Life Insurance for Contractors and Tradespeople
Can you take out a Life Insurance policy if you are a contractor or you work in a trade?
Yes you can!
There are many reasons why you might be looking for contractors life insurance or tradespeople life insurance. You might be looking for additional financial support to protect your family should the worst happen, or you might need an income protection plan in case you get injured and can’t work.
Whatever the scenario, we’re here to help you find the right insurance policy for your needs.
Why choose
The Insurance Surgery
- Voted Best life and protection broker 2022
- Rated 5* on Trustpilot and Feefo
- Access to high street and independent insurers
- 20 years’ experience & price match promise
Providing financial security for contractors and tradespeople
If you work in a dangerous trade, you might want to take out a life insurance plan, critical illness insurance or an income protection policy.
Many people know that the construction industry, in particular, has a lot of stress, which can be bad for your physical and mental health. Would your family be able to pay the bills if you got sick, were signed off from work, or had an accident?
At The Insurance Surgery, we can give you peace of mind that you and your loved ones will always have enough money. We can find comprehensive insurance policies that cover everything and offer lasting protection.
As an insurance broker, we work with insurance companies all over the UK that give contractors and tradespeople life insurance or income protection policies.
We don’t think an insurance policy should be the same for everyone. For us, the right life insurance policy is one that gives you the protection you need when you need it. You should look for an insurance company that fits your needs and has a history of paying out when you need it.
Contact us to learn more about our relationships with high street and independent insurance companies across the UK.
Life Insurance for Contractors and Tradespeople
Life insurance for tradespeople
If you work in a trade sector, like construction, plumbing, or as an electrician, you might be considered to have a dangerous job. You might put your health at risk every day if you work with dangerous materials or in high places. Even though health and safety are taken very seriously on a construction site, there are still a lot of big risks. So, you should think about the worst-case scenarios and make plans to financially protect your family.
Often, tradespeople are hired as contractors. If you’re self-employed instead of a direct employee, you won’t recieve statutory sick pay if you fall ill, and you’re not likely to be eligible for death-in-service benefits. So, tradespeople and contractors need to have life insurance or income protection.
We all like to think about what will happen next. Most of us, though, make plans for good things to happen in the future. We might, for example, think about starting our own business. or when to take that much-needed holiday you’ve always dreamed of.
But it’s also important to think about what could go wrong in the future.
Life insurance for contractors is a way to make sure that your family is taken care of financially after you die.
No one ever wants to have to claim their life insurance or critical illness policy.
But having one in place could be the best thing you do to protect your family.
What does life insurance for contractors cover?
Life insurance protects your family financially if you pass away or are told you only have a year to live because of a terminal illness. Many contractors and tradespeople choose to get life and critical illness insurance to protect their finances in case the worst happens.
If you’re looking for a combined policy, let us know. We can find policies that work together to give you the most coverage for the least amount of money.
- It provides peace of mind if you are not eligible for death-in-service benefits.
- You can rest knowing that your family will be taken care of financially.
- You can protect yourself further with additional critical illness plans and income protection plans
- You can save up a certain amount of money to leave to your family as an inheritance.
- You won’t have to pay taxes on any money you get from life insurance.
- Your loved ones can use the money for various things, like paying the mortgage or rent, keeping up a high standard of living, or putting money away for family costs in the future.
Our team of expert life insurance advisors is always there to protect you and your family, no matter what happens. As well as working with you to find an affordable life insurance policy, we promise to help your loved ones if they need to make a claim. Our goal with end-to-end support is to make a complicated process easier to handle, whether that means talking to you about the details of your policy, helping you find the right forms, or helping your loved ones send in any paperwork.
We understand why tradespeople need life insurance
We are different from search engines and insurance comparison websites because we take a personal approach to life insurance.
We know that it can be hard to understand life insurance. You can choose from many different policies, and what works for one person might not work for you.
Before you buy life insurance or a critical illness policy, you should know the small details that could affect a possible payout. Our life insurance experts will always take the time to explain any policy language. We’ll talk about different situations and make sure you understand how your policy will protect you and your loved ones.
Life insurance isn’t just about a single payment. With different policies, you can protect your family in many ways. For example, you might want a life insurance policy to make sure that your children have a certain standard of living. You could also want any payment to go to a certain person as an inheritance.
We can help you with this.
Our life insurance experts are here to help you with any questions you have. We want you to feel like you have all the information you need to choose the best life insurance policy for you.
Are contractors and tradespeople a high-risk occupation?
Your life insurance costs will depend on a number of factors. For instance, insurance companies will ask about your age, health, medical history, desired level of coverage, and what you do for a living.
Contractors and tradespeople might be thought of as having high-risk jobs. Perhaps you are working on a building site at a great height. You might be working with dangerous materials, and your workplace is probably incredibly stressful.
We know that the risks associated with different jobs are hugely different, which is why we don’t like to see online quotes for life insurance policies for tradespeople. There are too many factors that could make you pay more than you should.
Quotes for life insurance are not made by computer algorithms at The Insurance Surgery. Instead, our life insurance experts will take the time to learn about you and what you do for a living. Then, we can figure out your level of risk and match you with an insurer who knows you.
When you talk to us about your contractor’s life insurance, we might ask you questions about your job, such as
- Are you ever at risk of physical injury?
- Do you work at heights?
- Are you exposed to any hazardous or dangerous materials? If so, what PPE is provided?
- How many hours per week do you typically work?
- How often do you update your health and safety training?
