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.