Contractor Life Assurance

In a Nutshell

Dependent on dependents

In a Sentence

Single contractors with no family probably are not the key market for this.

If a contractor gets hit by the proverbial bus, there's no financial safety net for any dependents left to pick up the pieces.

Remember when you were a permanent employee, and had things like 'Death in Service' as one of your benefits? Ah, those were the days....

Crystal Ball

Of course it won't happen to you...but, what if it does. Will your partner and other dependents be able to support themselves? It's a horrible question but one that you don't want niggling at the back of your head every day.

It's probably a good idea to look around and see exactly what's available in terms of life cover. It won't take that long to do some desk-top research and at worst it will put your mind at rest.

Variations on a Theme

There are a few different types of life assurance and options for you to mull;

• Whole life basis
• Fixed term basis
• Option to decrease cover if your liabilities reduce
• An increasing amount of cover to keep pace with inflation
• Premium waiver

Even if you assess your current situation & financial position and decide not to proceed right now, just bear in mind that when your circumstances change, so may your need for life assurance.