Have you got a plan in place to protect your income if you become unable to work? Learn about Income Protection insurance. Contracting PLUS Financial our in-house financial services team can advise you on the best income protection plan for you based on your personal circumstances.
When PAYE workers become contractors they typically worry most about what would happen to their income in the event of their absence from work due to illness or injury. In the event of illness any money paid by the State in the form of disability would be nowhere near enough to cover your monthly outgoings.
There is however no need to get anxious about what might happen, the solution is to have a plan in place. The team at Contracting PLUS Financial can advise you on the best plan for your circumstances, they have a number of income protection options available to protect you, your income and your dependents.
Income Protection Cover provides you with a replacement income after a certain period of time if you cannot work as a result of an illness or injury.
You can protect up to 75% of your earnings and the benefit will become payable after a certain “deferred” period – this period can be anything from 4/8/13/26 weeks depending on your personal circumstances.
Income Protection Premiums are subject to tax relief so this greatly reduces the cost to you the contractor.
If you had employee-death-in-service benefits in the permanent job you left behind, you more than likely had this cover for up to 4 times your salary. Now that you are a contractor, it is prudent to consider replacing this essential cover to ensure the financial security of your dependents in the event of your premature death.
This cover will pay out a lump sum on your death to clear any outstanding debts, cover funeral expenses and most importantly provide an income to your dependents to replace your earnings
Contracting PLUS Financial, will help you devise a personalised policy to suit you and your family. Remember the premiums can be paid via your company and claimed as a legitimate business expense, reducing the actual cost to you. Contracting PLUS Financial are experts in financial services for professional contractors, they understand the unique nature of contracting and will be able to assist you with all your financial planning needs.
At Contracting PLUS we know that Contractors have lots of questions around the areas of investments and income protection. We are delighted to help you secure your financial future. Your Dedicated Account Manager will be happy to connect you with our in-house team at Contracting PLUS Financial where you can organise your free financial review.
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