For the past 12+ years I have worked for 3 different companies as an employee.

I am now looking for a new position and the best option (in regards to finances) that I have is a company that may hire me as an Independent contractor.

So, what does that mean exactly?

I know that I will have to personally handle getting health insurance, paying my income taxes, any life insurance, vacation, sick time, etc...

What else do I need to consider?
Has anyone else made the transition from employee to independent contractor? What was your experience?

I am worried, but I think it is mainly because I have never been an independent contractor. I have a family and insurance is very important to me along with retirment contributions, etc...

Any info is appreciated.