About Income Protection For Contractors
Income Protection Insurance for contractors is designed to protect your income against any financial risk associated with sickness, ill health or injury as a result of an accident. If this occurs and the policy holder is unable to work, the policy is designed to payout a benefit sum on a regular basis that is tax free to provide protection while replacing a percentage of your salary while you are unable to work.
Income protection that covers contract workers
If you are a contractor, occasionally you can find yourself in a vulnerable position financially as you may not have sick pay entitlement or any employer insurance benefits to fall back on should you become unable to work due to sickness, ill health or injury. This type of plan will payout a benefit amount to you until you are well enough to return to work, you retire, the policy expires or you pass away so why not consider an income protection policy today?
How Does It Work?
If you are a contractor and became unfit to work due to sickness, ill health or injury this type of cover will ensure you and your salary are protected. The policy works by covering and replacing a percentage of your salary. While you are unfit to work a claim can be submitted by yourself and once the agreed waiting period known as the deferred period has ended you will receive the benefit amount, tax free and on a regular basis. The longer the agreed deferred period, the lower your premiums become. The benefit amount you receive will be paid to you up to the point where you return to work, you retire, the policy expires or you pass away. Providing each claim is valid, a claim can be submitted by the policy holder as many times as you wish.
There are so many features with Income protection for contractors, and these include:
- This type of cover will give you financial support and protection to ensure your outgoings are still covered
- Your earnings are protected to ease stress and pressure
- You will be covered should you be unable to work due to sickness, ill health or injury as a result of an accident
- A tax free benefit amount will be paid to the policy holder once the deferred period has come to an end
- There are a number of other policies available so you can choose a policy you feel, you require, these include- Re-viewable policies, Age related policies and Guaranteed policies
What Are The Benefits?
There are many benefits that come with this policy plan, and these include:
- With this policy in place you have designed a financial safety net that will minimise your financial vulnerability should you become unable to work due to sickness, ill health or injury. The policy will payout a tax free benefit amount to you on a regular basis
- A claim can be made as many times as required providing the claim is valid
- There are a number of alternative policies available to ensure you have the right policy in place to suit your needs
- The benefit amount will be released completely tax free
- Peace of mind for you because your outgoings such as your mortgage payments are covered
- Providing you pay your premiums the policy will stay in place for as long as you require giving you total belief and confidence is the policy plan