Life insurance for gas engineers
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- How Many Life Insurance Policies Can You Have?
- How Much Does Life Insurance Cost?
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What is life insurance?
To put it simply, life insurance is a type of policy that pays out in the event of the policyholder’s death (subject to the terms and conditions of the specific policy).
For millions of people in the UK who have purchased life insurance, they now have the peace of mind that if the worst suddenly happens to them, their family and loved ones will be financially protected with a lump sum payout (this is pre-determined during the application stage).
This means that bills and any other expenses can be covered by the payout, so your loved ones can grieve in peace and do not have face financial difficulty on top of this and living without your income.
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Learn how to save money on life insurance with our special guide...
Why do gas service technicians need a life insurance policy?
If you fear that your loved ones would struggle financially in the event of your death or you want the mortgage to be covered if the worst should unexpectedly happen to you, getting life insurance is the best way to protect against this, regardless of your job title.
Having a job in the gas industry, whether that’s as a sole trader gas engineer, gas installation engineer, maintenance engineer, fitter or technician, means that every day, you face potential risks as a result of your occupation, which increases the chance of you being involved in an accident or even worse - it increases your chances of death – particularly in comparison to an individual who has a lower-risk job, such as an office-based role.
Despite being a registered Gas Safe engineer that has been trained to work safely with gas, technicians still face potential risks that could lead to an accident or death. Some parts of the job that could present a risk to the gas fitter include:
- Long working hours (tiredness could lead to accidents)
- Physical challenges
- Working in potentially small, cramped spaces
- Working at great heights
- Repairing and installing gas heating and hot water systems
- Repairing pipes, appliances and meters
- Systems need to be checked carefully and any problems need to be addressed
- Testing devices and systems
- Locating any gas leaks
- Replacing old or faulty parts
- Working in various places - homes, hotels, cafes, etc.
In addition to the above, there may be other risks involved with your occupation and this is something that your life insurance provider will need to know about.
It’s vital that you are entirely honest when applying for life insurance; if you do not fully disclose everything, you risk invalidating your policy and your loved ones won’t receive a payout. This then means that all those premiums you’ve paid will have unfortunately gone to waste.
How much does life insurance cost for gas fitters?
Life insurance providers use certain criteria to assess the level of risk you pose to the company and to calculate the cost of your monthly premiums. They will look at a variety of factors about you, including:
- Your age
- How healthy you are
- Whether you smoke
- Any pre-existing medical conditions
- Your family’s medical history
- Details about your occupation and the risks it poses
- How long you have been a gas technician for
- Any injuries or accidents that have previously occurred as a result of your job
The insurer will also use their insurance occupation list (including dangerous jobs) to determine how much it is going to cost.
If your job comes with a lot of potential risks then you are likely to need a bespoke policy that’s underwritten to your own unique situation, meaning that it will come with its own terms and conditions in comparison to a standard policy.
This means that your premiums are likely to be higher than standard cover, but it will all depend on your situation.
To get the very best deal on life insurance as a gas engineer, you should compare life insurance quotes with a range of providers to see who can offer you a policy tailored to your situation and that comes at a price you can afford to pay every month.
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