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

6th June 2019 / in Contractor Mortgages & Protection Blog / by Gordon Hunter, MD

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.

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 2019/2020) 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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  1. 4.3 million self-employed people left exposed by ‘protection gap’, 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.

Lifetime Finance Group Limited trading as Super Contractors is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Limited, which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products.

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