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Does Your Occupation Affect Life Insurance?

Elaine Brookes Steve Case

Author: Steve Case - Insurance Expert

Reviewed & Fact Checked By: Elaine Brookes

Updated: 31st December 2023

Does occupation affect life insurance?

Life insurance is not a generic product with the same cost, level, and type of benefits for each person.

Many factors affect a life insurance policy, and occupation is one of them.

People in high-risk professions, such as the armed services should expect to pay more money for life insurance because the provider is taking on additional risk by insuring them.

This is not to say people should tailor their careers to get cheaper life insurance premiums. They should understand that they may need to pay more for this cover.

Are You A New Policyholder?

Someone who has never owned life insurance may not know how occupation affects premiums. A comparison site like Insurance Hero will quickly show the premiums charged by different life insurance providers. These rates are based on several factors, including age, smoking status, and career.

Knowing possible upfront premiums makes it easier to budget for this cover. Many individuals, even those in professions considered high risk, realise that life insurance is more affordable than expected.

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High Risk Occupations

The amount of risk that an individual represents to a life insurance provider is called risk factor. The insurance company does not want to pay out claims unless it has covered itself financially. People who are higher risk factors pay more for cover.

The best way to determine how much is to use a comparison site like Insurance Hero to request quotes from multiple insurance companies in one place. This makes it convenient to compare premiums offered by different providers to find the best deal. It also means you will be able to counter many of the myths associated with life insurance.

To illustrate differences in premiums based on occupation, we provide an example…

One individual works in an office performing financial analysis and does not travel to this job. This person represents a low-risk factor from a career standpoint and may pay less for life insurance than many other professionals.

Another individual is a rescue worker who travels over land, sea, and air to help during disasters. Based on the occupational risk factors, this person will pay much more for life insurance cover than the financial analyst and other office professionals or single mothers might.

Think about your profession in light of these and determine where it falls on the risk factor scale. Then, request some life insurance quotes to determine whether the cover is affordable. There are different types of life cover so if one is too expensive, explore the other.

Whole life insurance is usually more expensive because it lasts for a lifetime, so it will always payout. Term life insurance lasts for a predetermined period and will only pay a benefit if the policyholder dies during the term. Since term life is not guaranteed to pay, it is less expensive.

Even if your occupation equates to higher life insurance premiums, different cover limits and terms are available, making it possible to tailor cover to the budget.

Consider all of the different combinations to get to an affordable premium. An Insurance Hero life insurance professional can assist you with this, helping you find the most comprehensive cover at a price that does not exceed your budget.

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