Life insurance for engineers
When it comes to making the important decision of taking out a life insurance policy, many factors need to be considered. Life insurance for engineers is no exception and in fact there is possibly more to think about than normal given how varying this job can be. Whatever your situation, engineer life insurance helps to ensure your family and home are secure if the worst were to happen to you.
One important aspect of your life that insurance companies will ask about is your occupation and whether there are any risks involved. Of course, this can vary between engineers depending on which industry you work in and what the job entails, rather than there being one catch-all answer that covers all engineers.
The good news is that life insurance cover is available from a variety of insurers and it’s rarely the case that engineers will get declined solely due to their occupational risks. Due to the number of companies that will offer engineer insurance, it is important to research the market to obtain the best cover and price for you, as no two insurers are the same.
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How engineer life insurance works
As touched upon above, the variations between each engineering role mean that there is a bit more to be considered than with other occupations. For example, some engineers may work in a vehicle garage or as a computer engineer. Others may be higher risk and involve working:
- In the oil or natural gas industry
- At heights
- As part of military operations
- With chemicals
- In other dangerous environments
It is therefore extremely important for the insurer to be aware of all the facts, and likewise for you to choose an insurer that treats the risks of your job the most favourably.
In many cases, however, the outcome of your engineer life insurance application will depend more on your medical history and whether you have any health conditions. In addition, some other factors to consider are your age and weight.
More about life insurance
Is critical illness cover available to engineers?
Yes – similar to life insurance, critical illness cover for engineers is also widely available and competitively priced. The same occupational risks from the life insurance section of course need to be considered, but there are some additional points to add on.
To name a few examples, some roles may put you at greater risk of:
- Eye damage
- Hearing loss
- Chemical burns
- Lung damage
- Injury from equipment malfunctions
These potential risks come into play because critical illness cover is designed to pay you a lump sum if you get diagnosed with a serious condition, and some companies that provide critical illness cover include things like blindness, burns, and hearing loss in their critical illness definitions.
Therefore, these injuries or conditions could lead to a payout on your policy and some insurance providers may want to increase their premiums due to the added risk. Hence, it’s essential to choose a company with the most favourable rates.
The most common reasons for claims on critical illness cover are:
More about critical illness cover
Is it possible for engineers to get income protection?
Yes – just like other types of cover, income protection insurance is readily available to engineers depending on other factors such as age and general health.
The added risks of the more dangerous roles may be treated a little bit more severely with income protection compared to other types of insurance cover, which is because you are much more likely to receive a payout on income protection during the term of the policy. As long as the insurer is aware of your workplace risks then you’ll know where you stand.
Income protection will pay out a benefit each month if you are unable to work due to sickness or injury. Most payments will kick in if your GP signs you off for 4 or more weeks.
The monthly payment for income protection is calculated based on a percentage of your gross wage and thus offers a far higher level of cover than most sick pay schemes, especially statutory sick pay (SSP).
Income protection can help to pay for:
- Mortgage or rent payments
- Bills and other outgoings
- School fees
- Medical treatment
More about income protection
Engineering in general makes up a huge 18% of the UK’s working population according to a 2020 report by Engineering Council, with at least 15% of every region’s working population in engineering jobs.
The importance of life insurance cover becomes more apparent considering that workplace fatalities increased by over 25% in 2021 compared to 2020. Despite this, still only about 30% of the UK’s population has life insurance, leaving a huge number of people whose families would be left to fend for themselves if anything were to happen.
32% of workplace fatalities resulted from falling from a height.
What is the cost of life insurance for engineers?
This is a fairly common question, but unfortunately there isn’t a single straight answer. How much you ultimately pay for life insurance will be based on:
- Your current age
- Your lifestyle, such as smoker status
- Type of policy
- Length of cover (term)
- Amount of cover (sum assured)
Fortunately, it is possible to tailor your policy to suit your needs, making it easy to scale the cost of your monthly premiums to fit within your budget, or increase the amount of cover to make sure your family are provided for.
iam|INSURED is a specialist life insurance broker and offers a range of insurance services. Our friendly experts are on hand to provide advice and guide you through the process.