Engineer’s life insurance key points

  • Life insurance for engineers is available and works similarly to life insurance for any other profession. There isn’t a specific policy that’s designed for engineers
  • Many engineers can get life insurance at the standard rate based on their occupation alone. However, if you work in certain dangerous environments (such as underground, at offshore facilities or at heights) this could impact your premium costs or application outcome
  • Each insurer has different criteria when it comes to assessing risk, which means quotes will vary between them. As a result, it’s essential to compare life insurance to help you find an affordable deal
  • Other important types of protection for engineers include income protection insurance and critical illness cover, as these are designed to pay out if you become ill or injured during your working life

Does life insurance cover engineers?

Yes, life insurance does cover engineers. There are a range of policies available to engineers who want to financially protect their loved ones.

When applying, it’s important to disclose the details of your occupation and what your day-to-day job entails.

This is because insurers determine your eligibility and the cost of your premiums based on the level of risk you pose, and some engineering jobs are considered high risk.

Other factors such as your age, health, lifestyle and the type of policy you choose will influence how much you’ll pay. Life insurance for engineers could be the same price as for other professions, but ultimately, it’ll depend on your personal circumstances.

Whether you’re a computer engineer or a construction engineer, it’s always best to compare multiple quotes. This will help you to find the right policy at the right price.

Contact Reassured for your free, no-obligation quotes.

Should engineers get life insurance?

While working as an engineer, you may be contributing to your household income, paying off a mortgage, and supporting a family.

In these circumstances, having life insurance in place could provide a much-needed financial safety net for your loved ones if you were no longer around.

A life insurance pay out could help to replace your income and help to cover financial commitments and other costs, such as:

  • Mortgage or rent payments
  • Childcare and/or school fees
  • Living costs such as utility bills, groceries & transport
  • Outstanding debts in your name
  • Your funeral expenses

You can tailor your policy to suit your unique circumstances and budget.

This involves choosing the length of your cover (for example, until your children are gown up or for the rest of your life) and how much is paid out to your loved ones if the worst happened.

There are a range of life insurance options for engineers including term life insurance, family income benefit and whole of life insurance, which we explain in more detail below.

How much life insurance do you need?

Use our handy calculator to work out how much life insurance you may need. Simply fill in the costs you’d like your policy to cover. You may also want to factor in any death in service benefit you receive through your employer.

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£137,934 is the estimated mortgage debt per household in the UK.

The purchase of a home is likely to be the largest financial commitment any of us will make in our lifetime. Your life insurance should cover your remaining mortgage balance to allow your loved ones to stay in the family home should anything happen to you.

Source: Moneynerd.co.uk

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The average monthly household budget in the UK is £2,548 (that’s £30,576 per year), which is spent on transport, food & drink, utilities (gas, electricity, water etc), clothing, council tax and leisure activities.

With energy prices hitting a record high and the cost of living rising sharply in the UK, you may wish to factor in utility bills and family living expenses into your cover.

Source: Nimblefins.co.uk

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The average personal debt of UK adults has risen to £34,566 (not including mortgage debt), with credit cards, personal loans and overdrafts being the most common forms of debt.

Factoring in any debts into your life insurance cover means that, if they need to be paid back from your estate after your passing, your loved ones won’t miss out financially.

Source: Money.co.uk

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According to SunLife, the average cost of a funeral in the UK is £3,953 (with the overall cost of dying at £9,200).

Funeral costs have increased by 116% since 2004 and are a significant cost which should be factored into the amount of life insurance you secure.

Source: SunLife.co.uk

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When factoring in cover for your children, you may wish to calculate the amount based on how long it is until they reach financial independence.

This could include childcare (£7,000 per year for part-time care), school expenses (£1,519 per school year for uniforms, lunches, stationary etc), as well as an additional sum for further education (this could be a contribution of up to £5,000 per year).

Sources: Daynurseries.co.uk, Primarytimes.co.uk & Savethestudent.org

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2 in 5 adults say they are relying on an inheritance to fund their retirement.

Factoring in an inheritance to your sum assured could allow loved ones to live a more financially comfortable life. Alternatively, you could leave a cash gift to a charity of your choosing.

Source: Moneyage.co.uk

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If you’re lucky enough to have your own savings or are part of the 30% of UK residents who already have a life insurance policy in place, this can provide financial protection for loved ones.

By entering your current cover, savings or death in service amount you can reduce the sum assured you require.

Source: Scottishbusinessnews.net

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Is my job considered high risk?

Whether your job is considered as high risk will depend on your specific role and how often you’re exposed to dangerous situations.

Certain working environments are more hazardous than others, where fatal accidents are statistically more likely to happen.

Insurers may place you in the high risk category if your engineering job involves working:

  • Outside at heights above 15 metres (50ft) for more than 5 hours a week
  • In the offshore gas or oil industry
  • Underwater (e.g. diving)
  • Underground (e.g. mining or tunnelling)
  • In the Armed Forces
  • In the aeronautical industry
  • With dangerous chemicals or machinery

That being said, every insurer evaluates risk differently, so whether your role is perceived as high risk will also vary between different insurers.

