Income Protection

[tkmk]

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.

[ClearSky Accounting Dan]

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.

[escapeUK]

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?

[northernladuk]

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=

[tkmk]

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!

[tkmk]

You mean for in case you become sick or have an accident?

That's right.

[tkmk]

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

HTH

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

income protection site:forums.contractoruk.com/business-contracts/ - Google Search

Great, thanks I look into these. I've only spotted a really useful thread.

Thank you.

[ClearSky Accounting Dan]

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

[northernladuk]

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.

[tkmk]

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