As a contractor is it important to take out the necessary life insurance to ensure that your family is taken care of in the unfortunate event of something happening to you.
The topic of life insurance is one that we would all prefer to avoid, but avoiding means that you are not prepared. Unlike your permanent counterpart, you will not be covered by a workplace policy provided by your employer. It is up to you to have put in place all the necessary means to make sure that your family is protected.
There are two main categories of cover and it is important to understand fully which one is appropriate for you and your family.
The first is Term Cover. This is the less expensive of the two and simply lasts for the term in which you specify. A period of time is decided and once the agreed end date has surpassed, the cover will finish.
The other option is Whole Life Cover. This will cover you from any age until death. It is more expensive but is essentially more common for contractors and freelancers as it provides a longer term-cover.
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