Leaving FT role for Contract To Hire Role?

Recently was offered a contract-to-hire role related to Quant Modeling paying the equivalent of over 30K+ to my current base pay. The contract is 1year + with potential to full time conversion at the other firm. I know a lot of people in contracting roles want FT roles, but in my situation I am getting offered a large pay bump to do contracting. Would it make sense to pursue the role, or are there disadvantages to contract-to-hire type roles that I am not seeing, that would make it not worth the extra $30k?

I would receive benefits such as health insurance and 401k if that matters.