As a statutory employee I assume that your W-2 has the appropriate box checked.
If that is the case, then you will report this W-2 income along with the appropriate expenses on a Schedule C.
As a result, you will have two Schedule C's; one for the life insurance and one for the advisory services.
My recommendation is to allocate the expenses based on your best estimate to the appropriate Schedule C.
For those expenses that you indicate could go either way, you need to come up with a defensible (reasonable) position as to how you are allocating them; time spent in each role, etc.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
