Contractor Personal Insurance

When you become a contractor, you can enjoy the freedom that contracting brings while also taking responsibility for your own retirement and protection plans.

We have teamed up with the specialists at ContractorFinancials to offer you our JSA Financial services so you can now benefit from independent financial advice to help you make the most of your time contracting.

Critical Illness Cover for Contractors from JSA Financials

At JSA, we appreciate that the high stress levels, which contractors sometimes work under, can mean that they are more susceptible to conditions such as heart attack, stroke and cancer.

Whilst it is hard to avoid these now common illnesses, there is an easy way to protect yourself financially, if the worst should happen.

JSA Financials can help you to arrange critical illness cover to protect you from the financial consequences of falling ill, leaving you to concentrate on simply getting better.

This cover can do more than just settle debts or an outstanding mortgage. It will pay out a lump sum on diagnosis to help you:

Pay for medical bills
Adjust your lifestyle to help you cope with the illness
Pay for a holiday to recharge your batteries

What are the benefits?

Critical Illness cover pays out on diagnosis of a condition, rather than on death, so you can make use of the money whilst you are recuperating.
Help you fund changes to your car, or home, to help you keep your independence, so that your life remains as normal as possible if your mobility is reduced.
The critical illness policy will repay outstanding debts or mortgage loans.

How does it work?

With Critical Illness cover, you will receive a single payout on diagnosis, which is non-refundable, even if you return to full health.
Like Life Cover, you can arrange your critical illness policy to cover you for a fixed term, such up to retirement, or for the whole of your life.
You also have the option of decreasing term assurance (DTA), which reduces the amount of cover over time.
ContractorFinancials are Independent Financial Advisors regulated by the FSA.
ContractorFinancials is able to search the whole of the market to find the best cover for your needs.
ContractorFinancials only works with insurers who have a history of paying claims and offer an affordable cover for contractors for the duration of the policy.
Critical Illness Cover is best used in conjunction with Income Protection (Private Health Insurance), which gives you a monthly income if you are injured or become too ill to work.

Call us on 0845 202 4534 or email protection@JSAfinancials.com today!

Life Cover for contractors from JSA Financials

It’s not a subject that we like to think about but it is important to protect any dependents in the event of your death.

As a contractor, you no longer have the death-in-service cover associated with working for a large employer, so it is vital that you put a plan into place to secure your family’s future should you die.

ContractorFinancials specialise in finding the right insurance to suit your individual needs as a contractor and aim to provide life cover for you at an affordable price. There are two main types of life insurance: term cover and whole of life cover.

ContractorFinancials can recommend a variety of life cover policies which can be used in various ways to suit your needs:

Level Term Assurance Plan

This plan pays a set lump sum to your dependents, which they can then invest to gain an income. The spending power of this lump sum can be affected by external influences such as interest rates or inflation.

The plan:

Covers you for the particular period in your life, such as when you have dependent children below the age of 18 or 21.
Saves your family from being left with your debts by protecting loans or a mortgage

Decreasing Term Assurance Plan

Pays a lump sum that will be a steadily reducing level depending on when death occurs through the term of the plan.
Can be used to provide funds to help settle a repayment mortgage if you die.

Family income benefit plan

This policy provides a set monthly or annual income over a pre-determined term, so that your family will have help with the bills etc.
Your total payout will differ according to how far into your policy you are.
If you die early, then the overall payment will be larger than if you claim at the end of the policy.
Avoids the need for relatives to worry about investing a lump sum.

Whole of life policy

This covers you for the whole of your life.
It is useful if you don’t want a policy to have an end date.
The policy can be backed up by investments that build up over the life of the policy.
Ensures that premiums are kept more manageable as you get older.
Prices can be competitive
Taking out the policy early with an investment linked plan, gives you the option of taking a cash lump sum if the plan is cashed before you die.
Please note that investment plans can increase and decrease in value throughout the life of the policy.
You can also protect your life cover payments, if you are unable to work due to illness or injury.
After six months, the insurer will maintain the payments so that your family or mortgage remains protected: this is called a ‘waiver of premium’.

Financial advice is given by Contractor Financials, which is a trading name of Contractor Financials Ltd and is regulated and authorised by the Financial Services Authority.

Call us on 0845 202 4534 or email protection@JSAfinancials.com today!

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