As a contractor, you will be enjoying the advantages of being your own boss but it is important to avoid the pitfalls that come from leaving full-time employment.
If you are unable to work for whatever reason, then there is little by way of employee sick pay to rely on. Income protection (also known as Permanent Health Insurance or PHI) can bridge the gap and help to cover your expenses until you are back on your feet again.
CMME can advise on the most suitable income protection plan tailored to your needs as a contractor. This type of benefit tends to require the most advice, this is due to the unique way that contractors often pay themselves.
A typical plan will pay a tax-free monthly income following a certain period of illness this ranges from after being signed off work for 1 month to 1 year. This is dependent on the deferment period that is appropriate for you and will continue to pay until you recover or reach your retirement age.
The advisers at CMME understand your unique needs as a contractor and will ensure that they take key factors into consideration when advising you on your income protection policy such as the way you are paid, market instability, employment status and whether you work abroad. You can speak with an experienced adviser at CMME by calling 01489 555 080 and quoting ‘Freestyle Accounting’.
For more information visit the CMME website: https://www.cmmemortgages.com/other-services/contractor-insurances/income-protection-insurance?pk=1789
Mortgage and Protection advice is given by CMME. CMME is a trading name of CMME Mortgages and Protection Limited. Authorised and regulated by the Financial Conduct Authority (FCA reg. 414798). Registered in England No. 04886692. Registered Office: Albany House, 5 Omega Park, Alton, Hampshire, GU34 2QE. Please be aware that Commercial Mortgages, Overseas Mortgages and some Buy To Let Mortgages are not regulated by the Financial Conduct Authority. Calls may be recorded for training and security purposes and to improve the quality of our services.