Certain professions seen as ‘high-risk’ or ‘hazardous’ by insurance companies can drive up rates more than others.
Here, we look at 10 job roles that could lead to higher life insurance premiums, what to consider before buying your policy, and ways you could save.
Find out more:10 jobs that can increase your life insurance premiums
Research from insurance broker LifeSearch has identified 10 jobs that tend to hike up life insurance premiums.
These average monthly premiums were calculated for a male applicant born on 3 December 1990, seeking £100,000 life cover over 20 years. The base premium for this demographic (assuming a non-hazardous job such as an admin assistant) would be £4.68.
The only variable in these calculations was the occupation and some assumptions about how applicants in each role would answer questions.
The 10 most expensive jobs for monthly life insurance premiums were:
Scaffolder:Working at heights:Armed forces (navy):Combat sport professionals:Oil and gas (offshore):Deep sea workers:Explosives handlers:Aviation:Professional motorsport:Working overseas in hazardous territories:Although these figures provide insight, they don't include factors such as BMI, smoking status, medical history, or specific hazardous activities, which can also affect premiums. Actual quotes may vary based on individual circumstances. You may wish to consider seeking advice from an independent advisor.
Find out more:What to think about before buying life insurance for ‘high-risk’ jobs
Before buying life insurance, it's important to think about the specifics of your job and be prepared with details. For example:
Motorsport professionals:Aviation professionals:Deep sea workers:Find out more:5 tips to reduce your life insurance premiums
Here are five tips to potentially save you money when taking out a life insurance policy, regardless of your job:
Explore beyond banks and insurers: Look for badged policies:Consider specialist financial advisers: Online brokers and price comparison sites: Check cashback websites:Find out more:Which? Limited is registered in England and Wales to 2 Marylebone Road, London NW1 4DF, company number 00677665 and is an Introducer Appointed Representative (FRN 610689) of the following: 1. Inspop.com Ltd for the introduction of non-investment motor, home, travel and pet insurance, who are authorised and regulated by the Financial Conduct Authority (FCA) to provide advice and arrange non-investment motor, home, travel and pet insurance products (FRN310635). Inspop.com Ltd is authorised and regulated by the Financial Conduct Authority (FCA) to provide advice and arrange non-investment motor, home, travel and pet insurance products (FRN310635) and is registered in England and Wales to Greyfriars House, Greyfriars Road, Cardiff, South Wales, CF10 3AL, company number 03857130. Confused.com is a trading name of Inspop.com Ltd. 2. LifeSearch Partners Limited (FRN656479), for the introduction of Pure Protection Contracts and Private Health Insurance, who are authorised and regulated by the FCA to provide advice and arrange Pure Protection Contracts and Private Health Insurance Contracts. LifeSearch Partners Ltd is registered in England and Wales to 3000a Parkway, Whiteley, Hampshire, PO15 7FX, company number 03412386. 3. Optimise Media Limited (FRN 313408) for the introduction of the First Direct Current Account, LV= Pet Insurance and LV= Asda Breakdown. Optimise Media Limited are authorised and regulated by the Financial Conduct Authority to provide credit brokering and general insurance activity. Optimise Media is registered in England and Wales to Exchange Street Buildings, 35-37 Exchange Street, Norwich, England, NR2 1DP and company number 04455319 4. HUB Financial Solutions, for the introduction of equity release advice, who are authorised and regulated by the Financial Conduct Authority (‘FCA’) to provide advice and guidance on financial products for those who have retired or are approaching retirement (FCA Firm Reference Number: 455713). HUB Financial Solutions is registered in England and Wales to Enterprise House, Bancroft Road, Reigate, Surrey RH12 7RP, company number 05125701. 5. Alan Boswell Insurance Brokers Ltd (FRN 301), for the introduction of non-investment landlord insurances, who are authorised and regulated by the Financial Conduct Authority to provide advice and arrange insurance contracts. Alan Boswell insurance brokers Ltd is registered in England at Prospect House, Rouen Rd, Norwich NR1 1RE, company number 02591252. We do not make, nor do we seek to make, any recommendations or personalised advice on financial products or services that are regulated by the FCA, as we’re not regulated or authorised by the FCA to advise you in this way. In some cases, however, we have included links to regulated brands or providers with whom we have a commercial relationship and, if you choose to, you can buy a product from our commercial partners. If you go ahead and buy a product using our link, we will receive a commission to help fund our not-for-profit mission and our campaigns work as a champion for the UK consumer. Please note that a link alone does not constitute an endorsement by Which?.
source https://www.which.co.uk/news/article/most-expensive-jobs-for-life-insurance-premiums-aS48T7o5mznS