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The importance of having life insurance as a self-employed person

Almost half of the Spanish population has taken out life insurance, according to data from the Spanish Union of Insurance and Reinsurance Entities (UNESPA). In the case of the self-employed, having life insurance is essential since “if these professionals stop their activity for any reason, such as illness or a family matter, it is likely that their income will be reduced” highlights José Manuel Veiga, Director of Protection Insurance at BanSabadell Seguros.

In addition, “in the event that they cannot continue with their business due to absolute permanent disability or death, with life insurance, both they and their families are protect and can maintain the economic stability that they now have for a few years. ”, explains Vega.

Despite the improvement of social coverage in Spain in recent years, if a self-employed person suffers a permanent disability, they earn an average of almost 300 euros less than an employed professional, according to the Federation of Organizations of Professionals, Self-Employed and Entrepreneurs ( OPA).

What is life insurance for?

Life insurance provides peace of mind by protecting what clients value most, thanks to the fact that it covers the risk of death from any cause and, in the case of, for example, BanSabadell Vida’s Life Care life insurance, it also covers disability absolute permanent, either by accident or illness, explains Veiga. “After the experience with the COVID-19 pandemic, it is essential to have an economic endowment for any unforeseen event that may arise,” he says.

Every time life insurance incorporates a greater range of services for users. For example, accessing medical guidance consultations by telephone 24 hours a day, requesting a second medical opinion in case of serious illness from the best medical professionals in the world, obtaining personalized attention from a team of psychologists or advice on nutrition, allergies and infant feeding.”

“Life Care protection insurance is adapt to the needs and particular situation of each person. Thus, each client can enjoy a complete offer of their life insurance, competitive and adapted to their profile. As a reference, an insure capital equivalent to three times the annual income would be recommend to maintain the standard of living while the family adapts to the new situation”, says Veiga.

In the case of the self-employ, payment protection insurance also offers protection in the event of unemployment or inactivity, since it is usually insurance associate with mortgages and loans, so that if any of the contingencies of the insurance, this will be responsible for the monthly fees set in the contract. In addition, it is possible to add additional coverage, for reasons such as temporary disability, compensation for sick leave or a subsidy for cessation of activity.

How does life insurance work?

In life insurance, the insured person, in this case, the self-employed person, designates his beneficiaries (his spouse, his children, his partner…). Once the contract is sign, the insurance company agrees to pay an establish amount of money if this professional suffers any of the coverage include in the agreement during the establish period of validity. The annual premium that the self-employ must pay to keep this insurance active depends on the insure capital that he or his beneficiaries wish to receive, as well as other characteristics, mainly the age of the insure.

Tax benefits of life insurance

Since 2017, the self-employed can deduct life insurance premiums for coverage of death, absolute permanent disability and total disability, up to a maximum of 500 euros per year per person, if the insured and the beneficiary are the same person, explains the director of Protection Insurance of BanSabadell Seguros.

In any case, before contracting a life protection product, it is advisable to have the support of a professional such as the manager of the entity, who informs each person about the insurance that best suits their needs and answers any questions they may have arisen.

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