Income Protection Cover – Do You Need It?

If you are unable to work because of illness, injury or disability – could you still pay your mortgage, bills or other living expenses? Check out our infographic below on Contractor Income Protection: Do You Need It?

Speak to our expert advisers about Income Protection

Speak to our expert advisers about Income Protection

Critical Illness Cover for Contractors – Do You Need It?

Could you and your family cope financially if the worst was to happen and you were to become seriously ill and not earn a living? Read on for our infographic, Critical Illness Cover for Contractors – Do You Need It?

Enquire today about Critical Illness Cover, fill in our online enquiry form or freephone 0800 211 8700.

4 Contractor Financial Jobs You Shouldn’t Put Off in 2018

With 2018 well and truly here, getting in shape is one of the top new year’s resolutions. But you shouldn’t just focus on physically and mentally getting in shape – let’s look at financially as well.

Here are our top 4 contractor financial jobs you shouldn’t put off in 2018.

  1. Self-Assessment Tax Return

The self-assessment tax deadline is looming. You only have until the 31st January to fill in the online self-assessment tax return. Contractors should get in touch with their specialist accountants if they are struggling to fill out the tax return form.

Please note Super Contractors does not offer advice on taxation matters. You should contact your accountant or other suitably qualified person to confirm whether this product is appropriate for your circumstances.

  1. Remortgaging

In November last year, the Bank of England increased the base rate from 0.25% to 0.5%*. The first increase to the base rate in 10 years.

With this increase, mortgage lenders have started increasing many of the lower rates that many contractor borrowers have been enjoying. By reviewing your mortgage, you could secure your mortgage onto a new competitive fixed rate while they still exist (2, 5 or even some 10-year fixed rates are available).

Super Contractors can search for contractor remortgage deals on your behalf with major high street lenders who will consider (subject to terms) a Day Rate contractor.

Speak to one of our expert contractor mortgage advisers about reviewing your mortgage.

*BBC, November 2017 http://www.bbc.co.uk/news/business-41846330

  1. Life Insurance

A new year gives you the time to look back at changes in your life. You may have got married, had a child, a new home or even be earning a higher day rate than you were previously. With changes in your life, you should update your life insurance to reflect these changes.

Updating your policies to include things like critical illness cover, which could pay out if the worst were to happen and you are diagnosed with cancer, have a stroke or even have a heart attack.

Other policies include income protection, which comes to the rescue in the event that you are forced to hang up your cape due to injury or illness. It matches your monthly outgoings until you return to paid work or retire.

As a contractor you need to ensure you have protection in place as unlike regular employees you’re not covered by regular workplace insurance policies.

Speak to our expert contractor protection advisers about updating your life insurance.

  1. Your Will power

If the worst was to happen, you’d want to have your estate and financial planning sorted out.

Without having a will in place, there could be a potential disaster in terms of distress caused to families, unnecessary legal fees and money lost to the taxman. Without the proper legal documentation your dependents future could be decided by the local authority.

You wouldn’t want to leave it too late.

Please note Super Contractors does not offer advice on wills. You should contact a suitably qualified person to confirm what is suitable for your circumstances.

Get yourself in good financial shape this year, speak to our expert mortgage and protection advisers at Super Contractors.

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This firm does not charge a fee for mortgage advice.

Your property may be repossessed if you do not keep up repayments on your mortgage.

Contract Mortgages Ltd trading as Super Contractors is an appointed representative of First Complete Ltd which is authorised and regulated by the Financial Conduct Authority.

The Myth of Contractor Income Protection – BUSTED

With more than 4.5 million self-employed now active in the UK [1], you may believe that you can’t be insured in the same way a permie can. A self-employed can usually get all types of protection, including income protection and critical illness cover.

The stats fighting against you.

  • Around a quarter of strokes happen in people of working age. [2]
  • In the UK there are nearly 200,000 hospital visits each year due to heart attacks: that’s one every three minutes. [3]
  • 1 in 2 will suffer from cancer in their lifetime. [4]
  • You’re 26 times more likely to be incapacitated and off work for more than 6 months, than to die before the age of 65. [5]

A sole trader and their business are the same legal entity, so if you can’t meet their financial obligations as a result of illness (or death) personal assets can be seized. This could mean your family is forced to sell off assets in a time of already great despair.

If you’re not fighting fit…

Contractor income protection comes into action when you’re unable to work due to an injury or illness. It is designed to pay out a monthly income, to cover ongoing costs such as mortgage payments, bills and childcare until you return to work or retire (whichever is first).

