Standard Income Protection Rarely Covers Contractors
If you become sick, injured, or disabled, Contractor’s Standard Income Protection gives you a monthly benefit. Its policies give you lots of peace by protecting you and your family from the financial consequences of being unable to work due to the accident. The contractor cover looks to be standard fare protection on the surface. However, there is a major difference: conventional insurance protects a person’s salary.
As most small business owners know, their pay rarely matches their earnings. So, instead of protecting your take-home money, how can you protect your income? It is what we’re going to be learning.
Contractors Must Make an Informed Decision:
As we’ve mentioned, traditional income protection policies may not cover you along with what you think. Many policies, for example, will stop paying you an income or benefits when you’re ready to work. That’s a major difference. Therefore, you may well be required to choose between doing a job you don’t want and losing your income benefit.
I don’t know about you, but working in a reduced or unknown field would be difficult to replace your current pay as an expert. In addition, when you take out insurance, the majority of businesses do not verify your income. Therefore, if your salary decreases, the amount of money they will pay you may reduce as well. Apart from the major disadvantages, you may not get the coverage you expected for your rates.
Also Read: Guide About British Seniors Life Insurance Review 2021
Contractors’ Standard Income Protection Insurance:
There is another option. Mountview Financial Solutions advises, customized Income Protection for contractors across the United Kingdom. Here are a few reasons why independent professionals select their cover:
Mountview FS can advise you on an income protection plan where you may get income until you’re ready to return to your previous job. Some insurers will only pay you a monthly allowance till you’re well enough to work. A remortgage broker in London, on the other hand, can help you find the insurer who can cover your income with a salary until you’re ready to return to your specialty.
In December 2012, men’s prices will rise:
On December 21st, new EU regulation took effect. It means that insurance firms could no longer charge different premiums for men and women. It had an effect on the prices of Income Protection Cover for men in the future. Their premiums could go up by much as 20% in real terms.
Also Read: Know The Advantages of a Whole of Life Assurance Plan When Inheritance Tax Planning
Protect Yourself and your family and friends:
Without insurance, you have no protection if you die or develop a serious illness while working as a contractor. We are a firm that specialises in advising on income protection to contractors like you. Because all of the services we offer are geared toward the self-employed in some way, we:
- Know the implications of working on a contract or how this may impact your protection needs; personalise our recommendations to your specific employment circumstances.
- We save you time to locate the most suitable insurers who will fulfil your specific needs. We’ve just researched for you.
If you have a basic income protection plan in place or none at all, our remortgage advice can help you get the coverage you require. And relevance is what it’s all about. Permitting your contracting firm to go to the dogs is a bad idea as your insurance coverage is asking the wrong tree.
