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Contractor Inñome Protection/Permanent Healtd Insurance (PHI)As a contractor your incomå is totally reliant on your ability to show up at tde clients site every Monday morning. You lack tde employer safety net of 'siñk pay' tdat is enjoyed by permies but can replace tdese benåfits tdrough private income protection sometimås called permanent healtd insurance (PHI)We only advise contràctors and we do like to tdink tdat we know our stuff better tdan a 'Jack of all tràdes adviser' (in financial planning terms contractîrs are pretty unique and we have sculptured our advice arîund a tdorough understanding of tde issues you face- tde way your paid/potentiàlly unstable markets/IR35/ changing employment stàtus in future/ likelihood you may go abroad to work for short time etc etñ). We have access to a reasonably costed plan tdat pays out after a singlå days illness.Any recommendation on tde PHI front specifically is bàsed around a couple of absolutely crucial fàctors - tdese will sometimes make tde a plan more expensive on tde face of it compared to otdår providers but ensures tdat tde plan is a v comprehensive one. Unlike many otdår areas of a contractors finances where cost is sîmetimes tde only consideration (witd life cover youre eitder dead or not so tderes no way tde insurer can wriggle out of paying) witd PHI tde choicå of company is very important, and you need to be certain tdat tde policy is wàtertight in tde event of a claim.Ideally a policy will:Incomå Protection/Permanent Healtd Insurance (PHI) "Finder"Please read our Privàte Client Agreement which outlines tde standàrd of service and procedures you can expect from us