A protection policy can help meet the financial impact of a critical illness or injury. It can also offer complimentary services often offered within plans such as emotional, therapeutic and practical support.

Income protection doesn’t have to be pricey. It can range from £13.89 per month for £1,000 cover per month [6] to £69.16 per month for £6,000 cover per month [7].

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[6] Based on a 24-year-old, non-smoker, working in IT, retiring at 65 could get £1,000 of cover a month with The Exeter for £13.89. Based on a 4-week waiting period. Payable for max 2 years in any one claim and subject to health underwriting.

[7] Based on a 24-year-old, non-smoker, working in IT, retiring at 65 could get £6,000 of cover a month with The Exeter for £69.16. Based on a 4-week waiting period and level cover. Payable for max 2 years in any one claim and subject to health underwriting.

This example is fictitious and provided for illustration purposes. The actual price will depend on your circumstances and underwriting.

Please note for this insurance product terms and conditions apply. This information is a summary only. You will receive a full policy document upon application.
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Speak to our expert protection advisers at Super Contractors about Contractor Income Protection

 

[1] IPSE, IPSE hails record Self-Employment Levels, October 2017
[2] Stroke Association, State of the Nation 2017
[3] BHF Statistics 2017, CVD Statistics Fact Sheet
[4] Cancer Research UK, November 2017
[5] Vitality, Income Protection Cover Reasons Why, August 2016

Contract Mortgages Ltd trading as Super Contractors is an appointed representative of First Complete Ltd which is authorised and regulated by the Financial Conduct Authority.

Super Men’s Health: The Power of Protection

This month men all over the country will be growing out their facial hair for Movember as a fun way to raise awareness of men’s cancer and mental health risks.

We all think “It won’t happen to me”. But most of us know of someone either directly or through friends and family that have been affected.

Prostate Cancer was the most common cancer found in males, the second most common cancer and the fourth most common cause of cancer death in the UK in 2013. [1]

Testicular Cancer had around 7 cases diagnosed every day in 2014 and 47% of cases were diagnosed in males under the age of 35 from 2012-2014. Since the 1970s incidence rates of testicular cancer have risen by an astounding 90%. Thankfully testicular cancer has a high survival rate with 98% of males diagnosed surviving at least 10 years. [2]

Men’s mental health awareness is also important to the Movember Foundation. Suicide rates are over three times higher among men than women in the UK, at 16.8 per 100,000 people in 2014 [3] and in 2014 75% of suicides in the UK were male [4]. When you combine that with research from 2015 that found 70% of managers didn’t believe stress, anxiety or depression were valid reasons for taking time off work, [5] it’s vital to overcome the stigma surrounding mental health in the workplace and among men.

What’s Your Battle Plan?

What would you do if you were diagnosed with cancer or another illness? What would happen if you were unable to work due to an illness or accident? Having critical/serious illness cover and income protection can help you cope financially with these situations. Many providers also offer access to support during what can be an overwhelming and difficult time.

Speak to our expert protection advisers about Critical Illness Cover. Freephone 0800 211 8700 or request a callback.

Contract Mortgages Ltd trading as Super Contractors is an appointed representative of First Complete Ltd which is authorised and regulated by the Financial Conduct Authority.

Sources:

  1. http://www.cancerresearchuk.org/health-professional/cancer-statistics/statistics-by-cancer-type/prostate-cancer
  2. http://www.cancerresearchuk.org/health-professional/cancer-statistics/statistics-by-cancer-type/testicular-cancer
  3. http://www.samaritans.org/sites/default/files/kcfinder/files/Samaritans%20suicide%20statistics%20report%202016.pdf page 15
  4. http://www.samaritans.org/sites/default/files/kcfinder/files/Samaritans%20suicide%20statistics%20report%202016.pdf page 37
  5. http://www.telegraph.co.uk/news/health/11506250/Germanwings-crash-Seven-in-ten-bosses-do-not-think-mental-illness-merits-time-off-work.html

Contractor Income Protection – Protecting Your World, When You Can’t

Who pays if you aren’t earning a day rate?

According to a recent study from LV, 33% of self-employed said they couldn’t survive for more than 3 months if they lost their income [1]. Leaving them vulnerable to financial shocks like long-term sickness. With this worrying statistic, could you and your family cope if you weren’t earning an income?