At Reassured, we offer a specialist impaired risk team for those who may be considered high risk due to the nature of their job or other reasons.

We can help you identify your available options from our panel of mainstream and specialist insurers.

There are currently around 540,000 engineers in the UK, all working in various roles and industries[1].

The construction industry is the most dangerous, with falling from height being the most common cause of fatal injury in 2022/23[2].

Potentially dangerous engineering roles may include:

  • Construction engineer
  • Gas engineer
  • Civil engineer
  • Petroleum engineer
  • Offshore diving engineer
  • Nuclear engineer

How much is life insurance for engineers?

The cost of life insurance for any individual is dependent on a range of key factors, including:

  • Age
  • Health
  • Smoking status
  • Family medical history
  • Weight / BMI
  • Occupation
  • Hobbies
  • Policy type
  • Policy length

As mentioned, if your engineering job involves working in dangerous environments or with hazardous equipment or chemicals, this could result in higher premiums or refusal of your application due to the increased risk to the insurer.

However, it’s important to compare quotes from multiple insurers as your level of risk will vary between them. This can allow you to weigh up your options and find a suitable policy.

Compare your free, personalised quotes through Reassured.

Types of life insurance

There are different types of life insurance available for engineers. You can protect what matters to you by choosing a policy that suits your needs and budget.

Term life insurance (level or decreasing) tends to be the most popular option for working professionals who want to help protect a mortgage or essential family living costs.

At Reassured, we offer the below policy types:

  • Help protect an interest-only mortgage
  • Pays out if you pass away during a set term (2 - 40 years)
  • Fixed pay out amount (sum stays the same throughout the term)
  • Free terminal illness cover
  • Application requires your occupation details
  • Help protect a repayment mortgage
  • Pays out if you pass away during a set term (2 - 40 years)
  • Decreasing pay out amount (sum reduces throughout the term)
  • Free terminal illness cover
  • Application requires your occupation details
  • Help replace a lost income
  • Pays out in tax-free monthly payments if you pass away during a set term (2 - 40 years)
  • Will continue to provide payments until the term ends
  • Free terminal illness cover
  • Application requires your occupation details
  • Available through Reassured
  • Provide an inheritance and/or help cover your funeral costs
  • Policy lasts for the rest of your life
  • Guarantees to pay out when you pass away (making it more expensive than term-based cover)
  • Application requires your occupation details

For more information on any of the policies we offer and for your free quotes, get in touch with Reassured.

Critical illness cover for engineers

Critical illness cover is a type of policy that provides you with a lump sum pay out if you become critically ill (with a specified illness covered in your policy) and unable to carry out your job.

The types of illnesses that are covered usually include:

  • Cancer (advanced cases)
  • Multiple sclerosis
  • Stroke
  • Heart attack
  • Blindness
  • Kidney disease

The pay out can help you to maintain your standard of living by replacing lost income or to cover medical treatment.

Critical illness cover could be particularly beneficial for self-employed engineers who don’t receive statutory sick pay, like those who work for an employer.

At Reassured, we can help you to arrange critical illness cover as part of your life insurance policy. This will involve an extra fee on top of your life insurance premium.

It’s important to note, however, that depending on the level of risk you pose, any claim relating to your occupation may be excluded. It’s important to determine exactly what you are covered for in your policy documentation.

See our dedicated critical illness cover page for more information or get in touch for your free quotes.

Income protection for engineers

Income protection helps to protect a percentage of your income (50 - 70%) and will pay out in monthly payments if you can’t work due to illness or injury.

Like with critical illness cover, income protection for engineers could be important if you’re self-employed and not entitled to sick pay.

The regular income payments from your policy could help you cover monthly financial commitments (such as mortgage payments) until you’re well enough to return to paid work.

Your occupation as an engineer will be considered by insurers during the application process, and if you work in risky conditions then this could impact your cover.

See our income protection insurance page for a detailed guide on this policy. Or get in touch for your free quote comparison.

Can you get life insurance for gas engineers?

Gas engineers can get life insurance just like other types of engineers.

There isn’t a specific policy for gas engineers and your profession may not impact your life insurance options or the amount you pay unless your work involves dangerous situations.

As discussed, your personal circumstances and other key factors will determine whether you’re offered a policy and the cost of your monthly premium.

Like for anyone else, comparing life insurance quotes can help you to find a good deal on the policy of your choice.

Get your free quotes through Reassured today and see if we can help you save money.

Compare life insurance for engineers [Find our best deal]

Protecting your income and making sure your financial obligations are covered if you were to pass away can bring comfort to you and your loved ones.

Even if you receive death in service benefit though your employment, a personal policy can help ‘top up’ the benefit amount and offer more protection.

At Reassured, we have a dedicated team of experts who are trained to help you find which life insurance options may be available to you, whether your job is considered low risk or high risk.

We can identify the insurers from our panel who will offer the most suitable terms based on your specific job role and circumstances.

Our experts provide all the information you need to make a fully informed decision and support you through the entire application process.

Get in touch for your free, no-obligation quotes today.

Sources:

[1] https://www.statista.com/statistics/319190/number-of-engineering-professionals-in-the-uk/

[2] https://www.hse.gov.uk/statistics/fatals.htm

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