Life Insurance for Contractors

Life Insurance Service

Contractors who are brought in by companies or individuals to perform certain tasks may want to make sure they have life cover. Life insurance for contractors can bring the peace of mind that comes with knowing that a person’s family has financial security.


Many employees will have a ‘death in service benefit’ which will provide their dependants with a payment if they should die while doing their job. This benefit will not usually be extended to contractors, so life insurance may be the only way to ensure those remaining are taken care of.

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There are two basic types of Life insurance for contractors:


Term assurance – This is a life insurance policy that lasts for a given period before becoming valueless. These policies tend to provide the most competitive premiums but will be influenced by age and health factors. Contractors use these life insurance policies to:

  • Provide a family or other dependants with either a lump sum payment or a series of regular payments in the event of the contractor's death
  • To provide yourself with cover at a time that your children will be most dependent upon you, if they are going to university for example
  • To guarantee that there are available funds to pay off any outstanding debts such as a mortgage 

Whole life cover – This kind of life insurance allows contractors to ensure that they are always covered. These policies tend to have higher premiums and be a lot less flexible.