Paramedic life insurance
One of the most important decisions that most people can make is to take out a life cover policy, especially if you have a family and/or a mortgage to take care of. Life insurance for paramedics may give rise to some additional questions or points to consider, but the process does not need to be daunting.
Many occupations that are considered to be higher risk are actually treated much more favourably by insurance companies than you might think, and life insurance for paramedics is no exception.
Whilst the number of paramedics in the UK has fluctuated over previous years, this figure rose to an all-time high of 33.3 thousand as of 2021, according to Statista. Despite the need for life cover becoming ever-more apparent, further statistics suggest that only around 30% of the UK’s population has life insurance. This leaves a staggering number of people whose families would be left with very little if the worst were to happen.
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How paramedic life insurance works
Above, we mentioned that there may be some additional risks to consider for paramedic life insurance compared with other occupations. These include the dangers that paramedics and emergency service workers face more regularly than other people, such as:
- Contact with people with infectious diseases
- High speed driving
- Dangerous incident response calls
- Helicopter or air ambulance service
Thankfully, many insurers will offer the cover with no penalisation for most of these risks, so the goal comes down to finding the best cover for you at the fairest price. The only exception to this may be if your work involves flying in a helicopter as some insurers will treat this a bit more severely. It is still possible to shop around for the best option, however.
Life insurance for paramedics would pay out a lump sum to your family if you were to pass away on the job or otherwise, to ensure that your family and your home are looked after and give you peace of mind.
More about life insurance
Is critical illness cover available to paramedics?
Yes – similar to life insurance, critical illness cover for paramedics is available from a wide range of insurers and pricing is often competitive.
It is unlikely that your occupation will cause any exclusions to be applied to your policy, and so again it will come down largely to other factors including:
- Height and weight
- Medical history
As you are much more likely to make a claim on critical illness cover than on life insurance, there is a much stricter list of conditions which will trigger a payout. Each insurer is slightly different in what they consider to be a critical illness and so it’s important to check that you’re covered for all the conditions you require.
Some of the most commonly covered conditions (and most common causes for critical illness insurance pay-outs) are:
Critical illness cover is designed to pay a lump sum to you if you get diagnosed with a serious medical condition. This can ease the financial burden and help you keep up with things like:
- Loss of income
- Treatment and medication
- Bills and outgoings
More about critical illness cover
Is it possible for paramedics to get income protection?
Yes – it is possible for paramedics to get accepted for income protection, but there are some important factors to be aware of before choosing which insurer and policy to go with.
This is because some companies include definitions called “suited occupation” or “any occupation” within the policy:
- Suited occupation – this means that your claim would be judged by your ability to carry out a similar job, rather than solely paramedic work.
- Any occupation – as the name suggests, this means your claim is based on your ability to do any job at all.
Generally, it is best to avoid policies with these definitions, especially any occupation, as your claim would only payout if you were unable to perform any job.
Instead, seek out a policy with an “own occupation” definition, as this specifically means that you will get paid if you are unable to carry out your own role as a paramedic. iam|INSURED specialises in helping people find the right policy for them.
About income protection – this type of policy is designed to pay you a monthly benefit if you’re unable to work due to sickness or injury. The pay-outs will usually start if you GP signs you off work for 4 weeks or more.
Income protection can help pay for:
- Mortgage or rent
- Bills and other outgoings
- School fees
- Medical treatment
- Travel costs
The amount you receive each month is calculated based on a percentage of your gross wage (to account for tax) and therefore offers far greater protection than most sick pay schemes – especially statutory sick pay (SSP).
More about income protection
Medical information for paramedic life insurance
Due to the fact that insurance companies rarely have an issue with the risks faced by paramedics, the creation of your policy will likely depend more heavily on your medical history than on your occupation.
Certain medical conditions are significant enough to increase your insurance premiums, or even cause a decline in some cases. As always, not all insurers are the same and so if you do have a pre-existing health condition it’s important to know which companies will give you a better deal – something that iam|INSURED specialises in.
You may also be asked to permit the insurance provider to view your medical records. This is normally required if you have a potentially significant condition and allows the insurer to gain a full picture of your health. You will not have to pay for this, however, and the good news is it will ensure that your policy is 100% valid and any claims will likely be successful.
The two main types of medical evidence requests are:
- GP report
- Nurse screening
What is the cost of life insurance for paramedics?
This can be a tricky question to answer correctly, and this is because life insurance for paramedics, critical illness cover, and income protection are all based on varying factors such as:
- Your current age
- Your lifestyle and occupation
- Your smoker status
- Medical history
- Type of policy
- Length of cover (term)
- Amount of cover (sum assured)
The good news is that life insurance for paramedics is easy to scale up or down to suit your financial needs, or to get what you want from the cover. This can be achieved by changing the cover amount, length of the policy, or the type of cover.
iam|INSURED is a specialist life insurance broker and offers a range of insurance products and financial services. Our friendly experts are on hand to provide advice and guide you through the process of protecting your family and your home financially.