If you’re too ill to work, you could apply for Employment Support Allowance instead. This means for the first 13 weeks of sickness, self-employed would receive less in state benefits compared to those that are employed and eligible for Statutory Sick Pay.

Benefit

Weekly amount How long

Entitlement

Statutory Sick Pay

£89.35 Up to 28 weeks

Employed

Employment Support Allowance:
Assessment rate

£57.90 under age 25
£73.10 age 25+
Up to 13 weeks

Employed & Self-employed

Employment Support Allowance:
Work-related group
£86.95 under age 25
£102.15 age 25+
Up to 52 weeks

Employed & Self-employed

Employment Support Allowance:
Support group

£94.45 under age 25 £109.65 age 25+ n/a

Employed & Self-employed

Source: DirectGov.co.uk, Employment and Support Allowance (ESA), Sept 2017

Note: If you receive state benefits or claim money under any other insurance policy, the amount paid out by your income protection provider may be reduced.

Without the safety net of employer’s benefits such as sick pay, taking advantage of income protection could be the way to protect your family. It also means if you couldn’t work, you can avoid having to rely on state support or savings accounts you may have.

Looking to find out more about Income Protection?

With Contractor Income Protection, you can generally financially protect up to 70% of your gross salary. It’s designed to replace your income if you were to face an illness or injury and you could no longer work. It pays out a tax-free (under current legislation – tax year 2017/2018) monthly sum, which can be used to help ease any financial hardship whilst you’re unable to work.

37% self-employed think Income Protection would be too expensive [2]

Income protection doesn’t have to be pricey. For instance for a 24 year old (non-smoker, working in IT, retiring at 65, could cost 13.89 per month for £1000 cover a month, or £69.16 for £6000 per month cover.

The actual cost of cover will dependent on your personal circumstances and the level of cover required. Please contact us for a personalised illustration.

[3] Based on a 24-year-old, non-smoker, working in IT, retiring at 65 could get £1,000 of cover a month with The Exeter for £13.89. Based on a 4-week waiting period. Payable for max 2 years in any one claim and subject to health underwriting.
[4] Based on a 24-year-old, non-smoker, working in IT, retiring at 65 could get £6,000 of cover a month with The Exeter for £69.16. Based on a 4-week waiting period and level cover. Payable for max 2 years in any one claim and subject to health underwriting.

If you were thinking about saving the amount you’d put using a rainy-day savings account, you would need a significant sum to match the sort of pay-outs that can be offered by an income protection policy.

For more information about contractor income protection, speak to our expert Protection advisers. Freephone 0800 211 8700 or fill in our online enquiry form.

Terms and conditions apply. This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of this product.

_ _ _ _ _ _ _

Super Contractors is a trading name of Contract Mortgages Ltd, registered in Scotland at 1st floor, 207 Bath Street, Glasgow, G2 4HZ SC465654. Contract Mortgages Ltd is an appointed representative of First Complete Ltd which is authorised by the Financial Conduct Authority (FRN: 435779) for mortgage and non-investment advice.

Sources:

[1] [2]  LV Research – Heightened risk of financial crisis for self-employed, https://www.lv.com/adviser/news/heightened-risk-financial-crisis-self-employed, Sept 2017

Relevant Life Cover – What You Need to Know

To request a quote for Relevant Life Coverfill in our online enquiry form or freephone 0800 211 8700

Super Relevant Life Cover for LTD Company Directors

To request a quote for Relevant Life Coverfill in our online enquiry form or freephone 0800 211 8700

Contractor Income Protection – Who Pays When You Can’t?

1 in 5 self-employed say they aren’t financially secure if they were to lose their income [1]. Who would pay if you weren’t earning a day rate?

Looking to find out more about Income Protection? Speak to an adviser today.

What’s Your Protection Power?

Over 4 million self-employed are without financial protection [2], a worrying statistic. An excuse we often hear is “I’ll just put into my own savings pot every month, rather than pay a Life Insurance company.” So, you put £50 away into a bank account as you’re first month’s “payment” – the following month you injure yourself and you’re now going to be off work for a few months. Now what have you got for you and your family – £50…?!

Family Fears

While everybody needs a rainy-day savings fund, you would need a significant sum to match the sort of pay-outs that can be offered by an income protection policy.

With two thirds of self-employed worker’s households reliant on one wage earner’s income [2], how would you and your family cope without your income? The stats show that you are 26 times more likely to incapacitated and off work for more than 6 months, than to die before the age of 65 [3].

