Life Insurance for offshore workers can be rather straightforward to arrange especially when the applications occupation is of low risk e.g. office administrator, cook, etc. Where the occupation is classed as low risk it is often possible to secure Life Insurance policies at standard terms so long as you are based in UK waters. This is because you are seen as being at no increased risk of danger from your occupational duties than someone who works inland.
Where your application will be assessed more thoroughly is when your occupation has inherent higher risks due to the regular working tasks. This can include but is not limited to activities such as working at heights or depths, with heavy machinery or in foreign waters. If your regular working tasks include these activities then you may receive a premium loading your policy. This is when the insurer increases the monthly premiums for the policy, compared to a standard policy acceptance, to offset the perceived higher risk of you being in a fatal accident due to your occupation.
There is no one insurance provider who uniformly offers the best Life Insurance for offshore workers, with the market regularly changing acceptance terms to get one over the competition. In general it is much better to speak with an insurance adviser who can provide you with a fair analysis of the most up to date terms from insurers.
Critical Illness Cover for offshore workers is treated in much the same way as a Life Insurance application. If your occupation is classed as being high risk, such as a bell diver, then you may find that your Critical Illness policy comes with a occupational exclusion or premium increase. Typical exclusions could include, but are not limited to, loss of limbs, traumatic head injury and paralysis. Any offshore worker should be prepared that Total Permanent Disability could be unavailable with a Critical Illness policy.
Income Protection is available to offshore workers but will often come with a rotary aviation exclusion on the policy. This exclusion comes in two formats - 1. no claim is paid if you are injured whilst travelling in a helicopter, or, 2. no claim is paid if you are unable to get to the oil rig due to illness. In regards to this second exclusion this is best exemplified by an individual who is unable to continue to work on an oil rig due to the development of high blood pressure, and resultant inability to travel by helicopter to the site.
In certain circumstances Income Protection can be offered on an own occupation definition for low risk occupations but this is on a case by case basis. This means that in order to make a successful claim you must be unable to do your just your own occupation. In many circumstances Income Protection for offshore workers may be offered on a suited occupation basis, meaning that in order to make a successful claim you must be unable to conduct your occupational duties both offshore and inshore. You may find that your Income Protection has a limit to the retirement age you can be covered until. In addition to this you may find that having a longer deferment period between the date you are unable to work and a claim can start, is required for your occupation.
Income Protection for offshore workers is a very specialist area and it is worth speaking to a qualified adviser before trying to place cover.
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Offshore workers are those individuals who work within the oil rig Industry and this page is focused towards people within this sector. If you are a member of Armed Forces please visit one of the following pages that are tailored specifically for your needs: Army, Navy, RAF.
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