What’s Your Plan B? Almost 60% of men with kids have no life insurance

According to a new report from Scottish Widows, more than half (58%) of men with dependent children have no life insurance. That means that just over 4.5 million dads are leaving their families with no financial protected if worst were to happen to them.

Life insurance is designed to come to the rescue of your loved ones in the event of your death. It pays out a lump sum to those closest to you, relieving the financial worries from your family. It can help cover the cost of your mortgage, bills, general living expenses and funeral bills. Could your household survive without your income, a fifth of dad admitted that theirs wouldn’t.

If they were unable to work due to serious illness, 16% of fathers said they could only pay their household bills for a minimum of three months. 45% admitted they’d have to dip into their savings to manage financially. For the fathers that are the main breadwinners of the family, this can be extremely risky.

Critical illness cover comes to the rescue in the event you are diagnosed with a serious illness such as a cancer or stroke. It can help ease your recovery by paying out the money you need for your care and treatment, recuperation, help pay off your mortgage or make up for lost income.

You may not think of insurance as a necessity, but the value of protection is to provide long-term peace of mind about having financial security in place for your dependents.

Speak to our expert protection team about arranging the most suitable protection policy, freephone 0800 211 8700 or fill in our online enquiry form.

Please note for these insurance products, 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 cover provided under the plan.

Source: 4.5 million UK dads have no life insurance – Scottish Widows – Cover, 2018, https://www.covermagazine.co.uk/cover/news/3034066/four-and-a-half-million-dads-have-no-life-insurance-scottish-widows

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

This firm charges a fee of up to £295 for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.

Super Contractors is a trading name of Contract Mortgages Ltd is an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading name of First Complete Ltd which is authorised and regulated by the Financial Conduct Authority.

60% of Stroke Victims Fall Within Working Age

Could you and your family cope without your income?

Recent statistics released by RedArc have shown almost two-thirds of stroke victims (60%) fall within the traditional working age bracket of 40 to 59.

One in four of the 100,000 strokes in the UK each year [1] happen to people of working age or younger. Almost two-thirds of stroke survivors leave hospital with a disability [2].

So not only does a stroke incur significant recovery time but it can also require potential rehabilitation too. Time spent recovering could mean time away from work, therefore having a safety net in place is essential.

Having cover in place such as Income Protection or Critical Illness Cover can help ease your recovery by paying out a lump sum or regular payment when you’re diagnosed with a serious illness. This could cover your care and treatment, your recuperation, help pay off your mortgage or make up for lost income.

Insurance can differ from policy to policy, which is why it is important to take sound advice before taking out a policy. 

Our expert protection advisers can help arrange the most suitable policy for you, freephone 0800 211 8700 or request a callback.

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

Source:
[1] Different Strokes, January 2018
[2] Stroke Association, State of the Nation, published January 2017

Private Medical Insurance – What Could It Cost Me?

Should you meet your match and become ill or injured, Private Medical Insurance (PMI) is designed to come to the rescue. It can potentially provide you with super-fast private medical access.

It can offer the option of private treatment for those who don’t wish to wait for attention under the NHS, or who would like to be able to choose when, where and by whom they are treated. It can also cover the cost for private healthcare for you and your family.

Potential benefits of Private Medical Insurance

  • Avoid NHS waiting lists
  • It covers the cost of private healthcare
  • Specialist doctors and consultants
  • Access to extensive drugs and treatment
  • Choose your preferred hospital and consultant
  • If you need to stay in hospital, you’ll have your own private room.

Different factors can affect the cost of your Private Medical Insurance including location, age and health status.

Example costs:

Age35-year-old35-year-old45-year-old45-year-old
LocationManchesterCentral LondonManchesterCentral London
Cost£77.01£101.83£99.12£131.05
All quoted with The Exeter, 2018

Subject to you being a non-smoker, BMI between 18-25 and with a £100 compulsory excess on full medical underwriting.

Our expert PMI advisers can ensure you get a competitive price, so that you have access to quick medical assistance when you need it.

