Contractor Life Insurance
Contractors enjoy the advantage of a flexible work schedule, a variety of interesting projects and often a greater earning potential than paid employees. However, one drawback to being self-employed as a contractor is the lack of access to workplace benefits. If you have family or other dependents who rely on your income, then naturally you’ll want to know that they’re supported in the unfortunate event of something unforeseen happening to you. Contractor life insurance is an absolute necessity for anyone who doesn’t already have this type of cover organised through a permanent employer.
If you haven’t yet arranged relevant life insurance for contractors, then now is the time to act. Contact our specialist contractor life insurance UK team and we’ll quickly arrange your cover and provide you with peace of mind that your family and loved ones will be taken care of.
Understanding Life Insurance for Contractors UK Solutions
Relevant life insurance for contractors is similar to Death in Service benefits which are typically offered by paid employers to their permanent members of staff. In the event of your death, a lump sum payment would be provided to your named beneficiaries and this would not usually be liable for inheritance tax.
There is a great deal of flexibility allowed when choosing the perfect contractor life insurance solution. You’ll be able to select a wide range of policy terms, all of which will cover you if your death occurs when your contractor life insurance cover is in place.
Your beneficiaries may choose to use the lump sum payment in the most suitable way for their circumstances. The money can provide incredible relief from the pressure of paying off debts such as an outstanding mortgage on the family home. It may also be used to contribute towards funeral costs or just offer support with daily costs.
Specialist Contractor Life Insurance UK Guidance
When you get in touch with Contractor Protection, you can be assured that our team will spend time learning about your individual requirements. This enables us to provide a superior level of guidance about which contractor life insurance UK solutions would suit you. As well as sourcing the perfect contractor life insurance product for you, we’ll also explain some of the top benefits associated with this type of cover. These include:
So long as your lump sum is payable through a discretionary trust arrangement, it will not be subject to inheritance tax in the event of your passing. Additionally, you can save money on the monthly premium of your contractor life insurance by paying for it through your limited company as an allowable expense.
Multiple Contractor Life Insurance Policies
In some circumstances, your spouse or civil partner may wish to take out an additional contractor life insurance UK policy. This is possible so long as they’re employed by your limited company.
Some contractors may move in and out of paid employment. So long as your contractor life insurance policy is in place, you won’t need to cancel it. Equally, you won’t be required to have any additional medical examinations or new policy underwriting.
Arranging Relevant Life Insurance for Contractors
If you’re a contractor who is worried about protecting your loved ones, then it’s really simple to arrange cover.
We can help:
- Any contractors who don’t yet have life insurance
- One-man limited company contractors
- Contractors already paying for life cover personally
- Contractors who want to save money on their life insurance
Call Contractor Protection today on 01245 408 602 to speak to our specialist life insurance for contractors UK team and we can advise you on your options.
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