People who have ‘high risk occupations’ are considered a higher risk when it comes to Life Cover and are often subject to various exclusions and higher premiums. What’s more, these exclusions and their associated definitions can differ from one insurance provider to the next.
The most common occupations considered to be “High Risk” are usually associated with Working at Height, the Oil and Gas Industry (offshore), aircraft pilots, fishermen and HM Forces personnel.
Some occupations are riskier than others often coming with a salary commensurate with the risk involved.
Whilst occupation is only one of many factors that affect insurance premiums, it is fairly safe to say that your Life Cover premiums will be weighted in a similar way to your salary. Your employer rewards you more than the usual for working in a particularly hazardous job, your insurer may penalise you for the very same reason by requesting higher than usual premiums. To be fair, this is not unreasonable!
However, regardless what you do for a living, you should regularly re-assess life insurance needs. Life Cover will ensure that the financial needs of your loved ones are taken care of after you die.
If you’re single, with no dependents, you probably think you do not need any life insurance. Don’t forget poor mum and dad who, now they are older and perhaps retired, depend on your financial support to help them get through those cold, wet winters. It may be that you take Aunt Mabel shopping every Monday and then to her over 60′s club on Fridays.
They have no-one else and someone is going to have to pay your funeral expenses. How will they get around after you’re gone if you haven’t made provision for them?