Like many of the people who work to keep us safe, firefighters and firemen are often faced with an increased risk to their wellbeing every day just to do their jobs.
Since this profession does carry a higher risk than some others, many people believe that securing a life insurance policy may be more difficult and, if they can secure a policy, it will be much more expensive in the way of monthly premium payments.
The good news is that this is not always the case – here we will discuss what you should know.
Life Insurance for Firemen
Although firefighters and firemen work in a field that has increased risk to their safety, it is possible for them to secure life insurance policies that fit their lifestyle and their budget. In most cases, applications for life insurance for firemen are accepted at standard terms and with standard monthly premium payments.
The application process is often very straight forward given there are no family or personal medical disclosures that need to be made – if there are, make sure to be upfront with this information.
Critical Illness Cover for Firemen
Much like a life insurance policy, critical illness cover is generally easy to apply for and secure. Providers often do not see the firefighting profession as an increased risk for an individual to contract a critical illness, meaning they are often accepted at standard terms and with standard monthly payments.
Although this is true of critical illness cover, it is important to note that the Total and Permanent Disability option is not available for firemen at this time but is a small part of the overall policy.
Income Protection for Firemen
Income protection policies are available at standard terms and rates for firemen depending on the insurance provider. In order to secure the best possible policy with the standard terms, it is important to choose the “own occupation” option when submitting the application.
This means that when a claim is made against the policy, it will be assessed upon the individual’s ability to work as a firefighter. Own occupation is the easiest definition to claim against compared to the other definitions that are available.
The other definitions that are available for income protection include “any occupation” and “suited occupation.” These definitions mean that, when a claim is filed, it will be assessed upon the individual’s ability to perform a similar job, or any job for that matter.
While these definitions can be valuable, they are much harder to place a claim against, making the own occupation definition option the best choice for those in the firefighting occupation. If you need more information on these definitions, you can contact Claybrooke.
The deferment period for an income protection policy for firemen is often set up in increments between one day and 52 weeks. This deferment period is the amount of time that will lapse between the individual stopping work and placing the claim and when the claim will be paid.
When choosing a deferment option, consider the other benefits you may receive from your employer, how much financial support you will need while out of work, and the savings you currently have.