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As a contractor you lack the employee package of ‘death in service’ benefits and so the responsibility falls on you personally to protect family and dependents.
You can cover yourself for a fixed term (i.e. until children will be grown up/a debt is repaid) or for your entire life (Whole of life- WOL)
You also have the option of a decreasing amount of cover (decreasing Term Assurance, DTA) that will reduce in line with a reduced liability- i.e. a repayment mortgage or a level amount (level term assurance, LTA).
Ordinarily life cover will pay a lump sum but if you have reservations about the ability of a dependent to cope with a one off payment you may prefer to insure for a set term but have benefits payable annually if you die within the term. In this way it may be easier to for the beneficiary to budget. This scheme is known as a family income benefit (FIB)
In addition benefits can be set at an increasing amount on any of the above policies so that they will keep pace with inflation.
'Waiver of premium' can ensure premiums are paid by the insurer if you are unable to work through sickness after 6 months.
Please fill in the finder below, let us know your requirements and we will get back to you shortly with some recommendations.
STOP PRESS Since April ’06 the new pensions simplification regime has allowed far greater scope to benefit from tax relief of pension term assurance. In many cases getting the taxman to subsidise your life cover costs can save significant amounts of money. 22% or 40% of the premiums can be clawed back from the exchequer using these new rules and existing cover could well be replaced with a far cheaper option
Life Cover "Finder" Please read our Private Client Agreement, which outlines the standard of service and procedures you can expect from us. Please also read our Key Facts about our services document which reconfirms our regulatory status and whether our services meet your needs. As independent advisers we are pleased to confirm we can advise you on and arrange a suitable product from across the whole market and from all of their product range.
We are happy to point out that we do not charge you a fee for our services. Instead we rely solely on introducers commissions received from the insurers to cover the cost of advice and administration of any products that we arrange on your behalf. As part of new Financial Services Authority regulation however, we do offer you the option of being charged a fee instead and I will assume that you are happy to proceed on the basis that our costs are covered via the contract unless you request otherwise.
Life Cover Finder:
Your Name
E-mail
Phone
Mobile
Date of Birth
Sex
Male Female
Smoker?
No Yes
Cover Required (Check one box)
LTA (Level Term Assurance)
DTA (Decreasing Term Assurance)
WOL (Whole Of Life)
FIB (Family Income Benefit)
Amount of Cover Required (In 000's)
Term (In Years)
Inflation Proofed?
No Yes
Waiver of premium?
No Yes
If joint cover is required, please enter partner's details below, else click on 'Send'.
Partner's Name
Date of Birth
Sex
Male Female
Smoker?
No Yes
Waiver of premium?
No Yes
Where did you hear of us? *required
If "other", please specify.
Comments/Queries
For security purposes - Please enter the sum of the day number and the month number eg Day = 4 + Month = 2 Enter 6 in the box!
*Please Note: Certain life policies have an investment element. It is important to understand that these investments are longer term in nature and that the value of investments and income from them can fall as well as rise. Past performance is also no guarantee of future performance.
Financial advice on these pages is being given by ContractorFinancials, which is a trading name of Contractor Financials Ltd and is regulated and authorised by the Financial Services Authority.
