Protecting Your Income as a Contractor
Most permanent employees are entitled to Sick Pay, however, if as a contractor you are out of work due to illness or injury, you will be exposed to financial loss from the very first moment you are unable to work. You may not qualify for any state disability payment, therefore it is up to you to put in place cover which will ensure that you do not suffer a fall in the standard of living as a result of illness or injury.
CWM Wealth Management Ltd has a wide range of Income Protection products available including day one income protection which allows you to claim from the very first day you are out of work due to illness or injury. You can claim for just 1 day or if required all the way to age 60 if the condition is more serious and prevents you from returning to work. Tax relief is available on income protection premiums which ensures that is it an extremely tax efficient way of protecting you and offers great peace of mind and comfort knowing that you will be able to keep your lifestyle even if the worst should happen.