What You Need to Know About Securing Life Insurance with a Dangerous Occupation:
For those who work in what is known as a “high risk” occupation, it can often be more difficult to find and secure proper life insurance coverage.
Since these daily lives of these people involve a much higher risk to their safety and lives than the average job, life insurance companies see covering the individual under their life insurance as a higher risk as well. In some cases, premiums for life insurance for these individuals is very high or securing the life insurance policy all together is very difficult.
Defining “High Risk” Occupations
One of the first steps in securing proper life insurance under these circumstances is determining whether or not your occupation is actually considered “high risk.” Generally, those who are working as firefighters, law enforcement, or those in the Armed Forces, such as the Navy, Army or RAF, will be considered high risk for obvious reasons.
Other, possibly not so definitive high risk occupations include pilots, deep sea divers, off-shore workers, and those who work from heights.
Since those who are working in these types of industries are generally at higher risk for injury or death, insurance companies also see them as a higher risk candidate for life insurance since they are more likely to make a claim.
In many cases, the insurance company will offer these individuals Critical Illness Cover as part of their life insurance and allow them to choose normal or special terms.
Some individuals will also look to secure Income Protection Insurance, which is generally much harder to obtain.
Information Required by Insurance Companies
It is important to remember that all insurance companies are different, so the information they need will vary from one provider to the next. Many insurance companies will ask applicants different questions about their lives – questions about the applicant’s health, overall lifestyle, and occupation are common among most insurance companies.
In addition to the information varying from one insurer to the next, it will also vary depending on what type of insurance coverage the applicant is seeking.
For those applicants who are deemed to have “high risk” occupations, the questions about their job are often much more detailed.
Some of the most common questions an insurer will ask a “high risk” client are what they day to day tasks look like, where the job is based (either on-shore or off-shore), and the nature of some of the hazard they may come in contact with such as chemical, dangerous machinery, or explosives. The answers to these questions will give insurers a better idea of the actual risk level of the policy holder.
An insurance agent’s job is to evaluate how much a risk covering an individual is to his or her organisation or the likelihood the policy holder will submit a claim early on in the policy. Along with needed to know your occupational risks, agents will also ask questions about health and lifestyle choices as well as wanting to know if any preexisting conditions are present.
They will then analyse these results, compare it to the coverage the applicant requires, and then use that risk factor to determine how much the applicant will pay in premiums. The “higher risk” an applicant is seen as generally means they will be paying more in premiums.
Help from Genesage
With the growing number of insurance companies in the United Kingdom and all of them taking a different stance on high risk occupations, it can be difficult to determine which company is best suited to meet your needs.
Genesage is available to help individuals compare different insurance policies and companies and help them to choose the right plan. Our knowledgeable team will make sure to keep you informed every step of the way and help to find affordable, comprehensive life insurance coverage.