For some of us, our occupation involves a higher than normal risk to our safety and our lives.
In some cases, these higher risk occupations make it difficult for an individual to obtain life insurance or, depending on the insurance company, it can come at a very high price.
The experts at Claybrooke understand how important life insurance is to an individual and a family, and how much more important this coverage can be for those individuals who put their safety and lives on the line every day.
What Occupations are Considered ‘High Risk?’
The first step in securing life insurance for a high risk occupation is being able to identify what “high risk” really means. Some examples of “high risk” occupations include those who work in the Armed Forces such as the Army, Navy or RAF, firefighters and police officers, offshore workers, deep sea divers, pilots, and other individuals who work at heights.
When it comes to life insurance policies, Income Protection and Critical Illness Cover, these occupations are considered to be much high risk than the average job. Since individuals who work in high risk occupations face a higher degree of danger, they are often seen as a higher risk to insurance companies.
Because of this, many companies will give the individual an option with the Critical Illness Cover – they can either be placed at “normal terms” (no increase in price) or “special terms” (including a price increase). Income Protection Insurance can be especially difficult to obtain because of the increase risk of injury or death as well the strict medical requirements involved.
What Insurance Companies Need to Know
Each life insurance company is different – they will ask different questions about your health, lifestyle, and occupation from one company to the next. Additionally, the required information will vary depending on what type of coverage needs to be included in the plan, such as Critical Illness Cover and Income Protection Insurance.
In some cases, insurance agents will not require you to go into a lot of detail about your occupations, daily tasks, and risks on the job unless you hold a high risk position.
For those individuals who work in the Armed Forces, as firefighters or scaffolds, among other high risk occupations, insurance companies will ask many more detailed questions.
For example, during the application process the insurance agent may ask what your day to day working tasks are, where your occupation is based (such as the region in which you work or if you work on-shore or off-shore) and the nature of the hazards you encounter every day such as explosive handling or chemical exposure.
When an insurance agent in evaluating the risk an individual is to the company, he or she will take a close look at all of these aspects along with many other factors, including health level, lifestyle and if any pre-existing conditions exist.
They will then take this risk analysis and compare it to the coverage you will require, helping to determine your overall insurance rates. In most cases, those who work in high risk occupations pay significantly more in life insurance coverage than the average individual.
How Claybrooke Can Help
With the large number of life insurance agencies in the United Kingdom, all taking a different stance on high risk occupations, it is impossible for an individual to be able to compare them all.
In some cases, insurance agents will offer exclusions for high risk occupations while others will increase insurance rates to cover their risk.
Claybrooke is a valuable resource for seeking out and comparing life insurance policies that are both comprehensive coverage as well as affordable for individuals.