In this video, I have moved away from health conditions as a special risk, instead bringing you Mr O who was an offshore worker. Oscar came to us looking for advice about what insurances he needed and what would be available to him, with his work as a offshore inspector. His work duties involved him inspecting the safety of oil rigs and ships.We were able to arrange life insurance, critical illness cover and income protection for Oscar. Watch my video to find out more about what we were able to do.
For more information on Offshore Worker Life Insurance, Critical Illness Cover or Income Protection please visit our dedicated page here.
Hi. Today, I'm carrying on the CuraVision ABC Series and all focus is on Mr. O. Oscar came to us, 34 year old male, non-smoker, BMI in perfect range, health in perfect range. I'm mixing it up a little bit this week, and I am going on occupation as a special risk.
For Oscar, he was an offshore worker. He was inspecting the oil rigs and ships to make sure they were safe for people to work at. Oscar came to us. He didn't know necessarily what insurance he needed or what he would be able to have. What we arranged for him was a level life and critical illness policy. We worked off a multiple of his salary, so roughly five times his salary took him to £500,000 for the life and critical illness cover. We did that over 20 years to his anticipated retirement age.
As well as that, we did some income protection. We did level income protection. This one, we worked more towards an affordability of budget for the whole package that we had put together, because we gave him multiple options, but Oscar ultimately felt the life and critical illness cover was what he wanted to focus on primarily. With the income protection, we put in place £3,000 worth of monthly income replacement. It covered his expenses, his outgoings for the month. Again, we did that for 20 years which was his anticipated retirement age.
Now, with the income protection side of things, there was a restriction on the claim period of the policy from the insurer. It was a two year claim period, and it kicked in after one month of being unable to work. Now, that whole package of the life insurance, the critical illness cover and the income protection came to an approximate monthly premium of £185.
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