Whilst permanent employees have the benefit of at least 3 months pay in the event of accident or sickness, as a contractor you are exposed to financial loss the first morning that you are unable to arrive on site, fit and ready to work. You can protect yourself against such financial hardship.
In your last permanent job you likely would have had 'death in service benefit' of up to 4 times salary. As a contractor you have zero protection in the event of your death. If you have an outstanding mortgage then a policy covering yourself will ensure no debt is left for for a partner, kids or other family members should anything happen to you.
And finally, there is the risk that you are diagnosed with a critical illness, such as heart attack, stroke or cancer. You can protect yourself from the potentially disastrous financial consequences of such conditions so that a lump sum is paid on the diagnosis of such an illness.
Our carefully chosen partners can offer a tailored range of specially selected ‘contractor friendly’ policies that reflect the unique way in which you work. This means that the protection can mirror that which you enjoyed when a permanent employee.
Need more detail? See our popular guides to income protection
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How to protect earnings if you are unwell using income protection policies
To ensure you still get paid when you are unwell you can protect your income based on your contract rate
Why you need income protection to avoid major financial difficulties
You need income protection to ensure you and your family have an income if you becomes too ill to work.
Comparing state insurances and private income protection
Contractors will find that state insurances won’t provide a financial safety net if they can’t get work or fall ill.
Income protection – sample premiums and returns - are you covered?
Income protection premiums are small compared to your earnings but the consequences of not being insured are huge. Are you covered?
Why contractors cannot rely on unemployment benefit
Contractors will find that, even if eligible, unemployment benefit in the form of Job Seeker’s Allowance falls well short of their household bills.
Income protection policies
Here's a summary of policies available:
|Monthly income if unable to work.
|Critical Illness Cover
|Lump sum upon diagnosis of critical illness.
|Lump sum in the event of your death.