As a contractor, you forego the life cover offered by a large employer, so it is vital that you put a plan in place to secure your family’s future should you die.
CMME specialise in finding the right insurance to suit your individual needs as a contractor and provide this essential cover at an affordable price.
Types of Contractor Life Insurance
Term cover offers an affordable protection policy that lasts for a given period and will end when the agreed term is finished.
Level Term Assurance Plan
These policies pay a set lump sum to your beneficiaries in the event of you passing away. The value of this lump sum would remain the same from the very first day to the very last day of your insurance plan. This is most commonly used to provide financial security for your family from being left with your debts by protecting loans or a mortgage.
Decreasing Term Assurance Plan
Pays a steadily reducing lump sum depending on when death occurs through the term of the plan. This type of plan is ideal to help settle a repayment mortgage if you die. This type of policy is cheaper than looking at a level term assurance plan, as the insurance amount decreases.
Indexed Linked Cover
The cover can be inflation proofed so that it holds its value for the life of your policy. This means that the sum paid out by the insurer upon death will be worth the same amount at that point as it is now, as it will rise with the level of inflation.
Family Income Benefit Plan
This policy will provide a set income on a monthly basis over a pre-determined term so that your family will have assistance with the bills and upbringing of a family.
Waiver of Premium
It is possible for CMME clients to protect life cover payments if they are unable to work due to illness or injury. After six months, the insurer will maintain the payments so that your family or mortgage remains protected, this is called a ‘waiver of premium’.
To find out more call CMME on 01489 555 080 and quote ‘Freestyle Accounting’.
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.