We love hearing about what people do for a living. It helps us figure out what you need, and that lets us find the right insurance company and rate for you.
Income Protection for Tradespeople
Income protection for tradespeople
If you work as a contractor or in a trade, you might want to get an income protection policy to protect your salary.
Most of the time, contractors are hired as independent workers. This means that you don’t have the right to statutory sick pay. Would you be able to pay your bills if you got sick (even for a few weeks) or injured and had to take time off to recover?
You can get peace of mind and a steady income from an income protection policy until you can return to work. It could protect your savings and give you more time to think about your health instead of your money.
Many contractors and tradespeople don’t have plans in place for what to do if they can’t work. This really worries us. We’ve seen first-hand how income protection policies can be a lifeline for people who have been sick and need to take time off to get better.
We’ve also seen how an income protection plan can make a big difference in the lives of people signed off work for good.
What if you got hurt badly and could never return to work?
A policy to protect your salary could give you a steady income until you retire (or at the end of the policy term).
Talk to us to find out how we can help you protect your money with salary protection.
How does income protection for tradespeople work?
If you get sick and can’t work for a while (even if its just a few weeks) income protection insurance will pay your bills. It can cover you if you get hurt in an accident. If you can’t work for some reason, you won’t have to worry about money if you have income protection insurance.
Usually, a salary protection plan for tradespeople or contractors will cover between 50% and 70% of your monthly income. That money could help you pay your bills and other costs of living without having to use your savings.
If health problems keep you from working, your salary protection insurance will keep paying you until you can go back to work. This could be especially important if you are a contractor or work for yourself. Also, if you are signed off from work indefinitely, your income protection insurance could pay you every month until you’re old enough to retire or until the end of the policy’s term, whichever comes first.
You can also file as many claims as you need as long as your policy is still active. For example, you could break your wrist and be unable to work for three months. Then, a few years later, you might get sick and need time off work to get better. Luckily, your income protection insurance would pay out in either case.
When you buy income insurance from us, one of our helpful advisors will go over all the policy details with you to make sure you have the right level of protection. First, we’ll see if you’re eligible for any income protection from your current employer or if you are entitled to any statutory benefits. Then, we’ll look at your current income and expenses to figure out how much you might need to cover your living costs.
Our income protection team will never assume that you know what to look for in an insurance plan. Instead, we promise to take the time to talk to you in person about your options and figure out how to keep you and your family financially safe. That is why we don’t offer instant online quotes for income protection. We prefer to talk to you over the phone so you can feel comfortable in your decision.
Frequently Asked Questions
We answer your most frequently asked questions.
Income protection and life insurance policies are quite different, which is why many people choose to have dual plans in place. An income protection plan will pay you a percentage of your salary if you cannot work due to your health. It will continue to pay out either until you return to work, reach retirement age, or end your policy term.
In contrast, life insurance will only pay out if you pass away or are diagnosed with a terminal illness.
Therefore, many feel that taking out multiple insurance plans is essential to protect their finances.
If you buy an insurance policy from The Insurance Surgery, we will talk to you openly and honestly about what level of cover you may need.
you and your family need
There are no specific life insurance plans for tradespeople, but you may want to get one to ensure your family has money after you die.
Almost everyone can get life insurance, no matter what they do for a living. It gives money to your family if you die or are told you have a terminal illness. Since many tradespeople don’t qualify for death-in-service benefits, many contractors choose to get their own life insurance to protect their loved ones.
If you work as a tradesperson or a contractor, you may need to consider taking out life insurance, critical illness insurance, or an income protection policy. These policies will pay out if you get sick or hurt and can’t work because of it. It helps you keep your money in order and makes life easier for your family in various circumstances.
With a contractor’s life insurance policy, you can make sure that your family has money set aside in case the worst happens. You can use this money toward your family’s financial future or pay for a funeral.
No “best” insurance company exists for people who work in trades or as contractors. That’s because different insurers have their own strengths and weaknesses.
At The Insurance Surgery, we work closely with a network of insurers across the UK. Our access to small, independent insurance companies and high street names means we know how to match you to the right insurer for your needs.
Our understanding of different trades shows us that there is no ‘one-size fits all’ approach to life insurance policies for tradespeople. So, instead, we’ll learn more about you and your job before recommending an insurer who will be right for you.
If you are an employed tradesperson, you will be eligible for statutory sick pay, which is currently £109.40 per week for up to 28 weeks. However, many tradespeople are employed as contractors, meaning they are self-employed and only hired for a specific time.
If you are not eligible for statutory sick pay, you can protect your income through an income protection insurance plan. If you cannot work due to ill health or an injury, your salary protection insurance will pay you a steady income until your doctor gives you the all-clear to return to work. Most income protection plans will typically pay between 50% and 70% of your income each month.
If you can’t return to work, your income protection plan will keep giving you money until you retire or until the end of your policy term, whichever comes first.
Contact The Insurance Surgery to find out what income protection plans for tradespeople and contractors are available.
Our customers love us.
Would recommend using this service
Tom has been incredibly helpful throughout the whole process of getting my life insurance set up. Very knowledgeable and absolutely ‘on it’ to get me the best product out there.
Mat Wise
First Class Experience
Service was first class, Simon kept me informed at every step in the process.I would have no hesitation in dealing with him again.
Duncan Fordyce
Great, Quick Service
Dealt with Karl who could not have been more helpful. Made the whole process of getting life insurance far easier than other providers I had approached.
Shelley Jenkins
Fantastic!
Approved immediately. Process was so fast and a lot cheaper than I thought. Highly recommended.