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Life Insurance, Critical Illness Cover and Income Protection for Builders
- Example Occupations: Residential, commercial and industrial construction, labourers, builders mate.
- Possible Risks: Working above 40 feet, amputation, equipment safety
- Occupational Duties: Construction and maintenance of walls, buildings, chimney stacks and decorative structures
Most insurance providers will offer Life Insurance for builders at standard terms. Where your job requires you to work at heights of 40 feet and over, you will need to inform the insurer of this so that they are fully aware of your occupational requirements before offering cover. Working at heights regularly may have an impact on the premiums companies are willing to offer.
Critical Illness Cover
As with builders Life Insurance, Critical Illness Cover applications should also be accepted at ordinary rates with most insurers. Again, you will need to provide the insurer with details of any significant heights that you are required to work at for your occupation.
Builders Income Protection policies are available with a few insurance providers with an own occupation definition. It is important that you apply for an own occupation definition for the policy, as this will mean that at the point of claim you are assessed on your ability to work as a builder. If you were to choose a policy with a suited occupation or any occupation definition, then any claim you place will be assessed on your ability to perform any like job or any job at all. This makes the claim criteria much broader and means that you must be much more ill in order to make a successful claim on these definitions. Our financial advisers can ensure that your application is placed with the correct insurer to enhance your chances of being offered an own occupation policy.
Income Protection for builders will be written with a deferment period of 1 day, 1 week, 4 weeks, 8 weeks, 13 weeks, 26 weeks or 52 weeks. The deferment period is the amount of time that you must wait from becoming unable to work, to receiving the benefit payout. You should consider any employment benefits, savings and budget for the Income Protection policy when you make the decision as to which deferment period suits you. Our financial advisers regularly help clients to determine which deferment period best suits their individual circumstances and we are happy to discuss the benefits of different options with you.
Builders construct buildings and other structures using a variety of materials including brick, tile, wood, concrete and glass, to name but a few. Builders must remain vigilant whilst designing, constructing and maintaining sites that they work on to ensure that their work is safe for use by the client and follows all legal requirements.
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