Direct answer
It depends on your business debt and lack of employer-sponsored group coverage, as self-employed individuals must calculate their own death benefit to cover both personal obligations and business liabilities.
Financial planning calculators for small business owners and independent contractors. For additional information about managing financial obligations as a contractor, see the Internal Revenue Service’s guide for self-employed individuals.
What this means for you
It depends on your business debt and lack of employer-sponsored group coverage, as self-employed individuals must calculate their own death benefit to cover both personal obligations and business liabilities.
FARMER STOCKMAN
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