About income protection insurance for contractors
Working as a contractor or freelancer can feel insecure at times, with short-term contracts and a lack of the in-work benefits that employees enjoy. Income protection insurance policies for contractors can make your future more secure, as they provide a financial benefit to you in the event of sickness or injury.
Buying contractors’ income protection insurance provides peace-of-mind that you will be able to pay your bills even if you can’t work if you are sick or have an accident. Income protection for contractors is a necessity, not a luxury.
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Why Contractors Need Income Protection Insurance
Financial security
Whatever type of contractor you are, from IT to construction, your income is less reliable than an employee. That’s particularly true if you have an accident or fall ill, as you may have no entitlement to employee sick pay or statutory sick pay (SSP). Buying an income protection policy for contractors helps to feel more secure financially, as it offers a guaranteed monthly income in the event of sickness or injury.
Prevent debt
If you can’t work your bills don’t just disappear. For self-employed contractors without a contractors income protection policy, being unable to work because you are sick or injured can lead to debt. The monthly benefit you receive from your income protection will allow you to meet all your essential costs, such as mortgage or rent, and food and utility bills.
Look after yourself and your business
Many contractors are tempted to return to work too quickly after sickness or injury, as they need to get back to earning money. Income protection for contractors gives you the time to fully recover, reducing the risk of problems in the future. For some contractors, the benefit received via income protection can also help support their business by covering any ongoing business expenses, such as membership fees for trade or professional organisations.
The cost of income protection insurance for contractors
When you talk to Go Protect Me we’ll endeavour to find the best contractors income protection insurance for individual circumstances. These circumstances will also determine how much your chosen policy will cost. Monthly premiums depend on the following considerations.
Medical history & health
If you are currently in good health and have no history of poor health then your premiums will generally be lower than someone in poor health. That doesn’t mean we can’t find contractors with pre-existing health conditions suitable income protection. As we look at the whole of the market, we can usually find a policy to suit.
Age
Insurance premiums are broadly cheaper the younger you are. Go Protect Me works with insurers that can provide income protection insurance for contractors up to the age of 60.
How much cover
When you look for contractors insurance protection you may be able to choose cover for up to 70% of your usual contractors’ income. If you are looking for a way to lower your premiums, this should be possible by reducing the level of cover you require.
The sector you work in
As insurance protection is covering you in the event of injury or illness, the likelihood of you being injured at work will affect how much you pay each month. In practice this means that an IT contractor can expect their premiums to be lower than someone who works in a higher risk occupation, such as construction.
How long you want cover for
Contractors looking for income protection insurance can choose to opt for either short-term cover or long-term cover. Long-term cover will provide you with your monthly benefit until you are able to return to work, or you reach retirement age, while short-term cover tends to be capped at 2 years.
How long until your first payment
All income protection insurance has a deferred period. This is the length of time that you must wait until you receive your first payment. Deferred periods can range from just 1 week to 2 years. Your Go Protect Me broker can talk you through the best option for you, bearing in mind that increasing the deferred period will bring down your monthly premiums.
With such an array of factors contributing to how your premium is calculated, it pays to talk to the specialist income protection brokers at Go Protect Me. We can wade through all the details to ensure that the income protection you decide on is the most suitable for you, taking into account all the variables above.
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Specialist Broker Service for Contractors
If you work on a freelance basis or as a contractor then you need income protection to secure your finances if you are sick or have an accident. Income protection insurance will give you the monthly income you need to meet your financial commitments.
When you look for income protection you need to deal with a company that understands what contractors and freelance workers need. That company is Go Protect Me. We’re insurance protection insurance brokers who work with contractors like you every day to find the best solution for every customer’s individual circumstances.
Talk to us today talk about how you can get peace of mind with income protection.
Free Financial Review for All
At Go Protect Me we believe that income protection insurance is just one element of financial security. That’s why we offer contractors a full financial review absolutely free of charge. As one of our valued customers, you’ll get a complete assessment of your current financial situation from one of our Client Relationship Managers. There’s no obligation, and you’ll be given complimentary savings and/or investment advice, together with information on tax reduction where appropriate.