Builders are responsible for some of the most monumental, awe-inspiring structures throughout the United Kingdom.
These workers are generally very used to taking risks to get the job done – depending on the needs of the project, builders can often be subject to working from heights, walking on thin beams, and completing other difficult, dangerous tasks.
Builders are always dealing with a varying degree of gamble when completing their day-to-day occupational tasks in order to perform their job. Since builders are subject to significantly more risk than those in other occupations, it can make them fearful of the premiums that may be associated with life insurance policies.
Life insurance companies will often see individuals like builders who are in “high risk” occupations as a higher risk for a claim, making it more likely for them to increase rates to offset the risk. Although this scenario may seem hopeless, here are some important considerations to keep in mind before applying for life insurance.
Defining Genuine Risk
Life insurance for builders has always been assumed to be more expensive than other types of life insurance, simply because of the nature of a builders work. Even if the individual is not scaling great heights to complete his or her job, chances are he or she is working around large, dangerous machinery, being exposed to harmful chemicals and possibly working in a dangerous environment. Although this is all true, veteran builders understand that this risk can be minimised by using a number of tactics.
First, veteran builders understand that being comfortable with your work is an important part of minimising the risk on a job site. Second and most important, proper safety training can minimise the risk of accidents, injuries, and even death.
If the organisation you work for provides this type of training, has been given awards in safety or safety training, or is known for how their work sites operate safely, make sure to tell your insurance agent – knowing this information may reduce insurance premiums.
What Can Contribute to Lower Premiums for Life Insurance for Builders?
It is important to understand that life insurance companies in the United Kingdom are in constant competition with one another – there is no set protocol for how an insurance company handles approvals, premiums, and payments, so they are constantly trying to out-do one another to attract more business.
In most cases, insurance companies are striving to operate within their best interest in a competitive market, meaning what benefits them will also benefit those looking for insurance.
Insurance companies work to make themselves stand out from the crowd in many ways – using creative marketing, boasting the best customer service and other public relations strategies are the most traditional way of doing so.
But, some insurance companies try to make their mark by insuring individuals at low premiums that other companies will not, such as those in “high risk” occupations. By setting a standard of approving “non-traditional” individuals, they can often attract more attention.
Securing the Best Life Insurance for Builders
The competitiveness of the life insurance market can be useful to a builder, and other individuals who have difficulty finding affordable life insurance, advantage.
First, it is important to always compare many different insurance companies to see what options are available – comparing the same type of plan, but from different agencies, will ultimately help you to ensure you are receiving the lowest possible premium payment as well as the best possible coverage for your given lifestyle and occupation.