Although most articles on our site cover the benefits of contracting and the highs and lows of being a contractor, for some of our insurance-related topics, it is inevitable that we address some of the more depressing aspects of running a contracting business.
Unlike permanent employees, many of whom have varying levels of financial protection cover via their employers, contractors have to ensure they are protected in the event that they are unable to work.
Some of the most serious conditions, such as heart attack, stroke and cancer, are referred to a ‘critical illnesses’ by the financial services industry.
Clearly, should you be afflicted by any of these conditions, there could be serious financial consequences for you and your family if you do not have adequate insurance cover in place.
As with other financial products we have covered on the site, we have teamed up with CMME to provide our users with access to competitive critical illness protection quotes, as well as professional advice.
Benefits of Critical Illness Cover
Critical illness policies pay out a lump sum upon diagnosis of a covered condition, which would be used to cover a variety of needs – such as paying off a mortgage, settling debts, or paying for medical costs.
Unlike other types of policy, you receive the income upon diagnosis rather than death, so you can use the funds to improve your lifestyle and pay the bills while you recover.
How does it work?
This type of insurance is often used in conjunction with Income Protection (Permanent Health Insurance). PHI will provide you with a monthly income while you remain unable to work.
With a Critical illness policy, you receive a single lump sum upon diagnosis, which does not need to be returned, even if you return to perfect health.
You can tailor your policy to cover you for a fixed term (e.g. until retirement), or for ‘whole of life’. The same terms are used for Life Cover policies.
You can also choose to use Decreasing Term Assurance (DTA), or Level Term Assurance (LTA) – the former provides decreasing amount of cover over time, whereas the latter level of cover remains the same.
Get a Contractor Critical Illness Quote
CMME are Independent Financial Advisers regulated by the FSA so they are able to search the whole of the market to find the best cover for your needs. They only work with insurers that have a history of paying claims and offer an affordable cover for contractors for the duration of the policy.
Or complete this short form for a rapid response from the CMME team during standard office hours.