Contractor Income Protection Insurance
Specialist advice for contractors throughout the UK.
Black Lion Insurance
Income Protection for Contractors
Black Lion Insurance offers advice on Income Protection Insurance for contractors throughout the UK.
In a nutshell, contractor insurance is our area of speciality.
How so? Because Black Lion understands your working patterns and the industries in which you operate. We know that your working day can be long and that you have niche skills. Contact us today to discuss how we can assist you with tailored advice from our qualified advisors.
Remember, we provide comprehensive advice on a large range of income protection insurance policies. After a detailed fact-find, we’ll recommend the most suitable options for your needs.
Whether you have sole trader status or, more likely, are working through your own limited company as a director, we can help you.
Contractor Income Protection. Plan for the unexpected and ensure your peace of mind.
A question, if we may.
If you’re a contractor, have you made provision for the unexpected? Say, if you couldn’t work? Perhaps you’ve had an accident, and you’ve sustained a serious injury. Or, you’ve developed a serious medical condition. All in all, you want to work, but you can’t. What’s more, your income has dried up.
Be honest, would you be able to keep paying your mortgage and covering your bills? Meanwhile, what about your family?
As soon as the money dries up, what would they do?
Sorry, but we need to ask these things.
With advice from Black Lion’s qualified advisors, you may be better positioned to manage financial challenges if things go wrong.
How Contractor Income Protection Works
Essentially, income protection insurance for contractors will pay out a monthly amount to cover your mortgage, bills, groceries and other things like groceries, should the money stop coming in.
Importantly, it can protect up to 70% of your gross income and depending on your policy, you’ll be able to draw on it both long-term and short term. Also, ask us about Executive Income Protection, a specialist cover that protects up to 80% of your gross income.
Contractor Income Protection. Things to think about
- You should consider how long you could comfortably afford not to draw an income. Most policies allow you to choose the deferred period which is the length of time you would have to wait after being incapacitated before the policy would begin to pay the monthly benefit. The longer the deferred period, the lower your monthly premiums are likely to be.
- However, you could consider Back to Day One cover. It’s more expensive, but as it sounds, you’re insured from the start of your claim. Talk to us if you’re not sure what’s best for you.
Length of Claim
- Meanwhile, think about whether you need long or short-term cover, or even cease-age cover. Usefully, some plans can go up to your planned retirement age.
In summary, short-term policies are more affordable but may not provide sufficient cover if you’re ill for longer than anticipated. Long-term cover, on the other hand, could enable you to receive income protection payments until you retire. These plans may also offer the option to link payments to inflation.
Own Occupation Cover
- We generally recommend considering an Own Occupation policy, as it provides coverage if your illness or accident prevents you from performing your specific occupation. This means you can claim if your illness or accident prevents you from performing your specific occupation. Other policy types may not consider a claim valid if the policyholder is still able to work in another occupation they could realistically be expected to do.
- In this case, It’s an important distinction. Again, if you’re not sure, give us a call.
If you don’t have substantial savings, taking contractor insurance advice from Black Lion Insurance prove be a prudent decision.
In conclusion, income protection insurance can provide a replacement to your income to help cover essential costs that you may not otherwise be able to meet if you are unable to work due to illness or injury. This ensures you can recuperate without financial worries.
Income Protection FAQs
From our most commonly asked question "Do I need income protection insurance?" to information on what affects the cost of your policy.
About Us
Black Lion Insurance specialise provide information for both employed and self employed individuals, as well as business owners on a variety of solutions, which range from income protection, keyman and shareholder protection insurance.
