Income Protection Income Protection
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  1. #1

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    Default 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. #2

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    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.

  3. #3

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    Quote 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?

  4. #4

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  5. #5

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    Quote 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!

  6. #6

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

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

    Thank you.

  8. #8

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

  9. #9

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    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.
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  10. #10

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

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