Last Updated on
Life insurance is a must-have financial product for the majority of people. However, it’s essential that you have an appropriate policy in place. With varying terms and conditions, it’s vital to confirm that your cover reflects your lifestyle and needs.
Your occupation is particularly important when it comes to purchasing life insurance. Should the worst happen, you don’t want your loved ones to find your policy invalidated because of the small print. Take a look at the following tips to ensure you have the right life insurance in place, regardless of what job you do:
1. Confirm Whether Your Occupation Is High Risk
Some job roles are obviously high risk, which makes it easy to determine whether you need a specialist policy in place. Police officers are more at risk than office workers, for example, whilst construction workers may face a higher risk than retail employees.
However, there are some occupations you may not automatically think of as high risk. Most life insurance providers consider commercial drivers and in-house engineers as hazardous roles, for example, even though you may not instinctively label them as high risk.
Due to this, it’s vital to check whether your occupation is considered high risk by your chosen life insurance provider. By confirming this prior to taking out a policy, you can ensure that your cover will be appropriate, valid and effective.
2. Identify Potential Exclusions
Most life insurance policies contain some exclusions. You may find that your policy doesn’t cover fatalities that occur due to certain high-risk activities, such as parachuting or deep sea diving.
Some life insurance companies offer policies to high-risk workers but exclude potential fatalities that are related to their occupation. This can keep the cost of your premiums down, but it does restrict the instances in which your policy would pay out. There are a range of options available, so do talk to other providers if you’re looking for a policy that will cover every eventuality.
3. Consider Business Protection Insurance
If you’re a self-employed worker and have a hazardous occupation, you may be able to obtain life insurance under a business protection insurance policy. Similarly, if you own an incorporated company and your role involves high-risk activities, professional insurance may offer some form of life insurance.
With specialist business protection policies for hazardous occupations, this could be an effective way to obtain life insurance, as well as work-related personal injury and illness cover.
4. Compare Policies and Providers
No matter what type of insurance you’re taking out, it’s important to evaluate all the options that are available to you. By comparing life insurance providers, you can ensure you’re getting the maximum amount of cover for the best price.
It’s important to remember, however, that price isn’t the only thing that matters when you’re buying life insurance. One policy may seem like better value than another but have a wider range of exclusions, for example. Due to this, it can be helpful to discuss your options with an experienced insurance agent.
Furthermore, it isn’t just different life insurance providers you need to compare. Most life insurance companies offer a range of different policies, so you’ll need to compare multiple policies from the same provider too.
Choosing the Right Life Insurance Policy
Acquiring the right life insurance policy will give you peace of mind and ensure that your loved ones will always be provided for. Although it can be a difficult subject to think about, finding an appropriate life insurance policy is one of the most important things you can do for your family, particularly if your job role is hazardous or high risk.