If you have a family or assets to protect, life insurance is an absolute necessity. Your life insurance premium will be assessed according to a number of different factors – your age, family history, your health, hobbies and the type of work that you do. What does the type of work that you do have to do with life insurance you may ask?
Insurance companies need to know your occupation as it can present a risk factor. For example, an office worker would be considered less high risk than a fireman as a fireman regularly faces danger due to the nature of their role. Many people avoid taking out life insurance if they have a high-risk job, simply because they fear extremely high premiums. However, what most of these people don’t know is that most companies offer affordable, specialised policies for high-risk jobs. If your job puts your safety in danger, it is absolutely necessary that you consider taking out life insurance to prevent your family from more hardship in the event of an accident.
There are a couple of things to check out when shopping for life insurance when you work a high-risk job, some of which include the following:
Check how high risk your job is considered
Generally speaking, each insurance company will have their own list of factors that determine a certain occupation as “high risk”. This list of factors can include things like operating machinery, manual labour, frequent requirement to drive vehicles, working at sea, working at a height, exposure to a high level of stressful situations and regular contact with hazardous substances.
Your role must involve a very frequent level of these types of activities to be considered as high risk. In addition to this list of determining factors, most insurance companies will have “tiers” of high-risk jobs. For example, an oilrig worker might be deemed high risk but a soldier who is involved in military battles or has frequent contact with explosives or gases would be deemed as very high risk. In some cases, an insurance provider may deem such occupations as “uninsurable”.
Protect your income
If you get seriously injured at work, you could face a long period of time where you’ll be out of employment as you recover from your injuries. In cases like this, it is imperative that those in high-risk jobs, at high risk of injury, ensure that their income is protected should they be gravely injured. Income protection may be included as part of a high risk life insurance quote by some companies while others may offer this as an additional extra. While it may seem that your quote is very competitive, if it doesn’t include income protection you may end up costing yourself a lot of money in the long run.
The pool of insurance companies offering life insurance for high-risk jobs is massive. And while most of these companies will be prepared to quote for life insurance for those with high-risk jobs, the stipulations and classifications of high-risk jobs vary from provider to provider and, in turn, so does the price of insurance premiums. For this reason, be sure to shop around.
Getting life insurance when you work a high-risk job has never been easier! Take heed of our 3 aforementioned tips to be sure you obtain the most competitive quote possible.