In terms of life insurance and premium payments, many people believe that those holding “hazardous” or “high risk” occupations often pay more for their life insurance coverage.
While this may be true in some cases, high risk occupation applications are more often accepted with standard terms and affordable monthly payments.
This is also the case for those individuals who work as security guards.
Life Insurance Policies for Security Guards
Security guards are often considered to have a higher risk occupation. Even though this is the case, it is important to know that security guards are able to obtain life insurance policies with affordable premium payments and standard terms through most insurance providers in the United Kingdom.
Often, it is possible to shop around different providers and insurance policies in order to find an offering that not only fits the individual’s needs but will also fit into their household budget.
If your security guard occupation causes you to travel or work in dangerous locations, it is important to make sure that is noted on the insurance application as well as discussed with the insurance agent.
Often, the insurance company will evaluate eligibility and premium payments based on the locations the security guard spends most of their working time. In some cases, working in areas that are considered hazardous or dangerous can lead to non-standard terms and higher premium payments.
Critical Illness Cover for Security Guards
Just like life insurance policies, Critical Illness Cover is available for security guards through a number of providers in the United Kingdom. These applications are often accepted with standard terms and manageable monthly payments.
Again, if your occupation causes you to travel and/or work in dangerous locations for extended periods of time, it is important to disclose this information to the insurance agent. Although this may increase monthly payments, providing this information is important should you need to make a Critical Illness Cover claim sometime down the line.
Income Protection for Security Guards
Income Protection policies are available to security guards through a small group of UK providers. When filing an application for this type of coverage, it is important to use the “own occupation” definition when asked – using this definition will prompt the insurance company to evaluate any claims and the policy holder’s ability to work based on his or her specific occupation.
Using this definition makes it much easier for Income Protection policy holders to have their claims approved by the insurance company.
When applying for Income Protection, individuals will have the opportunity to choose their deferment period. This deferment period is the amount of time between when the claim is approved and when the claim pays out to the policy holder.
Deferment periods can vary from one day, to one week, all the way up to 52 weeks. When deciding how long your deferment period will be, make sure to take any additional support from your employer, your monthly budget and your income in consideration.