Getting Life Insurance if you Work a High Risk Job

 

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.

Shop around

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.

Getting Life Insurance if you are over 50

 

Once the age of 50 hits, it is inevitable that many of us will start to hold concern over what lies ahead. As you enter the golden years of your life, you need to be able to really enjoy them, without any concerns over the financial protection of your family or assets should you pass away. The golden years are when you should be really enjoying life. You should be free to play the occasional round of golf, take those holidays you always wanted to and make the most of time with family and friends without any concerns for the future financial security of your loved ones consistently hanging over your head.

Having said this, without life insurance, those over the age of 50, no matter how good their health is, realise that uncertainty is present regarding the future of their families and assets should they pass away.

Who will insure me and what will it cover?

Think life insurance is for young couples getting their first mortgage? Wrong! Life insurance is ever so important for those over 50 and virtually every insurance company out there will be willing to provide you with a quote. In fact, most insurance companies offer special life insurance packages for over 50’s. You may be able to avail of an option to stop payments once you reach a certain age while remaining covered by insurance.

Over 50’s insurance policies will typically include cover for many serious illnesses, meaning that a sickness benefit will be paid to you and your family should you suffer from any of a certain set of illnesses in the future. Should you pass away prematurely, you may also be able to ensure mortgage protection and ease the financial burden on your loved ones. Having life insurance in place will ensure that funeral costs and other outstanding bills will also be covered in the event of your death.

Will getting insurance be a lengthy ordeal?

When dealing with the right company, getting insurance cover will not be a lengthy ordeal. In fact, many insurance companies won’t even ask you to complete a medical and initial applications can usually be made quickly over the phone or online. The application process will depend on your medical history and exact age and, generally speaking, a life insurance policy can be up and running within a few days. Talk to a life insurance broker to ensure that finding the most competitive quote for your needs remains to be just one quick phone call away.

Is life insurance for over 50’s expensive?

Many people shy away from enquiring about life insurance for over 50’s because they think they cannot afford it, especially if their sole income is currently a retirement pension. Premiums can vary from company to company but you can expect to pay roughly €15 – €20 a month for typical life insurance cover of €15000-€20000. Can you spare 50 cent a day? Yes? Then you can definitely afford an over 50’s life insurance policy.

We hope this guide helps you to better understand life insurance policies for over 50’s and hopefully it addresses some of your previously held concerns.

Choosing the right insurance for your business

As the owner of your own company, protecting your business by getting proper insurance is one of the smartest things that you can ever do. In doing so, you are protecting your livelihood and your future financial stature. And while making the decision to insure your business is smart, choosing the right cover and policy for your business can be a tedious task. With so many insurance companies in the market offering varying packages, it is very easy to get confused and put off pursuing insuring your business.

We know how important it is for you to have your business insured so we have broken down the many cover options available to you, which will help make insuring your business a whole lot easier. The type of insurance policy you require from the following will largely depend on the size and nature of your business.

Public Liability Insurance

Public Liability Insurance protects you against claims for compensation from customers or business suppliers who have suffered an injury or property damage due to the product or services offered by your business or have suffered an injury on your business premises. For example, a customer falls and injures themselves on your business premises due to a puddle of water that is not indicated by a wet floor sign and they sue your business for compensation for the injuries sustained on your business premises. In this instance, public liability insurance will provide cover.

Another example would be a roofing contractor who goes on a call out. During this call out, he lets a ladder fall down and injures the customer. Public liability insurance would provide cover here in the event of a claim for injury compensation by the customer.

Employers’ liability insurance 

If you have employees, even hired on a part-time, ad hoc or temporary basis, employers’ liability insurance is a must. Should you be sued by your employees for personal injury sustained during the course of conducting their job or for wrongful dismissal, employers’ liability insurance will provide cover against any claims for compensation. In the case of employee law suits, compensation payments and legal expenses due to successful plaintiffs can often be quite large. In such cases, insurance cover can often be the difference between the ability to move on and drive your business forward or suffering financial ruin.

Property and business interruption insurance 

Fire, theft, or other damage to your business property, equipment or goods are everyday threats to the future of your business. A fire could wipe your business out for good, as could the theft of the equipment required for you to conduct your business services. Property and business interruption insurance cover can ensure that you get back on your feet as quickly as possible should the worst threats become a reality.

Professional indemnity insurance 

Any professional who offers advice, expertise or knowledge to their customers can be susceptible to a professional indemnity claim. If a client suffers financially because of a mistake you’ve made or due to any negligence on your part, you may be liable for a claim. Anyone from accountants and architects to business consultants and financial advisors can be liable for a professional indemnity suit. Professional indemnity insurance protects your business by covering what may be quite extensive legal fees and compensation.

We hope this guide helps you to better understand how to choose the right insurance for your business. Be sure to talk to an experienced financial advisor or broker for the best quote for your business insurance needs.