Freelancer’s income is highly dependent on the trade which the specialist works in, qualifications and experience, the level of customers, and the ability to present the services. Experienced freelancers can earn 1.5 - 2 times more than office colleagues in similar positions. If a freelancer lives in the region, but works for a capital or international company, the income gap may be even higher.
Freelancers, however, are obliged to take responsibility for their lives only on themselves; therefore they often buy several life insurance policies. According to MIB Group, the clearinghouse for insurers recorded twice as many self-purchases of life insurance policies among Americans in their 40s last year.
Some insurance companies have already responded to the situation and developed special products for freelancers. According to experts, this market will continue to grow after the pandemic.
Photos are from open sources.
