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Life insurance for electricians

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I'm an electrician - Do I need life insurance?

If you want to protect your loved ones in the event that the worst should happen to you, life insurance is an essential policy worth having – particularly as your job as an electrician comes with its own risks.

On a daily basis, electricians are at a high risk of:

  • Electrical burns
  • Electrocution
  • Falling (also from great heights such as 40ft or more)
  • Muscle strain
  • Cuts
  • Other injuries
  • Injuries during bad weather conditions

As your job role comes with these risks, it is important that you purchase appropriate cover so that if the worst ever happens to you, your loved ones will still be able to pay the bills and other expenses despite the loss of your income – meaning they can grieve in peace, without the added stress of having to deal with financial commitments.

Electricians generally tend to work long hours depending on each specific job. This means that it can be extremely tiring for electricians, which therefore increases their chances of being involved in an accident or worse.

Whether you buy life insurance or not is completely up to you, but you should carefully consider how your family would cope financially if you were to pass away unexpectedly. How would they manage without your salary? Would they be able to continue paying the mortgage and bills?

If you do not have a family or a mortgage, you may still wish to secure an affordable policy that pays out to cover funeral costs and other final expenses in the event of your death, meaning that your loved ones can grieve for their loss without any financial concerns to deal with.

For peace of mind, life insurance is a crucial necessity for anyone, no matter what your occupation is.

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What does electrician life insurance cover?

Generally, people purchase life insurance to provide a safety blanket for loved ones in the event that the policyholder dies.

Depending on your wishes and what you want your policy to cover, there are different types of life insurance cover policies available. The best one for you will depend on your needs and the amount of cover you want:

  • Whole of life insurance: This is generally designed to provide a payout to cover funeral costs and any other expenses when the policyholder dies – no matter when that is.
  • Decreasing term insurance: This policy is designed to cover a debt that decreases over the duration of the policy term, such as a mortgage. If the policyholder dies on any day between the start and end date of the policy, the mortgage will be covered by a payout. As the value of your mortgage decreases over time, so do your premiums – making this one of the most affordable life insurance policies.
  • Level term life insurance: This policy also has a specified term with a start and end date, but the premiums and level of cover stay the same throughout the policy, unlike with decreasing term cover. If the policyholder passes away during the specified term, a lump sum will be paid out subject to the policy’s terms and conditions.

There are also family income benefit policies available, which you can find more about in our guide here: A Complete Guide to Family Income Benefit (FIB)

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Critical illness cover for electricians

This is a separate policy to life insurance, but many people purchase it as an add-on policy to their standard life insurance to ensure they’re protected against specified critical illnesses.

Depending on your policy, your electrical critical illness policy will cover you for a list of certain illnesses (and usually different severities), so if you were to suddenly suffer a stroke which is covered in your policy, you would get a pay out to help you financially if you’re unable to work due to the specified illness.

When applying for critical illness cover as an electrician, the insurer will ask whether or not you usually work at great heights and they’ll also need to know if you are an offshore electrician before accepting you for cover and determining the cost.

Learn more: Life Insurance and Critical Illness Cover: Do I Need Both?

How much is life insurance for electricians?

The cost of life insurance for electricians can vary considerably depending on your individual circumstances.

Understandably, life insurance premiums are likely to be more expensive for electricians in comparison to those working in an office-based environment or even at home, which is mainly due to the risk factors involved, but insurers will look at a range of factors about you to underwrite a bespoke policy for electrician life insurance.

Insurers will take the following factors into consideration:

  • Your age
  • Your current health status
  • Your weight and height
  • Whether or not you smoke
  • Whether you are taking any medication
  • The sector you work in as an electrician – domestic or commercial, etc.
  • Details about your job – the risks involved, etc.
  • How long you have been an electrician for
  • Any additional or underlying health problems
  • Any muscle strain, other injuries or accidents that have previously occurred (electrocution, etc)
  • Your family’s medical history

Generally, a lot of electricians get easily accepted for cover and are offered life insurance that’s been underwritten with standard terms and conditions, meaning that the price will not differ too much different from standard policies offered to people in other occupations.

However, if your job comes with more risks, such as the fact that you work at heights greater than 40ft or you work offshore, the insurer is likely to ask more questions to ensure your policy is correctly underwritten and that you are fully covered for all circumstances. If they view your job as high-risk, you may be given slightly higher premiums.

The only way to find out how much you could be paying for life insurance is to compare quotes with Bobatoo today to find the right life insurance provider and policy for you. To get started now, simply tap the button below: