Have you ever given a thought to the fact that what would happen if you are ill for a long time or what if any kind of injury keeps you away from your work for a long time/ how will you manage your monthly bills and mortgages. People who are employed permanently with companies are often supported by their employers financially in times like these. But as an independent contractor, it can get very difficult to manage all these and also support your family, especially if you are the only bread winner of the family. As an independent worker, you yourself have to make arrangements for a regular income even during times when you are not working. And one of these arrangements is the contractor’s income protection insurance.
The contractor’s income protection insurance covers for your expenses as specified in the policy and that too tax free for the period when you are not able to work due to illness. It will ensure that they pay you enough to support your family and also maintain a healthy lifestyle which you are used to. With these types of insurances becoming more and more popular, it has become very easy to get the pay outs even after only one day’s sickness.