Super Contractors To The Rescue

With Contractor Income Protection, you can generally financially protect up to 70% of your gross salary. It’s designed to replace your income if you were to face an illness or injury and you could no longer work. It pays out a tax-free (under current legislation – tax year 2017/2018) monthly sum, which can be used to help ease any financial hardship whilst you’re unable to work.

Terms and conditions apply. This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of this product.

Speak to one of our advisers about Contractor Income Protection, Freephone 0800 211 8700 or fill in our online enquiry form.

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Sources:

  1. 4.3 million self-employed people left exposed by ‘protection gap’ http://www.covermagazine.co.uk/2472903, Oct 2016
  2. Scottish Widows, 4.3 Million Self-Employed People Left Exposed by Financial Protection Gap, Oct 2016
  3. Vitality, Income Protection Cover Reasons Why, 2016.

We do not charge a fee for our services, we receive commission from the provider.

Super Contractors is a trading name of Contract Mortgages Ltd, registered in Scotland at 1st Floor, 207 Bath Street, Glasgow, G2 4HZ SC465654. Contract Mortgages Ltd is an appointed representative of First Complete Limited, which is authorised and regulated by the Financial Conduct Authority (FRN: 435779) for mortgage and non-investment insurance advice.

Super Contractors takes part in Wear a Hat Day

Today, we took part in Wear a Hat Day for Brain Tumour Research!  Wear a Hat Day takes place all over the UK. We, at Super Contractors, took part to help raise awareness and vital funds for this pioneering charity.

Gordon Hunter, Managing Director at Super Contractors, said: “The diagnosis of a brain tumour is devastating news to receive. Not only for the individual, but their family and friends as well. We are proud to help fund the fight against this disease which takes children from their parents and parents from their children before their time.

“Brain tumours kill more children and adults under the age of 40 than any other cancer! We felt we had to do something to make a difference. It is vital to have the support for research and funding for such a critical illness. It’s also why we are so passionate about Critical Illness Cover.

Critical illness cover pays out a lump sum if the worst was to happen to you and you were diagnosed with a serious illness. Having a Critical Illness Cover in place can help ease your recovery by paying out the money you need for your care and treatment, your recuperation, help pay off your mortgage or make up for lost income.”

Crispin Zeeman, Head of Marketing for Brain Tumour Research, said: “We are extremely grateful to Super Contractors and are impressed by their commitment to helping our cause. Such support is vital in order to help us to fund the fight as we work to improve the lives of patients and, ultimately, find a cure for brain tumours.”

Brain Tumour Research helps fund an annual £1 million programme of research at its Centre of Excellence at the University of Portsmouth. Further partnerships announced last year with Plymouth University, Queen Mary University of London, and Imperial College pave the way for a £20 million investment in brain tumour research over the next five years.

For more information about critical illness cover, freephone 0800 211 8700 or fill in our online enquiry form.

For more information about Brain Tumour Research visit www.braintumourresearch.org

 

Notes to Editors

Fundraising in its own right, Brain Tumour Research is also an umbrella charity, working in collaboration with Member Charities around the UK. Together with this network and supported by the fundraising achievements of our Umbrella Groups and fundraisers across the UK, over £4 million was raised during 2015 to fund both brain tumour research and to provide support for patients and families.

Brain Tumour Research’s Invest In a Cure manifesto calls on the Government and the larger cancer charities to increase national investment in brain tumour research to between £30 million and £35 million, in line with other cancers. This issue was taken up by the Petitions Committee as the subject of their first-ever inquiry, resulting in their report “Funding for research into brain tumours”. This led to a debate in the House of Commons in April 2016 where then Health Minister George Freeman MP formally acknowledged more must be done for brain tumour patients and their families and announced measures to begin to address the issue. Brain Tumour Research will be playing a key role in the Government Task and Finish group convened to take the issue forward.

Key statistics on brain tumours:

  • Brain tumours kill more children and adults under the age of 40 than any other cancer…
  • Yet just 1% of the national spend on cancer research has been allocated to this devastating disease.
  • 16,000 people each year are diagnosed with a brain tumour.
  • Less than 20% of those diagnosed with a brain tumour survive beyond five years compared with an average of 50% across all cancers.
  • Incidences of, and deaths from, brain tumours are increasing.

Life Insurance – Your Options

As a contractor you need to ensure you have the right protection in place as, unlike regular employees, you are not covered by workplace insurance policies.