15th November 2018
As you are well aware, during the 2018 Autumn Budget, it was announced that IR35 will be rolled out to the private sector in 2020. This could mean that Contractors will be faced with paying the same tax and national insurance contributions as regular full-time employees, without enjoying employee benefits. It’s down to you, as a Contractor and self employed individual, to safeguard yourself from life’s inevitable challenges. With that in mind, here are the products we recommend to best protect yourself in your working life.
If you can’t work, you can’t earn – unless you have Income Protection. As described, regular employees will have the benefit of receiving sick pay if they fall ill and unable to work. As a Contractor, you do not have this luxury. Having Income Protection in place will ensure that if you are to fall ill, you will continue to receive a regular wage until you are well enough to return to work. Meaning your bills and regular payments will be covered without any stress.
No one likes falling ill but when you are a Contractor, it could cost you a lot of money. The long waiting times at standard NHS services are a factor in this and could prevent you from getting back on your feet as soon as possible. It’s also not guaranteed that they would be able to deal with your conditions. Private Health Insurance will pay for medical treatment, without being placed on a waiting list, and covers you for most medical tests, consultant’s fees and essential surgery if it’s needed. It can also provide you with medication not available on the NHS, so even if your condition is unique you can still be covered.
As a Contractor, you can only earn money if you’re fit and healthy enough to work. If you sadly experience a long-term critical illness and are unable to work for a significant amount of time, or indefinitely, you’ll want to ensure you can keep you and your family’s heads above water. Critical Illness cover provides a tax-free one-off payment to do just that.
With all of these insurances, it’s important that you work with an adviser who will take time to listen and understands your specific needs. Our specialist advisers can guide you through the range of insurances we offer to find you the best deal and protect your finances, whether you are deemed inside or outside of IR35.
All content is accurate at the time of publication
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