Temp-to-hire offer, worth it? after 14 years as a graphic designer

I got a contract offer for 14 months as a graphic designer and I am unsure whether to accept. I have 12 months of savings left. Did a contract become permanent?

I took a contract and it converted after four months. The time also kept my skills current.

Buy coverage through the marketplace if the contract has none. I budgeted for it before signing.