Life Insurance for Contractors: Why it’s Essential
As a contractor, life insurance is crucial—it replaces the "death in service" benefits you left behind when you went freelance. It provides financial security for your family, paying off debts, covering funeral costs, and ensuring your loved ones have an income in your absence.
Life insurance can be customized to fit your family’s needs, with some policies even qualifying as legitimate business expenses—making it a smart financial move for you and your company.
Types of Life Insurance for Contractors
- Level Term Assurance
- Covers you for a fixed period, like until your children reach adulthood.
- Pays a lump sum to your dependents, helping them invest for future income. Inflation-proofing ensures the payout retains its value over time.
- Clears any remaining debts, such as mortgages or loans, so your family isn't left burdened.
- Decreasing Term Assurance
- Provides a lump sum that reduces over time, matching the balance of a repayment mortgage.
- Ensures your mortgage is paid off if you pass away, protecting your family from losing their home.
- Family Income Benefit
- Provides a regular income for your family instead of a one-time lump sum, simplifying their financial management after your death.
- Pays out monthly or annually, helping cover living expenses during a difficult time.
- The total payout depends on when the claim is made—the earlier in the policy, the higher the overall payment.
- Whole of Life Policy
- Covers you for your entire life, ensuring a payout whenever you pass away, with no end date.
- Can be investment-backed, helping keep premiums lower as you age, and may offer the option to cash out if needed.
- Early signup ensures competitive pricing but note that investment-linked plans can fluctuate in value.
Choosing the right life insurance policy ensures your family is financially protected, no matter what. Make sure your loved ones are covered—secure your future today.
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Why we’ve partnered with Broadbench Ltd
Navigating life insurance can be overwhelming. That’s why we recommend Broadbench. Their expert advisers specialise in contractor-specific solutions, offering whole-of-market advice tailored to your unique needs. From risk mitigation to tax efficiency, they simplify the process, ensuring you get the right coverage without the hassle. And the best part? There are no fees for their service—Broadbench is paid by the insurance provider if you choose a product.
Why Apply for Insurance Through Contractor UK?
At Contractor UK, we understand the unique challenges contractors face, especially when it comes to financial security. That’s why we’ve partnered with Broadbench to offer our members specialised, independent financial advice tailored specifically for contractors.
Here’s why applying through Contractor UK is the smart choice:
- Contractor-Specific Expertise: Broadbench specialises in finding insurance that meets your unique needs as a contractor, ensuring you get essential cover at an affordable price.
- Proven Track Record: Thousands of contractors have trusted Broadbench to protect their families and secure their future.
- Tailored Life Cover: Broadbench advisers offer a range of life insurance policies that can be customised to suit your individual needs.
- Independent Financial Advice: As independent advisers, Broadbench searches the entire market to find the best coverage options for you.
- Trusted Providers: They only work with insurers known for reliable claims payouts and long-term affordability throughout your contracting career.
Partnering with Broadbench means you’ll get expert guidance and insurance that truly protects what matters most. Apply through Contractor UK and ensure your financial security today.
