What You Should Know About Life Insurance, Income Protection, and Critical Illness Cover….
Being a firefighter or fireman is often a very dangerous occupation but something that is necessary to ensure citizens remain safe.
Because there is an increased risk associated with this line of work, many people believe that life insurance policies may be hard to come by and, if you can find an insurance provider willing to work with you, the policy may be very expensive.
The good news is that this is not necessarily the case and that it is possible for firemen to secure affordable insurance policies.
Information on Life Insurance
Although being a firefighter is often considered a high-risk occupation, there are life insurance policies out there offering standard terms and normal monthly payments. Applying for a life insurance policy as a fireman is often very straightforward unless there are personal or family medical issues that make the application process more complicated.
Should you need assistance understanding a life insurance policy or finding a provider, Genesage’s knowledgeable team is available to help.
Information on Income Protection
As with life insurance policies, income protection policies are also available to fire fighters with standard terms and standard premium payments. When filing this type of application, you will have the option to choose between “own occupation,” “suited occupation,” or “any occupation” definitions.
For firemen, the best choice is an own occupation definition – this means that, should you need to make a claim, the claim will be assessed against your ability to perform your duties specifically in the firefighting field.
Suited occupation and any occupations definitions can be valuable in some situations, but they are often much harder to file a claim against. Suited occupation means that your claim will be assessed against your ability to do a similar job and any occupation is assessed against your ability to do any job in any industry.
Should you need assistance choosing the best income protection definition for your situation, the team at Genesage can help to explain the differences and help you choose the best option.
These policies have incremented deferment periods that range from one day up to 52 weeks. This period is the amount of time between when you stop working and when the claim will begin providing financial assistance.
When choosing a deferment period, make sure you take into account your financial needs, how long your savings will last against your budget, and what additional income protection benefits your employer may provide – ideally, income protection starts when these other resources run out.
Information on Critical Illness Cover
Critical illness cover is also available to firefighters and firemen at standard terms with normal monthly premium payments. Providers of this type of policy often do not see the occupation of being a fireman as an increased risk factor for them being diagnosed with a critical illness.
It is important to note, however, that Total Disability and Permanent Disability options are not available to firemen at this time – while this is good to know, also take into consideration that this is a small part of the overall policy.