Social media influencers have special considerations when it comes to life insurance. This type of career is unconventional, with nontraditional income and benefits, so it’s important for influencers to ensure that anyone who depends on their income is protected if something should happen to them. And, with unique digital assets and a brand legacy to protect, life insurance can also help cover costs related to estate planning and small business costs. In this article, we’ll discuss why social media influencers may need life insurance and how different types of life insurance can support influencers’ coverage needs.
Why do social media influencers need life insurance?
It’s crucial for social media influencers to purchase life insurance to safeguard their financial interests, protect their dependents, and ensure the continuity of their business endeavors in the event of their death. Beyond the general benefits of life insurance protection, there are other reasons social media influencers will want to consider purchasing this coverage, including:
Business Loans or Debts: Influencers may have business obligations, such as loans or debts, related to their brand or sponsored content. Life insurance can help cover these costs if the influencer passes away unexpectedly.
Brand Partnerships: Influencers with long-term brand partnerships or endorsement deals may need life insurance to protect the financial interests of their partners or sponsors in the event of their death.
Income Replacement: Life insurance can serve as a replacement for the future income that the influencer would have earned, providing financial stability for their family or business partners.
Estate Taxes: Life insurance is an essential aspect of estate planning since it can be used to cover potential estate taxes, ensuring that the influencer's assets and estate can be passed on to their beneficiaries without being heavily taxed.
What type of life insurance is right for social media influencers?
When you’re considering your options for life insurance as a social media influencer, you’ll want to consider the two primary types of coverage: permanent and term policies. Here’s an overview of what they include to help you determine whether they’re a good fit based on your unconventional career and financial goals:
Term Life Insurance: Term life insurance is a type of policy that provides coverage for a specific period of time, or "term," which usually ranges from 10 to 30 years. If you pass away during the term of the policy, your designated beneficiaries receive a tax-free benefit. Since you only purchase term life insurance for as long as you need it, it’s a good fit for those with flexible careers and income, such as social media influencers, since it can be easily adapted to different short- and long-term financial goals. No medical exam life insurance is a type of term coverage that may be the right option as an influencer because of its convenience, affordability, and ability to offer significant coverage in a short amount of time.
Permanent Life Insurance: Unlike term life insurance, which provides coverage for a specific period, permanent life insurance offers lifelong protection and includes a cash value component that can accumulate over time and serve as a savings account. If term life insurance doesn’t meet your needs, permanent life insurance may be a good fit because of its cash value. The cash value may be beneficial if you have a nontraditional career as a social media influencer since it can supplement your portfolio's financial account.
SelectQuote Can Help You Find the Right Life Insurance for Your Unique Needs
No matter your career, SelectQuote can help you find the right life insurance for your unique priorities. If you’re an influencer interested in life insurance but don’t know where to start, reach out to us for a free quote. We’ll take the time to learn about your specific situation, then search a variety of trusted carriers on your behalf to match you with the right carrier and plan. In just minutes, we can help you compare rates from several of the nation’s most trusted carriers so you can feel confident that your new policy aligns with your professional and financial goals.
