Protection
Protection
In a world filled with uncertainties and unexpected challenges, protection products play a crucial role in safeguarding your financial future, health, and peace of mind. Whether you’re concerned about your family’s well-being, your own health, or the security of your assets, protection products offer a safety net that can provide you with the confidence to face life’s uncertainties head-on. MyContractorBroker have worked tirelessly with protection providers to ensure that solutions have been built that work for you as a contractor.
As a contractor you are paid handsomely for your work and rightly so, but you are now solely responsible if things go wrong, you no longer have employee sick pay to fall back on if you become unwell or death in service if the worst was to happen.
What Protection Products are available?
Life Insurance
Life insurance provides a lump sum payment to your beneficiaries in the event of your death.
Critical Illness Cover
Critical illness provides financial protection by paying a lump sum if the policyholder is diagnosed with a severe and specified medical condition
Income Protection
Income protection insurance is a safety net that replaces a portion of your income if you are unable to work due to illness or injury
Relevant Life Cover
Relevant life cover is a life insurance policy designed for businesses to provide their employees with life insurance coverage as part of their employee benefits package
Life Insurance
As a contractor you take the risk and don’t receive the perks associated with permanent employment, but have you ever thought about what happens if you were to die prematurely?
Whilst most people appreciate, they need life insurance, too many people procrastinate until there is an important life event that pushes them to buy it.
There are may reasons why life may be required:
- Mortgage protection
- Financial protection for loved ones
- Dependant family members
- Education expenses
- Business continuity
- Estate planning
- Peace of mind
One of our specialist contractor protection consultants will be able to discuss you requirements and recommend a solution that works for you and your circumstances.
Speak with the team today.
Critical Illness Cover
Are you a contractor looking to move home?
Critical illness cover is an insurance that will pay out a tax free cash lump sum in the event of you suffering a defined critical illness during the policy term.
It’s designed to help support you and your family financially allowing you to focus on recovering, what’s more, a number of policies now provide cover for early stages of certain conditions aiding early detection and prevention.
Taking out critical illness cover can be a wise decision for several important reasons:
- Financial protection.
- Maintaining financial stability.
- Covering the costs of private medical care.
- Debt repayment.
- Covering non-medical expenses.
- Reducing financial stress.
- Early detection and prevention.
As a contractor it is solely down to you to make sure your family are protected should the worst happen.
Protection products are not just financial tools; they are essential safeguards that provide peace of mind, financial security, and a sense of control in an unpredictable world. By including protection products in your financial planning, you can protect your loved ones, secure your assets, and face life’s challenges with confidence. Don’t wait until it’s too late to start exploring your protection product options today to build a more secure future for yourself and your family.
Speak with one of our specialists today.
Income Protection
Income protection insurance, also known as income replacement insurance, is a type of insurance policy designed to provide financial support to individuals who are unable to work due to illness or injury.
It ensures that you continue to receive a portion of your regular income, typically a percentage (e.g. 50-70%), during the period you unable to work. Here’s how income protection insurance works and why it can be valuable:
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Policy Coverage : -
Individuals purchase income protection insurance policies, which specify the coverage amount and duration of benefits. Premiums are paid regularly, typically on a monthly or yearly basis. -
Illness or Injury : -
When a policyholder becomes unable to work due to a covered illness or injury, they file a claim with their insurance provider -
Waiting/Deferred Period : -
There is usually a waiting period before benefits are paid. This period can range from a few weeks to several months, and benefits are not paid during this time. -
Benefit Payments : -
Once the waiting period has passed, the insurance policy begins to pay out a regular income benefit to the policyholder. This benefit continues until one of the qualifying conditions is met.
Why Income Protection Insurance Is Valuable
Overall, income protection insurance is a valuable tool for safeguarding your financial well-being in the event of illness or injury, ensuring that you and your family have a financial safety net when you need it most.
Just like mortgages, not every option out there works for you and the way in which you work. One of our Contractor Specialist Protection Consultants can help you find the most comprehensive, cost effective and suitable option for you.
Speak with one of our specialists today.
Relevant Life Cover
Relevant Life Cover is a form of Death in Service benefit that is set up and paid for by a company but pays out to a staff member or directors’ beneficiaries on death. This works particularly well for contractors trading via a limited company.
Similar to a traditional life insurance policy, an individual is assessed based on how much cover is required, their health, family history, age and lifestyle. Whilst premiums can be paid by the business, if the insured person dies whilst working for the company during the policy term a tax-free pay-out will be made to the beneficiaries.
As a contractor, taking out relevant life cover can be a smart financial decision for several reasons:
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Tax Efficiency : -
Relevant life cover is a tax-efficient way to provide life insurance for yourself as a contractor. The premiums you pay for this policy are typically tax-deductible as a business expense, which can reduce your overall tax liability. This can be especially advantageous if you operate as a limited company or through a similar business structure. -
Personal Financial Protection : -
Relevant life cover can be cost-effective compared to traditional life insurance policies because it is structured as a business expense. This means you can secure significant coverage at a relatively low cost, making it an attractive option for contractors who want to protect their families without incurring high insurance expenses. -
Employee Benefits : -
If you operate your contracting business through a limited company and are the sole director or one of a few key employees, offering relevant life cover as an employee benefit can be a valuable perk. It demonstrates your commitment to the well-being of your employees and can be a competitive advantage when attracting and retaining talent. -
Estate Planning : -
Relevant life cover can also be used as a component of your estate planning strategy. It ensures that your assets are distributed according to your wishes, preventing disputes or delays in the event of your passing. -
Protection for Business Loans : -
If you have business loans or outstanding debts related to your contracting business, relevant life cover can be used to repay these debts, protecting your personal assets and ensuring that your business obligations are met. -
Peace of Mind : -
Life insurance, including relevant life cover, provides peace of mind. Knowing that your loved ones will be financially secure and that your business obligations will be met can alleviate stress and anxiety, allowing you to focus on your work and personal life.
MyContractorBroker can help assess your specific needs and circumstances and can help you determine the most suitable coverage amount, policy terms, and options to align with your financial goals and obligations as a contractor.
Please feel free to call us on 02394 211122 or request a call back.
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Testimonials
I needed a mortgage quickly as I had been let down by a well known high street bank. Andy worked extremely quickly in sorting out a new mortgage offer for me, and even found a lender that took my day rate into account, meaning I could borrow more than I thought I could. The process to get Andy all of the documents he needed was painless and within a few days I had the offer from the bank. Would definitely recommend to anyone looking for a new mortgage or remortgaging.”
Simon Davies
I needed a mortgage quickly as I had been let down by a well known high street bank. Andy worked extremely quickly in sorting out a new mortgage offer for me, and even found a lender that took my day rate into account, meaning I could borrow more than I thought I could. The process to get Andy all of the documents he needed was painless and within a few days I had the offer from the bank. Would definitely recommend to anyone looking for a new mortgage or remortgaging.”
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I needed a mortgage quickly as I had been let down by a well known high street bank. Andy worked extremely quickly in sorting out a new mortgage offer for me, and even found a lender that took my day rate into account, meaning I could borrow more than I thought I could. The process to get Andy all of the documents he needed was painless and within a few days I had the offer from the bank. Would definitely recommend to anyone looking for a new mortgage or remortgaging.”
Simon Davies Manager