See below some key considerations and an overview of the different insurances you can consider, or book a call with us today to receive holistic advice for all of your contractor needs with a Contractor Financial Review.
Legislative changes allow a more
tax-efficient approach. Don’t pay premiums from personal post-tax income; instead you can pay them via your limited company.
Company-paid premiums are not treated as income and may be a business expense.
Benefits are often tax-free for dependents.
For contractors operating through a limited company, leveraging this approach can enhance your life cover without the tax implications of personal payments.
If your employment circumstances change we can help you convert your policy to personal cover. this is to prevent you going through the underwriting process again which could increase your premiums.
Regularly reviewing existing protection policies is essential to ensure they remain relevant and effective in meeting your current needs as a Contractor. Life circumstances, such as marriage, children, changes in employment and business ownership may necessitate adjustments to your coverage levels or beneficiaries.
By conducting a Contractor Financial Review, you can identify any gaps in coverage and make necessary updates to ensure adequate protection for yourself and your loved ones. Additionally, reviewing policies allows you to take advantage of any new products or features that may have become available since your initial purchase, ensuring you have access to the most suitable and cost-effective options.
Putting protection policies in trust is crucial for ensuring that your loved ones receive the intended benefits promptly and tax-efficiently. By placing these policies in trust, you can bypass lengthy probate processes, ensuring that your beneficiaries receive the financial support they need without delay.
Additionally, placing policies in trust can protect the payout from inheritance tax, maximising the value passed on to your beneficiaries. Ultimately, putting protection policies in trust provides peace of mind, knowing that your loved ones will be taken care of according to your wishes.
Contractor Life Insurance offers financial security for your loved ones in the event of your death. It settles outstanding debts and replaces some or all of your income for your dependents. It provides peace of mind today for an uncertain tomorrow.
Contractors lack the ‘death in service benefit’ enjoyed by salaried employees and without protection. Life cover through Contractor Financial ensures your family’s financial security. We provide tailored quotes based on your unique needs, as off-the-shelf policies often fall short for contractors.
Secure financial stability with Contractor Critical Illness Insurance, providing a tax-free lump sum upon diagnosis of serious conditions such as cancer, heart disease, stroke, or multiple sclerosis. As a contractor facing work-related pressures, your health is paramount.
Lifestyle-related illnesses can impact your business and finances if not addressed. While cost is a factor, critical illness cover is 2½ times more likely to be claimed than life cover before age 65 and should seriously be considered. Payments can also assist with living costs, medical bills, and home adjustments during recovery.
Wondering how income protection works for contractors? Unlike permanent employees, you may lack the safety net of 3 months’ pay in case of illness or accident. Income Protection is designed to protect a significant proportion of your earnings (up to 70%) after a waiting period of your choice (4 – 52 weeks) providing you with a monthly income.
While cost matters, the provider’s reliability is equally crucial. Contractor Financial ensures competitively priced policies from reliable providers with a strong claims record, tailored for contractors.
Multi-benefit protection cover offers comprehensive financial security by combining various types of insurance into a single, convenient policy. This type of cover allows individuals to safeguard against risks such as illness, injury, death, and loss of income all under one policy. At Contractor Financial, our experienced advisers can guide you through the process of selecting the right multi-benefit protection cover tailored to your needs.
By leveraging our expertise and industry knowledge, we ensure that you receive personalised advice to help you make informed decisions about your financial security. With Contractor Financial, you can trust that you’re getting expert guidance to protect yourself and your loved ones effectively.
