Why that new job could affect your life cover needs
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Why that new job could affect your life cover needs

Why that new job could affect your life cover needs

Are you currently thinking about changing your job?  You might be getting a whole host of new responsibilities, and hopefully a nice new salary.   But did you know that your new role may also affect your life cover?

When you apply for life insurance, the provider will want to know about your health and how much cover you need.  But they aren’t the only questions they’ll be asking you – they’ll also want to know about any activities you participate in, and what job you do for a living.

The risk factors of life cover

How much you pay for your life insurance policy all comes down to risk.  A life cover provider will take a number of factors into consideration when working out just how much of a risk you are.  This will include such factors as your age, the state of your health and whether you have any pre-existing conditions and whether you are a smoker or not. 

They’ll also want to know whether you do anything to put yourself at risk such as taking part in extreme sports.  But it’s not just leisure activities that will affect your premium – if you are considered to have a hazardous occupation then you may find yourself paying more for life cover.  The underwriters will certainly want to know a bit more about your job and find out exactly what the risks are before deciding whether you pay a standard or an increased premium.

Which professions are considered to be high-risk?

Some examples of jobs that are considered to be hazardous and may therefore come with a higher premium are:

  • Builders/Construction
  • Roofer
  • Armed Forces
  • Emergency Services
  • Offshore Workers
  • Divers
  • Miners
  • Aviation (i.e. Pilots)
  • Security Guard
  • Professional Sportsperson

Jobs where you regularly work at height, in high-risk locations or are handling or working in the vicinity of hazardous chemicals will add to your risk factor. 

How do I get cheap life cover if I have a high-risk job?

Of course, it doesn’t make sense to build your entire career around cheap life cover so it’s worth understanding that if you are in one of the professions highlighted above, you will have to take the cost of life insurance into consideration and prepare to pay more than someone who works in an office all day.  

However, this doesn’t mean that life cover will be completely out of reach.  Different cover and terms are available which makes it possible to tailor your life insurance to your needs and budget.  

Shopping around will help you to find what options are available.   Life cover varies between providers and you may find one that specialises in insuring those with high-risk professions.

Speak to a life cover specialist who can help you to search the marketplace.  They will be able to find the most comprehensive cover at a price that will suit you.  

The above post does not constitute advice – financial, legal or otherwise. The information within this article is the author’s own opinion and do not necessarily reflect the views of SO Media or So Smart Protect.


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