Tailoring Life Insurance Options for Individuals With Nontraditional Careers

In today’s dynamic job market, many individuals pursue nontraditional careers, such as freelancing, gig work or creative professions. However, while these career paths may be rewarding and enjoyable, they can often come with unique financial challenges and irregular income streams, making it crucial to have a life insurance policy tailored to their specific situation.

Five Strategies for Customizing Life Insurance

Consider the following ways individuals with nontraditional careers might be able to customize life insurance policies to suit their unique circumstances and needs:

• Find flexible premiums. Nontraditional careers often mean fluctuating income. Opting for a life insurance policy with flexible premium payment options can help manage periods of lower income. Some insurers offer policies that allow for adjustments in premium payments, ensuring coverage remains intact even during lean months.

• Secure adjustable coverage limits. As income and financial responsibilities change, so should the coverage amount. Policies that allow for adjustments in the death benefit can be beneficial. This flexibility ensures that the policyholder’s coverage aligns with their current financial situation and future goals.

• Add riders. Adding riders to a life insurance policy can provide extra protection tailored to specific needs. For example, a disability income rider can offer financial support if the policyholder cannot work due to injury or illness. Similarly, a critical illness rider can provide a lump sum payment if diagnosed with a severe illness, helping to cover medical expenses.

• Understand different types of policies. Choosing between term and permanent life insurance may often depend on individual needs and career stability. Term insurance can be more affordable and suitable for those with temporary financial obligations. In contrast, permanent insurance offers lifelong coverage and can build cash value, which can be a financial resource during retirement.

• Reassess coverage regularly. Reviewing and updating a life insurance policy is essential, especially for those with nontraditional work lives. As career and financial situations evolve, so should the policy. Working with a financial advisor can help ensure the coverage remains appropriate and beneficial.

Find the Right Coverage

At The Wyatt Agency in Chester, South Carolina, we’re well-versed in the world of life insurance and will work with you to identify your needs and procure the proper coverage. Contact us today to learn more or get a free life insurance quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.