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The Life Insurance Blog

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The Scary Truth About the Independent Workforce

Apr 21, 2014 8:20:00 AM

There has been a renaissance of sorts in the global workforce in recent years. As more and more businesses have embraced the idea of the virtual workplace, many professionals have made the decision to join the independent workforce. Organizations, now more than ever, are willing to outsource work to these individuals. In fact, according to recent research from Intuit, 40% of the workforce will be freelancers, contractors and temporary workers by the year 2020.

independent workerWhile these emerging opportunities are great for those who have made the brave choice to step out of the corporate workforce, independent professionals do not enjoy the benefits offered to many fulltime employees. Benefits such as 401k matching and stock options are not available to the independent workforce. Though there are plenty of investment and retirement planning options available to these professionals, many are making a dangerous decision to forego these investments.

According to a survey from TD Ameritrade Holding Corp., 28% of self-employed professional are not saving at all, while 40% are saving occasionally. What does this tell us? The emerging independent workforce will face a difficult financial road ahead. That is unless they choose to make sound financial decisions today.

At IntelliQuote, we are proud to offer a variety of permanent and term life insurance products that can be leveraged to close the gap in one’s retirement savings. If you, or someone you love, is inadequately prepared for retirement, we urge you to contact us. Whether you’ve just begun your career, or you’re a seasoned professional, you should have a plan in place. Allow us to explain your permanent and term life insurance options. Request a quote today!

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