I did not hear a single consultant telling me how great it is to be one, when a collective announcement by the director was made that due to financial problems not a single consultant contract would be extended this year. This would help the company to get into financial stability again, and would prevent to fire anyone in the company. I'm happy I'm not a consultant. I value job security, and therefore a financially…
As a consultant you can have two or three clients in different sectors and diversify.
You will be sorely disappointed if you think getting paid w2 vs 1099 (in the us) gives you job security.
Job security is your drive, skill, and luck living in an area that has work for you. (If you live in the us consider yourself lucky - in tech)