Speak to our expert advisers today, freephone 0800 211 8700 or request a callback.

Please note for these insurance products terms and conditions apply. This information is summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of cover provided under the plan.

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

Testicular Cancer Awareness Month: 3 Ways to Be Prepared

April is Testicular Cancer Awareness month. It’s a cancer that’s most common in men ages 15-35 years, but men of all ages can be at risk [1].

Statistics from the Movember Foundation revealed that 1 in 10 men don’t know how to check for signs of the disease [2]. So, as it’s Testicular Cancer Awareness month, we’ve put together three key points so that you are prepared.

  1. Check Regularly

2,300 men are diagnosed every year in Britain [3]. Most testicular cancer awareness organisations recommend that males conduct regular self-exams. Research from the Movember Foundation concluded that 70% of men aren’t checking regularly enough.

4 out of 5 instances of testicular cancer will be painless, and the only way to detect the disease is with a monthly physical exam.

  1. Be Prepared Financially

As well as making sure you check regularly, you need to ensure you have the right protection in place in case the worst happens to you.

Critical Illness Cover is designed to pay out a lump sum or regular payment to ease your recovery if the worst was to happen to you are diagnosed with a serious illness specified in your policy.

Most people believe that a critical illness will never happen to them, but most of us know of someone either directly or through friends and family that has been affected. When considering Critical Illness Cover, it’s worth thinking about the effect of not being protected.

Having 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.

Speak to our expert protection advisers about Critical Illness Cover.

With the good news that survival rates are increasing for certain conditions [4], the need for financial protection could be even more important.

Please note for these insurance products 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 cover provided under the plan.

  1. Pass On The Message

If you’re reading this, not only should you be taking notice, but you should remind your friends and family. Most of us know someone that’s in the common age group most affected.

Since the early 1990s, testicular cancer incidence rates have increased by more than a quarter (27%) in males in the UK [5]. It is for this reason that charities like the Movember Foundation are doing their utmost to raise awareness, and now you can do your bit too.

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Our expert protection advisers can help secure you with the right critical illness cover to ensure you are financially protected in case the worst happens to you. To speak with an adviser, freephone 0800 211 8700 or fill in our online enquiry form.

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

Sources:

[1] Testicular Cancer Awareness, March 2018, www.testicularcancerawarenessmonth.com
[2] Movember Foundation, March 2018
[3] Cancer Research UK, March 2018
[4] Cancer Research UK, http://scienceblog.cancerresearchuk.org/2018/02/03/news-digest-cancer-survival-breast-cancer-drug-cancer-jab-trials-and-vaping/, February 2018
[5] Cancer Research UK, http://www.cancerresearchuk.org/health-professional/cancer-statistics/statistics-by-cancer-type/testicular-cancer/incidence, March 2018

5 Reasons To Consider Private Medical Insurance

PMI can give contractors and self-employed access to super fast private medical access. Saving you from time off work and time not earning an income.

1. Jump lengthy NHS waiting lists and time off work

Private healthcare can remove the uncertainty of NHS waiting lists, by allowing you access to private medical care, at a time and place that suits you.

2. Choose your preferred hospital and consultant

Have the ability to choose your preferred hospital and consultant from hundreds of private hospitals in the UK.

3. Flexibility & freedom to fix

Have the flexibility and freedom to fix appointments and treatment dates to suit you.

4. A wider range of treatment

Get access to a wider range of drugs and treatment, including those which might not yet be approved for use or paid for by the NHS.

5. It’s a bird… it’s a plane… it’s potentially tax efficient!

With PMI, you sign up for an annual renewal insurance policy. The premiums can potentially be paid from a LTD company bank account as a business expense, therefore attracting the relevant tax advantages.

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 cover provided under the plan.

For more information from our expert advisers, freephone 0800 211 8700 or request a callback.

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 charges a fee of up to £295 for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.

Please note if we recommend a Product Transfer with your existing lender then no mortgage advice fee will be payable, we receive commission from the provider.

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.