Offshore Workers Life Insurance Market Changes
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When we are approached by offshore workers for Life Insurance, Critical Illness Cover or Income Protection we know which insurance to place them with for the best policy terms available in today’s market.
Recent developments within the insurance industry have the potential to make quite an impact upon the cost of cover for offshore workers.
Two major insurance companies within the UK market are due to merge later this year, following their takeover announcements last year. One of these insurance providers offers the best underwriting terms for offshore workers. We are currently in a position where noone knows how the policy conditions and acceptance are going to be integrated together.
Fingers crossed, the positive underwriting stance for offshore workers will be kept allowing those who fall into this category access to standard (“normal”) policy premiums; depending upon specific occupational duties and geographical location. Otherwise some offshore workers may be in the position of applying for Life Insurance at higher/rated policy premiums.
With this in mind we strongly suggest that anyone working in the offshore industry look into reviewing their insurance needs soon.
For a 30 year old non-smoking offshore foreman the following policy premiums may be available in the current insurance market:
| Policy Type* | Sum Assured | Policy Term | Premium** |
|---|---|---|---|
| Life Insurance | £150,000 | 25 years | £10.13 |
| Life Insurance | £250,000 | 25 years | £14.28 |
| Life Insurance and Critical Illness Cover | £150,000 | 25 years | £37.32 |
| Life Insurance and Critical Illness Cover | £250,000 | 25 years | £59.75 |
| Income Protection | £1,500 per month, with 3 month deferment | to age 60 | £38.62 |
| Income Protection | £2,000 per month, with 3 month deferment | to age 60 | £47.99 |
*All plans quoted on a level term basis.
You should make sure that you fully understand what is available with this cover given your occupation. If you are applying for critical illness or income protection, some insurers may exclude any claims related to illness or inability to work that occurred during helicopter transit to the rigs etc or that occur whilst at work. It is worthwhile speaking with an insurance adviser who is well versed in the intricacies of these policies, before you place your application.
If you would like to speak with one of our industry trained insurance advisors please feel free to call us on 0800 567 7450 for a no obligation quotation. Alternatively please feel free to request a quote from us online to see how much Life Insurance, Critical Illness Cover and Income Protection can cost.
For an example of Offshore Workers Insurance please look at our infographic below.
**Please note premiums are correct as of the time of research 3 February 2016. Please be advised that policy premiums are based upon a standard application and may not be available to you given your occupation.
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