1 in 5 self-employed say they aren’t financially secure if they were to lose their income . Who would pay if you weren’t earning a day rate?
What’s Your Protection Power?
Over 4 million self-employed are without financial protection , 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…?!
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 , 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 .
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.
- 4.3 million self-employed people left exposed by ‘protection gap’ http://www.covermagazine.co.uk/2472903, Oct 2016
- Scottish Widows, 4.3 Million Self-Employed People Left Exposed by Financial Protection Gap, Oct 2016
- 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.