Life Insurance for Offshore Workers
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Check out our new Infographic for Offshore Workers!
Revision by Kathryn Knowles on 5th February 2015
Following some recent improvements in underwriting it seems the insurers are opening their doors to more and more offshore workers.
Income Protection is now available for many occupations including those with manual duties and working at heights. A number of the mainstream insurers are targeting the offshore industry due to the improvements in health and safety. Further competition will only continue to drive the prices down and widen the options available to workers in this sector.
Critical Illness remains available for most occupations within the industry although working outside of the European Union for extended periods can still need individual consideration.
Life Insurance is now often available at ‘standard rates’ for many more geographic locations including Western Africa such as Angola albeit on a case by case basis.
These welcome improvements are allowing us to help the vast majority of offshore workers have the peace of mind of comprehensive financial protection for themselves and their families.
You can also talk with one of our qualified insurance advisers on 0800 567 7450 who will be happy to assist you.
Life Insurance for Offshore Workers is a rather detailed process for Insurance Providers as there are so many variables that can affect a successful application. What geographical location do you work in? Does your job role require you to work underwater or at a significant height above the rig deck? This article aims to provide you with some guidance as to the information that you will need to have available for your Life insurance application.
As an Offshore Worker your Life insurance application will need to be completed in the same way that any other individual would need to apply. You will need to provide your age, smoker status, medical history and occupation details. It is your occupation details that can make the application process more tricky. Many offshore workers can be accepted at normal terms (no price increase) however certain factors of your occupation could lead to your policy being rated (higher price) if they are deemed to be hazardous.
How will my job as an offshore worker affect my application for Life Insurance?
Regardless of whether you are a manual worker or a member of support staff your Life insurance will need to be researched to ensure that you receive the best policy terms when taking your offshore status into account.
If you regularly work underwater or are required to work at a significant height above the rig deck you are likely to see your monthly premiums increase. This is because Insurance Providers class your regular working tasks as having an added risk of death or significant injury compared to less hazardous occupations. For example, if you are bell-diver you are likely to experience heavy ratings on your policy.
How will my geographical location affect my application for Life Insurance?
We are often approached by individuals who work in the North Sea (Hull, Aberdeen, etc) on a two weeks on, two weeks off rota. If your job role is of an administrative nature you are likely to be accepted without any price increase, as your regular daily working tasks are no different to someone based in an office onshore. Some manual roles are also accepted with no price increase e.g. chefs, office cleaners, etc.
We also receive applications from Offshore Workers based abroad, for example in West Africa. In this circumstance it is essential that you speak with a specialist Insurance Adviser, such as ourselves, who can approach the correct Insurance Providers for your application. You will likely receive a rating to your policy premiums, but it is essential that your application goes to the right Insurance Providers who can actually offer you cover.
So what does this all mean?
In a nutshell your Life insurance application will need to be assessed by a policy underwriter for the Insurance Provider you are approaching. This is a standard process for anyone who is an Offshore worker and is nothing to be concerned about. Below are examples of the rating level that your occupation may fall into:
Standard terms or a potentially low rating:
- Health and Safety Officers
- Medical Personnel
- Office-based Staff/Management
- Engineering Supervisors
- Operators (remote submersible)
Moderate to High ratings:
- Heavy Mechanical Engineers
- Bell Divers
- Working in High Risk Countries
For these high ratings scenarios you could be rated between £2-£10 per £1000 per year of Life Insurance that you apply for. The above categories of standard, low or high ratings are examples based upon our past successful applications for clients.*
What should I do now?
You should choose a reputable Insurance Broker, who has experience in placing offshore workers, to process your Life Insurance application. The Special Risks Bureau house industry trained Insurance Advisers who specialise in securing Life Insurance policies for Offshore workers. We are in regular contact with the specialist Insurance Providers who can offer you Life Insurance at the most beneficial terms.
If you would like an idea of how much Life Insurance will cost at standard rates then head over to our online quote system. It only takes a few minutes and is free to use. As stated before, the online quote system will only show you premiums at standard rates.
You should never at any point ‘down-play’ the daily activities of your job role under the pretence of securing a low rating on your application. Quite simply it is not worth it. In the unfortunate event that you should die or suffer a critical illness whilst at work, the circumstances of your death/illness will be assessed in order for a claim to be paid. If you have not been fully truthful as to your job requirements your policy will be invalid.
So how do I apply for cover?
As stated above you need to choose an Insurance Broker that you feel comfortable with, who can fully assess your needs and direct your application to the most suitable Insurance Provider for your needs. Why not give us a call on 0800 567 7450 where one of our specialist Insurance Advisers can start the ball rolling on your application.
*The Special Risks Bureau are not to be held accountable should your job role be listed above as a potentially standard or low rating, and your application be subjected to high ratings or added exclusions. All Life Insurance policies are based upon your own individual circumstances and the full discretion of the policy underwriters at the Insurance Provider.
- If you would like more information on obtaining insurance when you work offshore click here.
The Special Risks Bureau has been rated 5.0 out of 5 based on 341 reviews.
Review by Simon on 29th January 2016
“I was having a lot of trouble getting critical illness cover as I work on a rig. These guys really helped me and got cover sorted at a good price.” – 5
You can read more of our reviews here.
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