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 Life Insurance

Life Insurance for Contractors: Protecting Your Loved Ones and Your Home

Life insurance provides a financial cushion for your loved ones, offering them protection should the worst happen. In the UK, it ensures that a lump sum or regular payments are made to your beneficiaries if you pass away during the policy term. This peace of mind extends to contractors as well, including those who have taken out a mortgage.

For contractors, life insurance can be especially important. With fluctuating income, having a policy in place offers reassurance to lenders that the mortgage will be covered if you were to pass away unexpectedly. Should you pass away during the mortgage term, the policy provides a lump sum, which can be used to pay off the remaining mortgage, allowing your family to remain in their home without the burden of debt. It’s a straightforward way to protect your loved ones and ensure their future is secure.
Ensure your loved ones are financially secure even when you’re not there.

Optimized Life Cover for Contractors

At Contractor Mortgage Solutions, we offer three types of life insurance to suit your needs:

Mortgage Life Insurance
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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
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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
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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

As a contractor, it’s important to have the right life insurance to protect your family and your mortgage. Your income may not be as predictable, so having the right coverage gives peace of mind. Use our Life Insurance Calculator to find out how much cover you need. It’s quick and easy—just enter your details, and you’ll get a recommendation based on your income, mortgage, and family needs.

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Your total cover estimate:

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Please note, these calculators provide only an estimate. For a precise evaluation, connect with our experts today!

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?

To determine the right amount of coverage, assess your financial obligations, such as outstanding debts, mortgage balance, and future expenses. Consider using our Life Insurance Calculator to get a personalised estimate based on your specific needs and circumstances.

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.

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