Thoughts on taking a year-long contractor role with a 25-45% in income, coming from a secure full-time role?

Hi all,

I work in data science, and I have the opportunity to take a role that would pay 25-40% more (depending on my bonus this year), but I would have to take a contract role rather than a full-time role. I'd also lose out on benefits, but I only use dental coverage through my job anyway. I am currently working full time at a job that I mostly enjoy and am fairly secure in with decent room for growth.

Do you think the pay increase is worth the risk of less job security related to COVID and the nature of a contract role? I had a friend who took a similar role but his group was cut at the company so his contract ended early. I know others who have had a lot of success with contract roles. Wondering if anyone had any thoughts or experiences related to these types of contract roles. Thanks.

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