Scaffolders work in a variety of settings including commercial, residential, and industrial areas.
Their main objective is to build a safe framework for other construction workers to use when working on structures that reach great heights – this type of work includes also working at these heights and using specialised machinery.
Scaffolders are often considered to be working in a high-risk occupation, which can often make securing life insurance and other protections more complicated and more expensive.
Since coverage such as life insurance, critical illness cover, and income protection are harder to secure at an affordable price for scaffolders, it is important to understand how these types of protective policies work for a higher risk occupation.
There are many factors that play into how insurance companies decide whether or not to cover an individual based on their occupation and how they will calculate what monthly premiums they will pay. Here we will discuss these factors and what else you should know.
Information on Life Insurance
The main factor that influences a life insurance decision and options available for scaffolders is the height in which they work. For those who do their job at heights 40 feet and lower, many insurance providers are comfortable providing a policy at standard terms.
For those working at above 40 feet, it may be necessary to take a life insurance application to a specialised insurance provider willing to work with someone who holds a higher risk occupation – Genesage can help you find those providers.
At this time, there are a number of life insurance companies who are willing to offer scaffolders standard terms regardless of the height in which they perform their job. Another factor that may play a role in a life insurance policy decision is whether or not the scaffolder works abroad.
Insurance agents will want to know the locations in which you work and the travel will be taken into consideration when choosing coverage as well as calculating the monthly premium a scaffolder will pay for that coverage.
Information on Critical Illness Cover
Just like with life insurance coverage, a will want to know the height in which a scaffolder works. Again, those working at 40 feet and below will likely be offered critical illness cover with standard terms.
Anyone working above this height may have to seek out a specialised provider. The insurance advisors at Genesage can help to find critical illness cover providers who are willing to work with scaffolders and the increased risk to provide them with a comprehensive policy.
Information on Income Protection
When considering income protection, how a scaffolder defines the coverage can ultimately make the difference between being approved for coverage and being declined. Generally, if a scaffolder approaches income protection with an own occupation definition, he or she will be able to secure a policy at standard terms.
Income protection is a policy that, should you become critically injured or sick and are unable to work, the policy will pay out to provide financial support for bill and other living expenses. Other definitions of coverage that are available include suited occupation or any occupation – these definitions can often mean a decline in coverage for those with a higher risk in occupation.
Insurance advisors such as the ones at Genesage will often encourage scaffolders to use the own occupation definition whenever possible. Critical illness cover will also give you options when it comes to the deferment period, usually between four and 52 weeks.
When choosing a deferment period, consider the other benefits your employer provides as well as your savings account balance and your expenses.