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Offshore workers life insurance

Facts about Offshore workers life insurance

Are you classified as an offshore worker in the oil and gas industry? We understand that health and safety standards are significantly high in your workplace, however your role is classified under the high-risk occupations group. Therefore, here at Iam Insured, our mission is to offer affordable yet high standard cover such as offshore workers life insurance.  

Whether you’re looking for generic offshore worker life insurance, income protection or critical illness cover, we work with top life insurance companies, bringing you the most suitable insurance policies.

To find our further information or to start your offshore workers life insurance application, contact our expert team today on 01244 732 890.

How much does offshore workers life insurance cost?

When applying for offshore workers life insurance, providers will request information on your occupation. This will include the amount of risk linked to your duties. If your occupation is of low risk, life insurance will be offered under standard terms. This will depend on if your role is viewed as similar risk to someone who doesn’t work offshore.

If your occupation is classified as high risk where you work at heights or with heavy machinery or explosives, offshore workers life insurance cover will be offered at non-standard rates.

To retrieve your own personal quote for offshore workers life insurance, contact our team today. 01244 732 890

Your premiums for offshore workers life insurance will depend on:

  • Your occupation including the risk of your responsibilities.
  • Any pre-existing medical conditions you have.
  • The type of insurance product you’re looking for – (Life insurance, Income protection, critical illness cover).
  • The term of your offshore workers life insurance policy.

Percentage (%) loading for offshore workers life insurance

When you apply for offshore workers life insurance, providers will measure the risk of your occupation and may use a percentage loading strategy when calculating your cover. This is where a percentage is added onto your premiums. Please be aware that underwritten guidelines will vary depending on the provider you select for offshore workers life insurance.

EXAMPLE:

Basic premium
% loading
Final premium
£20.00 50% £30.00
£20.00 100% £40.00
£20.00 150% £50.00
£20.00 200% £60.00
£20.00 250% £70.00

Per mille loadings for offshore workers life insurance

An additional strategy used which you may experience when applying for offshore workers life insurance is ‘per mille loading’. This is where an additional cost may be added onto your policy based on the amount of cover you apply for.


To discuss how your premiums may be affected when applying for offshore workers life insurance, contact our team on 01244 732 890.

When applying for suitable cover such as offshore workers life insurance, critical illness cover and income protection, insurance companies may apply exclusions to your policy. Exclusions may be applied to your policy based on your level of risk. This will vary depending on your selected insurer and personal circumstances.

When applying for offshore workers life insurance, critical illness cover or income protection, it is difficult to give a clear estimation without understanding the risk of your occupation. There are a few factors you can consider, alongside your budget when calculating cover amounts. View our below breakdowns of each policy:

If you are looking for offshore workers life insurance, the application process is straightforward and can be obtained by most. If your occupation is classified as low risk, life insurance may be offered to you under standard terms. However, if your occupation falls into the high-risk group, an increase of premiums will be added to your cover. Each insurance providers underwritten guidelines will vary; therefore, we recommend looking at their terms and conditions. Here are some factors you should consider prior to applying for offshore workers life insurance:

  • Mortgage amount (£’s)
  • Outstanding debt (e.g. Loans, second charge, credit cards and other)
  • Dependents
  • Spouse or Partner
  • Income (after Tax)
  • Assets (e.g. car, house, business etc.)

The process of obtaining critical illness cover is very similar to life insurance. We highly recommend this type of policy if you work around dangerous environments, as a lump sum will be provided to support you if the inevitable happens. If your occupation and daily responsibilities fall within a low category group, critical illness cover will be offered under standard rates. However, if your occupation is high risk where you work at heights or with heavy machinery, critical illness cover may be offered with occupational exclusions and increased premiums. To discuss the type of exclusions you could experience, contact our team today.
 
Here are some factors to consider prior to applying for critical illness cover:

  • Income (after Tax)
  • Mortgage payments (annual)
  • Cost of living (annual)
  • Any other possible costs (e.g. medical treatment or adaptations)

If you aren’t eligible for critical illness cover, contact our team today who will source an alternative policy for you. 01244 732 890

Income protection for offshore workers is available, however, it is likely that exclusions will be applied. We highly recommend discussing your matters with your insurance provider to discuss what exclusions may apply to your policy. Here are some factors to consider prior to applying for income protection:

  • Monthly income (after tax)
  • Mortgage/rent payments
  • Debts (other)
  • Cost of living

Purchasing your offshore workers life insurance policy with Iam Insured

If you work offshore within the oil and gas industry, we understand that related risks are present. That is why we are armed with affordable policies such as offshore workers life insurance, income protection and critical illness cover, to help you protect your priorities.

To discuss your personal requirements and run through possible exclusions and premium influences, contact our expert team today on 01244 732 890.
We can complete your offshore workers life insurance policy over the phone through a few small steps!

Our team of insurance experts will help you to get some of the best deals from the UK’s top companies to save you money.

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