Life Insurance
Life Insurance for Contractors: Protecting Your Loved Ones and Your Home
Optimized Life Cover for Contractors
Mortgage Life Insurance
Covers your mortgage if you pass away, so your family can stay in their home without worrying about mortgage payments.
Family Life Insurance
Provides financial support for your loved ones to cover daily expenses, helping them maintain their lifestyle and future security.
Over 50s Life Insurance
Available without a medical exam, this policy gives a lump sum to your beneficiaries, useful for expenses or as a financial gift.
Let Us Help You Determine the Right Amount of Life Insurance Cover
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Why Life Insurance is Essential for Contractors and Their Families
Life insurance helps protect your family by ensuring they can pay off the mortgage and manage expenses if you’re no longer there to provide for them. With the right life insurance, your family won’t have to worry about losing their home or facing unexpected financial burdens. It’s a smart way to protect your family’s future while securing peace of mind.
Consider these questions before deciding:
- How would my family cope without my income as a contractor?
- Could they keep up with the mortgage and bills?
- Do we have savings to support them long-term?
If you’re unsure, consulting an adviser can help you find the right coverage to fit your unique situation as a contractor.
How Much Does Life Insurance Cost?
Life Insurance Costs for Contractors
For limited company, umbrella, and PAYE contractors, life insurance costs are determined by factors such as age, health, and the level of coverage you choose. Typically, premiums range from £10 to £30 per month for a basic policy, though this can vary if you need more extensive coverage or have specific health conditions. It’s important to compare different policies and providers to find one that best suits your needs and budget.On average, life insurance in the UK in 2024 costs about £9.71 per month for a single policy and £16.81 for a joint policy. But, at Contractor Mortgage Solutions, we help you navigate the market to find a policy that fits your needs, with prices starting from just £3 per month.
The cost of life insurance varies based on several factors, including:
- Age
- Health
- Smoking Status
- Policy Duration
- Coverage Amount
- Policy Type
How Contractor Mortgage Solutions Can Support You
We have been helping families secure their future by finding the best life insurance products
Here’s why you can trust us:
Expert Guidance:
As an independent intermediary, we provide honest advice, excellent customer service, and ongoing support.
Financial Production Guidance:
We are helping our customers secure the best life insurance policies from the most reputable and trusted companies.
Tailored Plan:
We can help you customise your life insurance policy to fit your family’s unique needs and financial goals.
Ongoing Support:
We’re here to support you as your life evolves, helping you adjust your policy when needed.
FAQ’S
Can I adjust my life insurance policy as my needs change?
Yes, most life insurance policies offer flexibility. You can often adjust the coverage amount, duration, or even add extra options to your policy to fit changes in your life circumstances, such as having a child, increasing your mortgage, or changing jobs.
How can I ensure I have enough life insurance coverage?
What should I know about life insurance exclusions and limitations?
Exclusions are specific conditions or circumstances that may not be covered by your policy, such as certain pre-existing conditions or high-risk activities or sports. Understanding these exclusions and limitations helps you choose a policy that aligns with your needs and ensures there are no surprises when you need it most.
What is Mortgage Protection Insurance?
Mortgage protection insurance ensures that if you pass away before your mortgage is fully paid off, the outstanding balance is covered. This means your loved ones won’t be burdened with your mortgage debt, and if it involves your family home, they won’t be forced to sell or relocate due to financial strain.
This insurance is typically arranged when you take out your mortgage and lasts for the same term. The coverage decreases over time, aligning with your mortgage balance, usually reducing by about 6-8% each year.
Explore more aboutmortgage protection life insurance.