Income Protection Cover
As a Contractor you will be enjoy the freedom of being your own boss but it is also important to avoid the pitfalls that come from leaving permanent employment.
You are reliant on being able to get to your client site tomorrow so an accident or illness can really set you back financially. If you are unable to work there is little by way sick pay to rely on. Income protection Cover (also known as Permanent health insurance or PHI) can bridge the gap and help to cover your bills until you are back on your feet again.
What is income protection Cover?
Bedouin Money offers income protection plans that are tailored to your needs as Contractor or Freelancer. A typical plan:
- Will pay a tax free monthly income, either immediately or after a pre-arranged period of illness (e.g. 1 or 2 months) and will continue until you recover or reach your retirement age.
- Provides the piece of mind that you can maintain your lifestyle and protect your family should you be unable to work.
The advisers at ContractorFinancials understand your unique needs as a contractor and will ensure that they take key factors into consideration when advising you. They will consider the way you are paid, market instability, employment status and whether you work abroad.
Income protection Cover plans for contractors should guarantee the following
- The plan should be suitable for short term contract workers and cover both salary and any future dividends in case your employment status changes.
- The plan should cover you for the job that you are doing now so that the insurer cannot say you are fit enough to do a menial role and refuse to pay.
- Premiums should be ‘guaranteed’ rather than ‘reviewable’ so that you can be confident your costs can’t increase dramatically.
- The minimum number of exclusions should apply so that you can be confident of making a successful claim if ill.
Bedouin Money service is provided by ContractorFinancials who are Independent Financials Advisors so they are able to search the whole of the market to find the best cover for your needs. We only work with insurers that have a good history of paying claims and offer affordable cover for the duration of your time contracting.
What next?
Contact Bedouin Money on 0845 519 2 888 or via the form below and one of the independent mortgage specialists will discuss your needs,
You will then be emailed recommendations which can be discussed in more detail. You will be assigned a dedicated contact to handle your case personally who will help ensure that your application runs smoothly.
Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
Financial advice is given by Contractor Financials, which is a trading name of Contractor Financials Ltd and is regulated and authorised by the Financial Services Authority.
