Contractor Income Protection Guides
An illness doesn't have to be life threatening to have an impact on your lifestyle.
Let me ask you: What would happen to your livelihood if you couldn't make it to work through accident or illness for an indefinite period? I know. Scary thought, isn't it?
Nobody likes to think about getting ill, but mortgages, bills and general living expenses do not stop because you have to stop working.
Moreover, it's a problem that permanent employees generally don't have to contend with. If they're ill, they get at least 3 months paid leave as sickness cover. Any longer than that, they may well call upon a personal payment protection plan, should they have one.
Bringing Income Protection Cover to contractors
It's a different kettle of fish for contractors. If they can't make it to site or deliver their product or service, they simply won't get paid.
If they get diagnosed with a serious illness, without a cover policy in place, their mortgage can be placed in jeopardy and their family's livelihood exposed to unnecessary risk.
Financial certainties are a thing of the past. In the current economic climate, it’s now more important than ever to protect yourself. Having reliable Income Protection Cover provides peace of mind and security for yourself and family.
Could you survive on state benefits alone?
2.6 million people claimed incapacity benefits in 2012. Of these, 35% had been claiming for 10 years or more. You are statistically more likely to have a long-term serious illness than to die before retirement.
State benefits help towards covering everyday costs, but with a long-term Incapacity Benefit basic rate of just £99.15 per week, the majority of people believe that they could not survive on state benefits alone. Having a regular tax-free payment provides peace of mind, meaning that you can focus on the most important thing – your recovery.
For the cost of sensible Income Protection, it's simply not worth leaving these elements to fate. Our guides will help you determine which protection is right for you, your business and your family.
Whether you're concerned about the level of income you need to protect, if you should pay premiums personally or through your limited company or are even worried about an insurer's reputation, we cover every aspect of Income Protection to ensure you're income doesn't stop when you can't start.
John Yerou is a pioneer of contractor mortgages and owner and founder of Freelancer Financials, Contractor Mortgages®, C&F Mortgages and Self Employed Mortgages, trading styles and brands of the award-winning Mortgage Quest Ltd.