What term life insurance should self-employed Nevadans consider?

Self-employed Nevada professionals and small business owners face unique coverage considerations. Without employer-provided group life insurance, the full coverage burden falls on individually purchased policies.

Term life serves several purposes for the self-employed: personal income replacement for your family, business loan indemnification if you have personally guaranteed business debt, and buy-sell agreement funding if you have a business partner. Each purpose may require a separate policy or rider.

Self-employed income can fluctuate, which makes flexible premium options valuable. Universal life insurance can accommodate premium flexibility better than level-premium term, but straightforward term remains the most cost-efficient starting point.

Premiums for individually purchased term policies are generally not deductible as a personal income tax expense, but business-owned policies for key-person or buy-sell purposes may have different tax treatment. Consult a tax advisor for your specific situation. Agents in our network who specialize in business coverage can structure policies appropriately for each purpose.