When it comes to oil rig worker life insurance there are a wide range of possibilities due to the varied number of occupational roles and their varied level of risks. Oil rig work can be a challenging activity that demands skill and the ability to operate in challenging environments.
If you participate in oil rig work speak to our specialist hazardous sport and occupation advisers about the options available for life insurance for oil rig workers, mortgage protection, income protection and critical illness cover.
At Sports Financial Services we specialise in offering financial protection to people who take part in hazardous pursuits, such as oil rig work. If you take part in any form of oil rig work you will need to disclose information about your occupation to life insurance, critical illness cover or income protection providers.
There are a number of factors that will be assessed by underwriters when reviewing your enquiry for cover. Some of these factors are:
- What is your job or role in the offshore industry?
- How frequently do you work offshore?
- Are your duties hazardous or dangerous?
- Do you work with hazardous materials or machinery?
- Do you work at height?
- What geographic locations/countries do you work in?
The underwriting of life insurance, income protection and critical illness cover for oil rig workers can vary depending on different insurance providers as well as your level of participation in oil rig work. For this reason, specialist advice can be beneficial in obtaining the right cover for you, your occupation and lifestyle.
Often, when looking for specialist insurance for extreme occupations, such as oil rig work, you may come across additional questions in order for underwriters to fully understand your work activities. Some occupational financial protection may cost more following the outcome of these questions.
Other factors that determine oil rig worker life insurance premiums include the type of cover you require, for example:
- Total amount of cover (£’s)
- Term of policy (number of years)
- Type of life insurance policy (e.g., fixed sum for the term of the policy or a declining amount to mirror a mortgage being paid off over time)
If you like any advice on any aspect of financial protection, call us today at 0345 565 0935.
Oil rig worker critical illness cover
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 hazardous pursuits like oil rig work and enquires about critical illness cover will have their enquiry assessed against the activities they pursue. Cover for different types of hazardous activities will be assessed differently depending on the nature of your work (e.g., working at height, diving or working with dangerous chemicals, materials or machinery).
Oil rig worker income protection
Another important cover to consider is income protection, particularly if you take part in hazardous pursuits like oil rig work. Income protection could provide you with peace of mind if you are unable to work due to injury or sickness.
If you have a loan, mortgage, credit cards, regular bills or family financial commitments then you may want to consider what would happen if you were unable to meet the payments because of a loss of income if you are unable to work.
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 and whether they have caused you to have a significant amount of time off work. Your adviser will take you through the enquiry process and discuss your needs and the options available to you.Get a no-obligation quote
Oil rig worker life insurance, income protection and critical illness cover
As specialists for hazardous sports and occupations, we find that cover for some sports and occupations can be offered at standard rates with no special terms imposed whilst participation in other hazardous activities may result in premium loadings, special terms, restrictions or exclusions. Our specialists at Sports Financial Services will discuss the financial protection options available to you based on a number of factors such as your oil rig worker activities, occupation and other lifestyle factors.
Even if you have an insurance policy in place, have been declined life insurance for oil rig work in the past or have previously experienced problems obtaining life insurance then speak to our extreme sport and occupation specialists. Over time different insurers come to the market and others may alter their terms. This may mean that different terms are available in the marketplace than when you first applied or enquired about offshore workers life insurance.
Generally, the availability of cover and premiums for cover are dependent on a range of factors such as health, occupational role, type of oil rig work activities pursued and your other lifestyle, recreational or occupational activities.
Contact one of our team of experts on 0345 565 0935 or complete our online enquiry form on this page.
Oil Rig Worker Life Insurance FAQs
Why do oil rig workers need a specialised life insurance policy?
Oil rig workers face unique risks and challenges due to the nature of their work. Their job involves working in remote and hazardous environments, which can increase the likelihood of accidents and injuries. To ensure financial protection for themselves and their loved ones, oil rig workers should consider a specialized life insurance policy that takes into account their occupation-specific risks. This type of policy can provide adequate coverage and peace of mind to both the workers and their families.
What is oil rig worker life insurance, and why do I need it?
Oil rig worker life insurance is a specialised insurance policy designed to provide financial protection to individuals employed in the oil and gas industry, particularly those working on offshore oil rigs. This type of insurance is essential for several reasons such as high risk occupations, income replacement, debts, expenses and peace of mind.