurance/start/) to find the best coverage for your budget. Our licensed experts don’t make a commission, so the only thing they’re selling is peace of mind. Ready to shop for life insurance if you're self-employed? Start calculator ## More about finding your best life insurance policy - [Life insurance for seniors](https://www.policygenius.com/life-insurance/best-life-insurance-for-seniors/) - [Life insurance for non-U.S. citizens](https://www.policygenius.com/life-insurance/non-united-states-citizens/) - [Life insurance for young adults](https://www.policygenius.com/life-insurance/life-insurance-for-young-adults/) - [Life insurance for high-net-worth individuals](https://www.policygenius.com/life-insurance/high-net-worth/) - [Life insurance for LGBTQ](https://www.policygenius.com/life-insurance/life-insurance-for-lgbtq/) - [Life insurance and gender](https://www.policygenius.com/life-insurance/gender/) - [Life insurance for military](https://www.policygenius.com/life-insurance/military-personnel/) - [Life insurance for veterans](https://www.policygenius.com/life-insurance/life-insurance-for-veterans/) - [Life insurance for scuba divers](https://www.policygenius.com/life-insurance/scuba-divers/) - [Can you get life insurance if you’re unemployed?](https://www.policygenius.com/life-insurance/life-insurance-and-unemployment/) - [Life insurance after bankruptcy](https://www.policygenius.com/life-insurance/ive-declared-bankruptcy-can-i-buy-life-insurance/) - [How to buy life insurance abroad](https://www.policygenius.com/life-insurance/how-to-buy-life-insurance-abroad/) - [Life insurance for people with criminal records](https://www.policygenius.com/life-insurance/life-insurance-for-people-with-criminal-records/) - [Life insurance for students](https://www.policygenius.com/life-insurance/students/) - [Can you take out a life insurance policy on someone else?](https://www.policygenius.com/life-insurance/can-you-take-out-a-life-insurance-policy-on-someone-else/) - [What happens to life insurance when you leave a job?](https://www.policygenius.com/life-insurance/what-happens-to-life-insurance-when-you-leave-job/) Authors \\ \\ [Rebecca Shoenthal](https://www.policygenius.com/author/rebecca-shoenthal/) Editor & Licensed Life Insurance Expert Rebecca Shoenthal is a licensed life, disability, and health insurance expert and a former editor at Policygenius. Her insights about life insurance and finance have appeared in The Wall Street Journal, Fox Business, The Balance, HerMoney, SBLI, and John Hancock. \\ \\ [Tory Crowley](https://www.policygenius.com/author/tory-crowley/) Associate Editor & Licensed Life Insurance Agent Tory Crowley is an associate life insurance and annuities editor and a licensed insurance agent at Policygenius. Previously, she worked directly with clients at Policygenius, advising nearly 3,000 of them on life insurance options. She has also worked at the Daily News and various nonprofit organizations. Editor \\ \\ [Jennifer Gimbel](https://www.policygenius.com/author/jennifer-gimbel/) Senior Managing Editor & Home Insurance Expert Jennifer Gimbel is a senior managing editor at Policygenius, where she oversees all of our insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com. Expert reviewer \\ \\ [Maria Filindras](https://www.policygenius.com/author/maria-filindras/) Financial Advisor Maria Filindras is a financial advisor, a licensed Life & Health insurance agent in California, and a member of the Financial Review Council at Policygenius. Questions about this page? Email us at [editorial@policygenius.com](mailto:editorial@policygenius.com). ## Finished scrolling? Startsaving. Find the insurance you need and save by shopping from the most trusted insurers. [Get Free Quotes