Builders and construction workers are an important part of the development of any city or rural area.
In many cases, these skilled professionals are responsible for erecting some of the most iconic architecture in the United Kingdom.
Builders are accustomed to taking risks in order to complete a project – many times they are subject to using dangerous equipment or working from heights, hundreds of stories high. Depending on the needs of the project, builders gamble with their safety and their lives every day.
Builders are among the professions that are considered “high risk” to many insurance agencies, making it either difficult or expensive for them to secure a life insurance policy. Since these individuals are at higher risk for making a claim early on in the policy, insurance companies will usually raise their premiums to help offset this risk.
Although getting life insurance at an affordable price may seem like a hopeless task, it is possible for builders to secure the coverage they need within their given budget.
How Builders Can Minimise Risks
Based on the nature of work that builders complete and the risks associated with doing their job it has generally been assumed that the premiums for this category of policy holders is much higher than for those with lower risk occupations.
Height is not the only dangerous thing that builders encounter on a day to day basis – more often than not, they are working with large pieces of machinery and possibly working around dangerous chemicals and explosives.
Although any of these situations has the potential to be dangerous or even deadly, veteran builders understand that this risk can be minimised in many ways.
Any seasoned builder will tell you that being comfortable and confident in the work you do and your ability to complete the job is very important to your overall safety. In addition to this confidence, it is also important to have the proper safety training, which is crucial in reducing the chances of an accident or death on the job.
If the company the builder works for is known for its safety training or has received an award or recognition for safety, it is important to let your life insurance agent know.
Why Builders Can Secure Lower Premiums
Life insurance companies are in constant competition with one another for clients’ business. It is important to keep this in mind when shopping around for a policy – there are no standards or set of rules that dictates who can receive life insurance and at what premium, so the competition within the insurance market will generally work in the applicant’s favor.
Since these companies are constantly trying to undercut one another, it is possible to secure a great premium even with a risky occupation.
While innovative marketing, great customer service and other PR strategies can help insurance companies stand out and cultivate business, it is not always enough to beat out the competition. What many companies are now doing is putting their stamp on the industry by taking on “high risk” clients and providing them with lower-than-normal insurance premiums.
By setting itself up as a company willing to work with “non-traditional” applicants, it is able to attract more business.
How Builders Can Find the Best Insurance Option
Finding affordable insurance options is possible, especially when you keep the competitive nature of the life insurance market in mind. Make sure to always compare different insurance companies and different policies before making a final decision on a life insurance plan.
When speaking with different agents, do not be afraid to share what other companies have offered you – if they are really interested in getting your business, chances are they will create a life insurance policy that meets all of your needs.