Contractors Aren’t Invincible – The Super Importance of Income Protection

10th January 2017 / in Protection / by Neil Carruthers

There are 4.75 million self-employed in the UK [1]. A figure that has steadily increased throughout 2016, looking to continue in 2017 and by 2018 self-employed are set “to outnumber state workers” [2]. There are more and more people recognising the benefits of being their own boss and working flexibly. With the benefits of being your own boss, come the disadvantage of losing any kind of employee benefits package.

Permies have their back-up plan…

Whilst permies may have the benefits of at least 3-months pay in the event of accident or sickness, there are more than 4 million self-employed people that do not have a back-up plan if they were unable to work, despite being relied on by families for their income. [3]

21%

say they would not be financially secure at all.

12%

don’t know how long they would be able to pay their household bills if unable to work.

30%

said they wouldn’t be able to rely on a single income.

Source: Scottish Widows, 4.3 Million Self-Employed People Left Exposed by Financial Protection Gap, Oct 2016

Who saves the day when there’s no income?

With two thirds of self-employed worker’s households reliant on one wage earner’s income, this gives us a worrying picture of contractors in the UK. What would the consequence be if you weren’t earning a living?



Income Protection to the rescue!

Income Protection comes to the rescue in the event that you are forced to hang up your cape due to injury or illness.

It can provide funds towards your monthly outgoings until you either return to paid work or retire (whichever comes first).

Signal Super Contractors. They’ll Know What to Do.

Super Contractors will arrange the most suitable Income Protection policy so that you receive regular payments in the event that you need to make a claim. With so many families relying on a single income, it is so important that a back-up plan is in place in case the worst was to happen.

[av_promobox button=’yes’ label=’Request a Callback’ link=’page,3558′ link_target=” color=’theme-color’ custom_bg=’#444444′ custom_font=’#ffffff’ size=’medium’ icon_select=’yes’ icon=’ue854′ font=’entypo-fontello’ box_color=” box_custom_font=’#ffffff’ box_custom_bg=’#444444′ box_custom_border=’#333333′] For more information on Income Protection or other insurance types, freephone 0800 211 8700 or fill in our online enquiry form.
[/av_promobox]

Sources:

  1. Self-employed ‘to outnumber state workers by 2018’ https://www.ft.com/content/7a70828e-b36b-11e3-bc21-00144feabdc0
  2. UK Labour Market: Dec 2016 – ONS Employment Figures https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/uklabourmarket/dec2016
  3. 4.3 million self-employed people left exposed by ‘protection gap’ http://www.covermagazine.co.uk/2472903

 

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.

Download our Ultimate Mortgage Guide


You voluntarily choose to provide personal details to us via this website. Personal information will be treated as confidential by us and held in accordance with the Data Protection Act 2018. You agree that such personal information may be used to provide you with details of services and products by email.

You are now departing from the regulatory site of Super Contractors (Contract Mortgages Ltd). Neither Super Contractors nor First Complete Ltd is responsible for the accuracy of information within the linked site.
Click yes if you are happy to proceed. Click no if you wish to remain on this site.

Call Now ButtonSpeak to us now