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Income Protection

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    Income Protection

    Hi guys,

    Another newbie question from me! I'm switchin from using an umbrella company to my own limited company. I've decided that I would like to get Income Protection.

    Does anybody have any insurers that they would highly recommend? And for what reasons?

    A friend has referred me to a financial advisor, but I'm not sure whether this is necessary when I could conduct a quick bit of research myself online and in forums.

    Any advice would be appreciated!

    Thank you.

    #2
    My advice would be to choose a financial advisor who specialises in contractors. A financial advisor in this field will/should be fully aware of how a contractor works, especially around the different trading styles (e.g. working through an umbrella and then setting up a limited company) and should make your life easier in dealing with them. Maybe not a big issue in terms of setting up income protection but i've seen contractor specialist financial advisors make a big difference on things like mortgages.

    Comment


      #3
      Originally posted by tkmk View Post
      Hi guys,

      Another newbie question from me! I'm switchin from using an umbrella company to my own limited company. I've decided that I would like to get Income Protection.
      You mean for in case you become sick or have an accident?

      Comment


        #4
        Here are a number of links where Income Protection has been discussed before.

        HTH

        income protection site:forums.contractoruk.com/accounting-legal/ - Google Search

        http://www.google.com/search?hl=en&q...racts%2F&meta=
        'CUK forum personality of 2011 - Winner - Yes really!!!!

        Comment


          #5
          Originally posted by ClearSky Accounting Dan View Post
          My advice would be to choose a financial advisor who specialises in contractors. A financial advisor in this field will/should be fully aware of how a contractor works, especially around the different trading styles (e.g. working through an umbrella and then setting up a limited company) and should make your life easier in dealing with them. Maybe not a big issue in terms of setting up income protection but i've seen contractor specialist financial advisors make a big difference on things like mortgages.
          Hey, that's very useful. I'll looking into that.

          Thanks!

          Comment


            #6
            Originally posted by escapeUK View Post
            You mean for in case you become sick or have an accident?
            That's right.

            Comment


              #7
              Originally posted by northernladuk View Post
              Great, thanks I look into these. I've only spotted a really useful thread.

              Thank you.

              Comment


                #8
                Some accountants also include income protection/critical illness cover in their monthly packages

                Comment


                  #9
                  Might be worth thinking about private healthcare as well, longer you are off your feet the longer you don't earn. Could work out in your favour sometime.
                  'CUK forum personality of 2011 - Winner - Yes really!!!!

                  Comment


                    #10
                    northernladuk and Dan, thanks for the additional suggestions. I look into those too.

                    Comment

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