It is possible to obtain life insurance for oil rig work. The cover available including the terms and rates will depend on a number of factors, such as:
Oil rig job role: more office-based and lower-risk administrative roles may obtain better terms than higher-risk roles that involve working with machinery or working directly on the rig platform
Geographic location of rig work: insurers will want to know if your work is in UK waters or more remote locations or in areas subject to security or conflict concerns
Mode of transportation to the rig: the duration, distance and nature of the journey to the rig including the use of helicopters or other transport may impact underwriting decisions
Your pre-existing health: an assessment of your BMI, disclosure of existing health problems and lifestyle choices (e.g., smoking and alcohol consumption) can affect underwriting decisions
It may be that some insurers decline to cover oil rig workers whilst others may offer specific terms with certain conditions. Your specialist adviser at Sports Financial Services will be happy to discuss your options, premiums and policy terms in relation to oil rig worker life insurance. You may also want to discuss the availability of other types of cover, such as critical illness cover or income protection with your adviser.
Life insurance for oil rig workers is important to provide financial peace of mind, especially if you want to protect your finances, family and your home. In short, it can provide a financial safety net for your family if the worst were to happen to you.
Oil rig work can be considered a dangerous occupation since it involves exposure to physical and environmental working hazards. These can include extremes of weather, dangerous machinery, working at height, dangerous and flammable chemicals and limited remote access to emergency services.
Oil rig worker life insurance is typically designed to pay out a lump sum in the event of your death. Such a payment can be useful for your family to help cover immediate expenses such as mortgage, bills, funeral costs, living costs and the longer-term costs of supporting a family. The correct amount of cover can also provide peace of mind that your family will be supported financially if you were not around to provide income and support.
It can be possible for oil rig workers to obtain critical illness cover. This type of cover is designed to payout in the event you’re diagnosed with a serious illness (as listed and defined in the policy).
The list of illnesses can vary depending on the provider and any type of policy taken.
Similar to a life insurance policy, the level of cover that will be offered to you by providers will vary subject to the level of risk you pose to insurers.
Critical illness cover is a way to cover specific illnesses or medical conditions that might disrupt your life, family and finances. Anyone who takes part in oil rig work and enquires about critical illness cover will have their enquiry assessed against the activities they pursue. Cover for different types of oil rig activities will be assessed differently.
Your hazardous occupations specialist at Sports Financial Services will talk you through the options available.
If you are concerned about meeting financial commitments if you become unable to work due to an accident, illness or sickness then income protection is something you may want to discuss with a specialist at Sports Financial Services.
If you tend to work offshore then the underwriting process for oil rig workers may be stricter than those who tend to work mainly onshore. Income protection cover may depend on the availability of cover with different insurers and the specific terms of their policies. Some insurers may decline to cover oil rig workers, while others may offer cover with certain exclusions or conditions.
Income protection cover is typically designed to pay out a percentage of your salary if you are unable to work due to illness or injury. It can provide financial support for a specific period of time as defined in the policy.
Income protection cover for oil rig workers may be more expensive than for other occupations, as working on an oil rig is considered a high-risk occupation. You may need to disclose details of your lifestyle, health (e.g., height and weight), occupation, job role, international working locations, transportation and medical history when applying for income protection cover
Applications for income protection are dependent on many factors, for example, whether you have previously suffered any injuries as a result of oil rig work activities and whether they have caused you to have a significant amount of time off work.
If you would like more information on life insurance for oil rig workers, critical illness cover and income protection please get in touch with us here at Sports Financial Services.
Speak to one of our experienced hazardous sport and occupation specialists. Our team of specialists will guarantee the best value protection for your activities. We have many years of experience working with people who enjoy dangerous or hazardous sports and hazardous occupations.
You can call us on 0345 565 0935 to discuss Offshore workers life insurance or complete our online contact form to get in touch.