Offshore Workers Life Insurance Cover

This guide was written to explain offshore workers life insurance and why you should get covered. Read on to learn about the quote process and how to get a competitive life insurance premium.

The Importance of Oil And Gas Rig Workers Life Insurance

Working as an offshore or oil rig worker has a certain degree of risk attached to it, including:

• Marine Helicopter travel
• Operating dangerous equipment
• Working in difficult weather conditions
• Working with hazardous materials
• Working as a crane operative

Offshore Workers Protect The Things That Matter & Get A Free Quote Today.

If you have loved ones who may be dependent on you as the household breadwinner, what would happen if you were severely injured or even killed in the workplace?

With life insurance and associated cover, you no longer need to worry about such an eventuality. Your family will be financially secure if anything happens to you in the workplace.

How Can Insurance Hero Help with Life Insurance and Associated Cover?

Insurance Hero has relationships with specialist insurers. These underwriters are willing to provide life insurance, critical illness, and income protection coverage to individuals in professions considered high-risk. Insurance Hero does not represent one insurance provider.

They will work in your best interests to provide a policy tailored to your requirements and at a competitive premium.

They will talk you through a detailed questionnaire to help them get an accurate quote for insurance cover.

This fact-finding information will include questions such as:

• What are your duties offshore?
• How much of the year do you spend offshore?
• Which country are you based in offshore?
• What mode of transport do you use to get to your destination?
• Do you work at heights?

What Is Life Insurance Cover for Oil Rig Workers?

Life insurance coverage is a simple concept to understand. In the event of death, a lump sum is paid to the beneficiaries listed on the policy.

These are typically family members or other dependents. The policyholder’s regular premiums will fund the lump-sum payout.

The cost of these premiums will vary greatly. For example, if you are working on an oil rig, you should expect the premiums to be higher than for an onshore office worker.

The type of occupation you undertake on an oil rig will also affect the premiums paid for cover.

The following jobs will have differing levels of risk attached, affecting the cost of cover:

• Commercial diver
• Heavy machine operator
• Kitchen staff/chef
• Engineer
• Medical specialist
• Administration team member

There are other areas to consider. Offshore workers are often not employed directly by the oil rig owner/operator. We discuss this next.

Working Offshore as Self-Employed or A Contractor

As an offshore worker, you may not always be an employee of the company that owns the oil rig.

You may be self-employed as a sole trader or through a limited company or work for another contractor. The broker will also cover this in their questionnaire to get an accurate policy quote.

It is essential that limited company workers have tax-deductible allowances to reduce the company’s tax bill by deducting the monthly or annual premiums from profit.

A lump sum payout is not classed as a benefit in kind and, therefore, is not considered towards your annual pension allowance.

Contact Insurance Hero now on 0203 129 88 66 for a competitive life insurance quote. Our professional team is here to help.

Critical Illness Cover For Offshore Workers

Critical illness cover is defined as a lump sum payout in return for regular premiums should you be unable to work or at a reduced capacity.

Insurance Hero can provide competitive quotes through our network of specialist insurers, including those underwriting for offshore workers.

Critical illness will typically have a pre-determined list of diseases that are covered and can include:

• Heart attack
• Heart valve replacement or repair
• Coronary artery by-pass grafts
• Parkinson’s Disease
• Multiple system atrophy
• Pulmonary artery surgery
• Structural heart surgery

Illnesses such as cancer are a little more subjective. Not all types of cancer receive cover through critical illness.

Your medical history will be examined thoroughly when they undertake our fact-finding questionnaire before providing a quote.

It is vital to get this right; to make sure that the policy will be valid should you have a recurrence of previous medical issues. Insurance Hero has your best interests at heart.

They want to spend time at the pre-quote stage to ensure you receive the most accurate quote for critical insurance cover.

Income Protection Cover While Working Offshore

Insurance Hero can provide income protection cover. Working on an oil rig is considered a higher-risk occupation. Higher premiums will be required to protect you if you cannot work through injury or illness.

Paying a premium allows the policyholder to receive a regular income. The period during which the income protection cover starts is predetermined. It can vary from one month to one year, and you agree on it at the outset.

Other areas that affect the premium will include your personal and financial circumstances:

• Do you have an outstanding mortgage?
• How much equity do you have in your house?
• What are your monthly utility bills?
• Do your dependents have an income?
• Do you have personal loans?
• Do you have credit card debt?
• What is your monthly income after tax?

Insurance cover for offshore workers often includes a travel exclusion in the policy terms, negotiated separately. Insurers are wary of the added risks a policyholder faces when travelling offshore to an oil rig.

They will not pay out if you:

• Become injured when flying for work in a
  helicopter
• Travel to an oil rig if you are not medically permitted
  to do so, for example, you have high blood pressure, meaning you are not allowed
  to travel by air.

If you work offshore and have further questions on income protection cover, please get in touch with Insurance Heronow. Our friendly team is happy to provide a free quote. Call 0203 129 88 66