Why consider Critical Illness cover as a Contractor?

19th November 2019

 
You can never know what the future has in store, which is why it’s essential to make sure you and your family are financially protected. This is especially important when you’re a Contractor and not receiving the benefits that someone who is traditionally employed will. One of the many ways you can protect yourself is with a Critical Illness policy. Critical Illness cover gives you the peace of mind that you and your loved ones will receive a payout if you unexpectedly fall ill. Here’s why you should consider Critical Illness cover as a Contractor: 

 

It covers you for many different types of conditions

Each insurer has their own list of different illnesses that will be covered by the policy but, typically, there are seven core conditions that are covered by almost all Critical Illness cover providers. These conditions include:

 

  • Cancer
  • Coronary artery bypass
  • Heart attack
  • Kidney failure
  • Major organ transplant
  • Multiple sclerosis
  • Stroke

 

If you want to be covered for a particular condition it’s best to speak to a Contractor insurance expert to understand what provider will meet your requirements.

 

You’ll receive a one-off large payout

Unlike Income Protection, where you receive a portion of your salary monthly if you’re unable to work due to an illness or injury, Critical Illness cover pays you a large one-off payment on the diagnosis. This can be used to pay for medical bills or adjustments to your home, or even to help pay off the mortgage if you’re unable to work. 

 

You don’t have enough savings

A study conducted by Legal and General found that on average, UK employees believe that if they were unable to work, they would need an additional £16,330 to feel financially secure. Critical Illness cover can provide you with the peace of mind that you’ll receive the financial support you need should you ever fall seriously ill – giving you one less thing to worry about if you do not have enough savings.

 

Price is not the deciding factor

We live in an age where within a few minutes of searching on the internet we can find hundreds of different quotes for any insurance policy. However, with Critical Illness cover, having the most expensive or the cheapest policy may not necessarily provide you with the right amount of cover you need. It’s important to find a policy that you can afford, in balance with the cover needed to financially support your family in the event of a serious illness that renders you unable to work and earn. For example, if you are on a limited budget you may not need expensive comprehensive cover and a basic policy may give you and your family the financial support you need – this is one of the many reasons why it’s important to work with a Contractor insurance expert.

 

You no longer have an employer to fall back on

When you were full-time employed you may have received particular employment benefits such as sick pay. However, as a Contractor, you have to take those benefits up yourself. With a Critical Illness policy, you’ll know if anything was to unfortunately happen that prevents you from working, you and your family will still be able to keep your head above water with a generous payout. 

 

It’s guaranteed financial security

There are many different reasons why you should consider Critical Illness cover as a Contractor but the biggest reason is that it gives you and your family peace of mind.

 


 
If you want to find out more, get in touch and book an appointment with one of our expert advisers. 

 

All content is accurate at the time of publication

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