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As an offshore worker, your specific job role will have an impact on the type of cover you can secure, as well as the price you’ll pay.
Your job title and daily activities will allow insurers to assess the level of risk you pose, and your terms will be offered accordingly.
For this reason, many choose to secure life insurance through specialist offshore providers, but these providers often charge more for their cover.
It’s not just specialist providers who can secure life cover for offshore workers.
At Reassured we can compare quotes for those working in the offshore oil, gas and fishing industries - regardless of whether your job role is low or high risk.
We’ll take into consideration your unique circumstances, compare quotes and provide you with the insurers who’re most likely to offer you cover.
We’ll also be on hand to answer any questions you may have.
Our quote service is completely free, so why not get in touch today?
Keep reading to find out everything you need to know about securing life insurance as an offshore worker…
Life insurance can help to provide a financial safety net for your loved ones should the worst happen.
If you were to pass away, could your loved ones afford to:
A life insurance pay out could help to take care of all of the above for your loved ones if you were no longer around.
The level of life insurance cover you need as an offshore worker will depend on:
By considering all the aspects in your life that would need to be taken care of for your loved ones, if you were to pass away, you can work out the level of cover you’ll require.
For example, your mortgage and future family living costs.
Receiving an employee benefit, such as death in service, can reduce the amount of cover required as you’ll have an additional financial safety net.
Death in service is an employee benefit that pays out to your loved ones if you pass away during your time in service (you can find out if your eligible for this benefit by consulting your employer).
However, if you leave your profession you’ll also be leaving your cover behind so you shouldn’t depend on this form of protection alone.
If you don’t receive a death in service benefit (for example, if you’re employed by an agency) this highlights the need to take out your own personal cover to protect your loved ones.
If you’re unsure of how much life insurance you need, get in touch with our award-winning team.
We can provide you with all the information you need to make a fully informed decision.
There are multiple policy types for offshore workers to choose from. The most common life insurance policies are:
Why not let our award-winning team save you time and money by comparing quotes from some of the UK's leading life insurance providers?
We can take your personal circumstances into consideration and provide quotes from providers who can offer you the most favourable cover.
The price you pay for life insurance will vary from person to person.
This is because the insurer will assess the level of risk you pose based on your personal circumstances.
Some roles within offshore work can be more dangerous than others, so the insurer will need to know about your work in order to calculate your life insurance premium accordingly.
For example, someone who works directly on an oil rig may pay more than someone who has an administrative role.
This isn’t to say those with more ‘high risk’ roles can’t secure affordable cover.
By comparing quotes, you can find the insurers who are most likely to offer you cover and at the best price.
Or you could let an experienced broker, like Reassured, source these quotes.
It’s a common misconception that, due to the increased risk associated with working offshore, it’s only possible to secure life cover through specialist offshore providers.
This simply isn’t true.
While there may be companies who specialise in securing cover for offshore workers, it can be possible to secure life cover through a standard provider - including some of the providers on our panel here at Reassured.
Not all providers will offer life insurance to offshore workers, so using a life insurance broker can be useful in helping you to find your available options.
At Reassured, not only can we compare life insurance quotes for offshore workers, but we can help you through the whole application process and provide all the information you need to make a fully informed decision.
If you’ve previously worked offshore but have since changed occupations, it may be beneficial to look into securing a new policy.
It’s likely that with your current policy the premiums were loaded due to the increased risk of working offshore.
Depending on your current age, as well as your health and wellbeing, you may be able to secure a more favourable premium by disclosing your new profession.
Why not use our free quote service to find out if you could be saving money on a new policy?
It’s possible for offshore workers to secure critical illness cover.
Critical illness cover can be added to a life insurance policy for an additional cost and allows you to make an early claim on your policy in the event you’re diagnosed with a serious illness (listed within the policy).
Typically, a list of 30 illnesses are covered within critical illness cover but your policy can be more or less comprehensive depending on the provider.
You can use this pay out to cover any costs associated with your condition, such as private medical treatment, carers or making necessary adaptions to your home.
As with a life insurance policy, the level of cover you’ll be offered from providers will vary depending on the level of risk you pose.
Compare critical illness cover policies for offshore workers using our award-winning broker service.
Terminal illness cover is included with all term life insurance policies taken out through Reassured.
It’s an additional layer of protection that will allow you to make an early claim on your policy if you’re diagnosed with a life-threatening illness and predicted to pass away within 12 months.
This pay out can help to fund any medical treated needed, help you get your financial affairs in order, or be used to enjoy time with your loved ones.
Income protection is a form of financial protection that will pay out to you if you’re unable to work due to accident, sickness and unemployment (depending on your policy).
While it’s possible to secure income protection as an offshore worker, the underwriting process for offshore workers may be stricter than those who don’t work offshore.
These exclusions could include (but is not limited to):
As an island, the UK presents many opportunities for offshore working:
Comparing quotes is essential in finding the right provider who can offer you the best deal.
If you’re worried about securing cover as an offshore worker, why not let Reassured help?
We’ve got over 10 years’ experience, securing over 1,000,000 life insurance policies and have helped to find cover for 45% of applicants declined elsewhere.
Our award-winning team could help you save time and money by comparing quotes.
And the best part is our quote service is completely free.
Simply get in touch for your free and personalised quotes.
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