Risky Insurance

Do you work in a risky occupation? Unusual Risks help one ambulance driver who is having trouble getting insurance cover.

Michael is trying to get accident and sickness cover for his mortgage, for which he pays £600 a month. He’s been declined for cover twice already and, due to his occupation, a third insurance company diluted the terms and conditions of his policy.

Michael Said…

‘My job can be quite dangerous at times, especially when visiting people in their own home. You never know what situation you’re walking into. It’s therefore important to have some kind of insurance against accident and injury. It seems that companies are prejudice against ambulance drivers.

It’s not unusual for people in ‘front line’ occupations to experience difficulty on applying for insurance. Airline Pilots, Ambulance drivers, Cabin Crew, Camera Operators, Famers, Fishermen, HGV Drivers and Working at Heights can all classed as higher risk occupations for insurance cover, even though the focus of many of them is helping other people.

This is especially so with Income Protection as it provides benefits if you are not able to perform your own occupation and work tasks. This means some insurance companies are very wary of covering people in active and risky types of work and either charge higher premiums, or impose adverse conditions on the policy.

‘I can understand the insurance companies concerns, but surely their business is assessing and covering risk. I’d even be prepared to pay a higher premium for my policy in return for the certainty of my mortgage being covered. It seems that I’m being penalised for doing a job that helps other people.’

HERE’S SOME ADVICE FOR PEOPLE IN UNUSUAL OCCUPATIONS

You should pay special attention to the Terms and Conditions of any insurance cover that you are offered. Some providers will offer those in risky occupations ‘diluted’ cover and require that you meet strict criteria before paying any benefits under the policy.

Income Protection would normally pay benefits after a deferred period of 1, 3, 6 or 12 months, through until your retirement age of say 60 or 65. You should double check that the insurance provider has not limited the benefit payment period to only 1 or 2 years (12 or 24 months).

If you visit different areas of the world on business, then it is essential that you declare this on your initial application form. You will find that a number of income protection plans cover only the United Kingdom, European Union and United States, so in other areas of the world you would need a specialist policy.

And Michael?

We arranged an Income Protection policy without any restrictions to Terms and Conditions with benefit of £11,750 per annum on an Own Occupation basis. The policy pays out after 6 months incapacity, right through until pension age 60, with a premium of £38.85 per month.

If you require specific advice on these issues, or are looking for a quotation then you should contact Unusual Risks. They are one of the UK’s leading mortgage and insurance specialists for people in unusual circumstances. They can be found at www.unusualrisks.co.uk

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