Offshore workers life insurance
Getting life insurance to protect your family gives you peace of mind that you and your loved ones are protected.
People with high-risk jobs like offshore workers, might have other needs which can make life cover more important. It can also be slightly more complicated to get life insurance for offshore workers.
It’s also very important to get the best cover if you’re an offshore worker and make sure that you don’t pay more than you need to.
According to statistics, there are around 280,000 jobs that are supported by the oil and gas industry in the UK. There are approximately 120 onshore oil and gas production sites with around 250 wells that produce between 20k and 25k barrels every day.
The oil and gas industry in the United Kingdom exports around £12 billion of goods and services globally.
We’re proud to be the UK’s top-rated life insurance specialists for people with dangerous jobs like offshore workers. Our team of super friendly experts has helped thousands of our customer’s families over the past 20 years.
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We also have one of the biggest and best panels of insurance partners in the industry, so you get the BEST rates.
Does life insurance payout for offshore workers?
Yes – if you die either at work or on your way to work then your life insurance should pay a cash lump sum to your family.
There are some roles in the offshore industry that are clearly more dangerous than others, so it’s important to have the right cover. Your life insurance policy will not normally exclude anything to do with your job so you should be properly protected.
Some of the risks related to offshore work are:
- Helicopter travel
- Dangerous locations (areas of conflict)
- Commercial diving
- Hazardous materials
- Working at heights (over 12 metres)
- Extreme weather
- Explosives and chemicals
Your job on the rigs might not be classed as dangerous but there are still other risks related to working offshore.
A life insurance policy will pay out a tax-free lump sum to your family so that they don’t suffer financially should anything happen to you.
Will critical illness cover payout to offshore workers?
Yes – there are a number of reasons why you might need a critical illness cover policy if you are an offshore worker.
People who work in the oil and gas industry on rigs or platforms will be exposed to certain health risks on a daily basis. Some of those risks may be covered under your standard serious illness policies, including:
- Loss of limbs
- Loss of hearing or sight
- Permanent disability
- Cardiovascular risks
Most critical illness policies will pay out a lump sum to you in the event of a serious illness or accident. This can be used to replace your income and provide you with financial peace of mind when you need it most.
About life insurance for offshore workers
If you’re an offshore worker and you need life insurance then here are the answers to some of the most common questions that we are asked.
Can offshore workers get life insurance?
Yes – there should be no reason why you shouldn’t be able to get an affordable life insurance policy to protect your family.
Most insurance providers will consider a life insurance application for an offshore worker. It’s then just important to make sure that you apply to the best insurer to get the very best rates for your occupation.
It may be best to speak to a specialist who can advise you on which insurer is the most suitable for you.
You can SAVE literally thousands over the term of your insurance policy by getting cover from the right company. Life insurance premiums can vary dramatically between providers depending on your age, health, and occupation.
How much is life insurance for offshore workers?
It’s difficult to say exactly how much you will pay for life insurance because premiums will vary based on:
- Your age when you apply
- How much cover do you need
- Term of your policy
- Type of cover
- Whether you smoke or not
Once you’ve established these elements then you should be able to find which insurer is going to be the cheapest for you.
Your premiums will also vary depending on your job role and your duties if you have a dangerous job. If this is the case then you will ideally want to speak to a specialist to get proper advice.
Cheapest life insurance for offshore workers
It is possible to save money on your life insurance premiums for offshore workers by following a few simple steps.
- Expert advice: you can speak to a specialist with relevant expertise to direct you to the best insurance providers for you
- Offshore workers insurers: some insurance providers have better claims experience than others for this type of work and might be significantly cheaper
- Smoking: if you’re classed as a smoker currently then you will be able to reduce your premiums significantly if you decide to quit
- Weight loss: if you are overweight when you applied for cover and have since lost weight then your premiums might be cheaper
It’s important to pay the right price for life insurance and especially for people with high-risk jobs like offshore workers.
Can offshore workers get critical illness cover?
Yes – in most cases you should also be able to apply for critical illness cover with a dangerous job like this.
There are usually a number of options for this type of cover for offshore workers depending on your job role. Some of the slightly higher-risk jobs on the rigs might be slightly more restricted but cover should still be available.
One of the possible options is you might be offered critical illness cover with some exclusions that are specific to your job. In many cases, we find that there are exclusions applied to some elements of offshore work, such as:
- Total and permanent disability (TPD)
- Helicopter travel
- Occupation related accidents
This is not always the case and not all insurers will apply the same terms so you should shop around to get the best cover.
Critical illness cover is designed to pay out a cash lump sum for diagnosis of serious medical conditions, such as:
- Heart attack
- Multiple sclerosis
- Kidney failure
Occupations in the offshore oil and gas industry
Here is a list of the most common occupations that we can help within this particular area of dangerous occupations: