Commercial Divers Life InsuranceThe facts about getting commercial divers life insurance People in hazardous occupations like commercial diving should often be able to obtain commercial divers life insurance. However, due to the higher risk involved in your occupations your commercial diver’s life insurance policies are likely to have higher premiums. Types of commercial diving activity that are considered low risk could enable you to find commercial divers life insurance policies at standard rates. During your application for commercial diver’s life insurance¸ you will be required to provide full details of your diving activity.What does Commercial diver’s life insurance cost?The amount your commercial diver’s life insurance costs will be increased if you engage in higher risk diving activity. For any hazardous occupations you will need to provide details to your insurance company. Some questions you may be asked during you commercial divers life insurance application are: What equipment do you use? What type of diving activity do you engage in (e.g. scuba diving)? What industry do you work within? At what depth do you dive? Do you have any diving activity qualifications?Your premiums for Commercial divers Life insurance will also depend on: Sum assured (£’s) Term of cover (years) Type of policy (e.g. Family, Mortgage, Whole of Life etc.)Commercial diver’s life insurance rates/ratingsAs most commercial diving activity will be considered higher risk, you will likely see premium loading applied to your commercial diver’s life insurance policies. Loading will be applied to financial services if underwriters believe there is a higher risk of you claiming against your commercial diver’s life insurance. For more higher risk hazardous occupations you may see special terms such as ‘exclusions’ applied to life insurance policies.Percentage (%) loading for Commercial diver’s life insuranceFor any higher risk diving activity, you will likely see percentage loading applied to your commercial diver’s life insurance policies. Percentage loading will raise your commercial diver’s life insurance premiums by a set percentage. Insurance companies apply a risk-based scale and the maximum amount of loading will vary between providers. This means if you have declined in the past due to your higher risk you may be able to find commercial divers life insurance elsewhere with higher loading (*e.g. 250%, 400%).EXAMPLE:Basic premium% loadingFinal premium£20.0050%£30.00£20.00100%£40.00£20.00150%£50.00£20.00200%£60.00£20.00250%£70.00Per mille loadings for Commercial diver’s life insurance‘Per mille loading’ is very rare, and often only relevant in very serious cases. ‘Per mille loading’ would raise your commercial diver’s life insurance by a set amount (e.g. £1, £2) per thousand £’s of cover applied for. It is unlikely you will see ‘per millle loading’ applied to your commercial diver’s life insurance policies. ‘Per mille loading’ can be applied to life insurance policies flexibly in the short or long term.Exclusions for Commercial diver’s life insurance, critical illness cover or income protectionIn the case of higher risk or excessively hazardous occupations an ‘exclusion’ could be added to your commercial diver’s life insurance. An ‘exclusion’ on your policy would prevent your from placing any claims against your commercial diver’s life insurance, critical illness cover or income protection that is related to your commercial diving activity. A hazardous occupations ‘exclusion’ could make your commercial divers life insurance impractical, so it is important you check your policy closely. An ‘exclusion’ could also prevent you from accessing benefits such as Total and Permanent Disability, Waiver of Premium and Guaranteed Insurability.How much cover do I need?The amount of commercial diver’s life insurance you should apply for will depend on your personal circumstances. Without a consultation we can’t tell you how much you should apply for, but we can offer a few guidelines. It’s important to remember that your premiums for commercial diver’s life insurance could increase after underwriting and this could affect your polices affordability.Commercial diver’s life insurance amounts of cover The amount left to pay on your mortgage. Any outstanding debt (e.g. Loans, second charge, credit cards and other) Dependants Spouse or Partner Annual Income (after Tax) Any financial assets (e.g. car, house, business etc.)If you feel unsure or require more information to decide how much Commercial diver’s life insurance you will require to secure your family and home, see our Iam Insured insurance calculator .Commercial diver’s critical illness cover amountsCritical illness cover will provide policy holders with a tax-free lump sum if they become unable to work. Commercial divers will often be able to obtain a critical illness cover commercial diver’s life insurance policy but will likely find an occupations ‘exclusion’ added to their policy. The is due to the higher risk involved in commercial diving and could make your critical illness cover commercial diver’s life insurance impractical. When deciding how much critical illness cover you should apply for, consider: Your annual Income (after Tax) Mortgage/rental payments (annual) Cost of living (annual) Any other potential costs (e.g. medical treatment or adaptations)Commercial diver’s income protection amounts of coverAn income protection commercial diver’s life insurance policy will likely require commercial divers to seek out a specialist insurer. Income protection provides policy holders with monthly payments should they become unable to work. Due to the increased risk involved in commercial diving activity any commercial diver’s life insurance income protection will likely have higher premiums or ‘exclusions’ applied. When making a decision about how much income protection to apply for, look at your: Monthly income (after tax) Mortgage/rent payments Debts (other) Cost of livingWhich insurance companies offer Commercial divers life insurance?Commercial divers should be able to find commercial divers life insurance on the standard market, but they may see some premium loading. For higher risk commercial diving activity, it is recommended you seek out a specialist commercial divers life insurance company to find the best possible rates.Iam Insured are a commercial divers life insurance specialist and can help you find the best rates available. Iam Insured are authorised and regulated by the financial conduct authority and registered in England and Wales. To speak with one of our expert advisors, call us now on or send us an email .Commercial diver’s critical illness cover and income protection providersAlthough finding a commercial divers life insurance, critical illness cover or income protection policy may be difficult, it is possible through a specialist commercial divers life insurance provider. If you have been declined for commercial diver’s life insurance in the past due to your higher risk diving activity, Iam Insured can help.