Life insurance for electricians
When you think about it, the risks that an electrician faces on a day-to-day basis seem obvious. There are numerous factors which can pose a threat to your life. In spite of this, however, electrician’s life insurance is not something that most people tend to consider.
Figures from Statista.com show that approximately 259,000 electricians and electrical fitters were employed in the UK in 2019. This figure tends to fluctuate but remains over a quarter of a million.
Conversely, only around 30% of the UK population are thought to have life insurance cover, leaving a staggering 70% of people whose families would not receive financial protection if the worst were to happen.
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Do electricians get life insurance?
Yes – electricians will find that a wide variety of insurance companies are able to offer a range of life insurance products, including critical illness cover and income protection insurance.
Each insurer may differ slightly in how they treat your occupation and so they might ask you different questions to one another. The availability and, importantly, the cost of life insurance products will also depend on other factors such as your age and overall health.
You may be one of the lucky ones who, if your employer is big enough, have been given something called “death in service benefit” which normally pays out a multiple of your salary if you were to pass away on the job.
The fact of the matter is, however, that this type of death benefit offers minimal financial support compared to other types of life insurance, especially if you have a family and/or a mortgage. You also do not have any control over the cover and have no choice but to take whatever your employer offers.
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Is critical illness cover available for electricians?
Yes – just like with life insurance, many insurers will be able to offer critical illness cover for electricians – it’s just a case of choosing the best one to suit your needs.
This is because every insurance company has a different list of conditions which they will pay out for if you get diagnosed with any of them. It’s therefore best to do a bit of research into which companies cover which conditions.
Some of the most commonly covered (and paid out) medical conditions are:
Critical illness cover is designed to pay a lump sum to you if you get diagnosed with a serious health condition like the above.
This tax-free lump sum can help cover day-to-day expenditure as well as additional costs incurred by your medical condition, such as:
- Bills and mortgage or rent
- Medical treatment and medication
- Travel costs
- Loss of income
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Can electricians get income protection?
Yes – it is possible for electricians to get income protection from many insurers. This type of policy will usually pay out a monthly benefit if your GP signs you off work for a period of 4 or more weeks.
The monthly payout for income protection is calculated based on a percentage of your gross income and can generally cover police officers for 12 months or 24 months while you recover. This can help to pay for:
- Bills and other outgoings
- School fees
- Mortgage or rent payments
- Medical treatment
Just like other types of insurance cover, income protection policies are based on your personal health at the time you take out the policy. It will, therefore, take into account any pre-existing medical conditions, so it’s important to know what might get excluded in these instances. See our list of medical conditions for more information.
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How much does life insurance for electricians cost?
The cost of life insurance for electricians will depend on a few factors, some of which are specific to the occupation, and some are not.
Whilst all electricians will deal with potentially dangerous voltages on the job, people working on an industrial scale may be more at risk than those who only work in their clients’ houses.
The same applies for other job-specific risks such as working at heights. Some insurers may increase premiums for working at excessive heights, or frequently working at heights. Others, on the other hand, may be more lenient or have a higher threshold, allowing for greater heights/more time spent up a ladder before the price increases.
It is therefore very much a case of finding the best insurer for your specific circumstances.
Other factors such as your personal wellbeing, age, and the level of cover you’re looking for will also play a part in determining the price you pay for life insurance products.
If you have a pre-existing medical condition then this will come into the underwriting process and, depending on what it is, the insurance company may request a report from your GP (which they will pay for).
Similarly, the length of the policy (term) and the amount of cover you require (sum assured) will affect your monthly premiums. Our team of life insurance experts can explain exactly how this works and offer advice on the best options.
Here are some useful links to help you learn more