INCOME PROTECTION
Make Sure You Never Go Without The Essentials
Providing Your With Peace Of Mind
Roots Contractor Mortgages offers a variety of Protection policies to help keep our clients protected.
Our protection policies are tailored to fit the employment patterns of contractors. Our aim is to find you a policy that fits your situation perfectly, offering you suitable protection in the case of specific events.
Income Protection
Injury or long-term illness can throw a major spanner in the works when it comes to your employment and income. If you are not able to work for either of these reasons as a contractor or freelancer, the income you usually enjoy dries up and difficulties can await.
With an income protection policy, you can help protect yourself and cover your monthly outgoings until such a time as you are able to return to full-time work or are able to retire.
Traditional employment models tend to cover circumstances such as injury or long-term illness. But when working as a contractor or freelancer, such benefits do not extend to you.
This is why income protection policies tailored to contractors and freelancers can be so advantageous. Roots is able to advise on the best income protection policy for your needs.
How does income protection work?
It provides regular payments that replace part of your income if you’re unable to work due to illness, injury or accident. The pay outs are paid until you can start working again, retire, die or reach the end of the policy. Income Protection can be claimed on as many times as you need to whilst the policy is live.
There’s often a deferred period that you need to wait before pay outs can start. Common deferred periods are 4, 8, 13, 26 and 52 weeks.
How much of my income can I cover?
Typically a policy can pay out between 50%-65% of your income if you’re unable to work.
Does Income Protection offer anything other than paying me an income?
Many policies include additional benefits such as, trauma lump sums, in stay hospital benefit, rehabilitation benefit, physiotherapy benefit, mental health support/access to counselling, return to work benefit, family support, fracture cover and many others.
Can I have Income Protection if I am self-employed?
Absolutely!