Scaffolders often play a critical role in erecting large buildings in the residential, commercial, and industrial fields.
A scaffolder’s main duty is to build a framework that is sturdy and safe for other workers to use to complete jobs at extreme heights.
Being a scaffolder is often considered a high-risk occupation, which often means a harder time securing comprehensive, affordable life insurance policies as well as other protections, such as critical illness cover and income protection.
Understanding how insurance companies and insurance agents view scaffolding can often help individuals to secure the coverage they need at a price they can afford.
Insurance providers take a number of factors into consideration when choosing whether or not to provide coverage to an applicant and what monthly premium they must pay in exchange for that coverage.
Here we will discuss the factors that will be considered and what options are available to those with a scaffolding occupation.
Height is often the main factor that insurance providers consider when reviewing a scaffolders life insurance application. Scaffolders who work at lower heights, generally 40 feet and below, can expect to be offered a life insurance policy with standard terms.
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Scaffolders working at higher heights, 40 feet and above, may have a harder time securing a policy. An application for scaffolders working at a higher height may need to be taken to an insurance provider specialising in high-risk occupation coverage.
Insurance providers also take travel into consideration if the scaffolder works abroad – this can also play a role in the decision regarding coverage as well as the calculation of the monthly premium payment.
Currently, there are a number of specialised insurance providers willing to work with those who are in the scaffolding occupation. Insurance Hero can help to match workers with insurance providers who are willing to offer standard terms for life insurance even when working a high-risk occupation.
Income protection is also something scaffolders consider given the higher risk they run of being injured. Income protection is a policy that, should you become critically ill or injured to the point where you cannot work, the policy will pay out to provide financial support for living expenses.
How a scaffolder approaches the definition of this coverage is key – when approached with the definition of own occupation it is possible for scaffolders to secure income protection at standard terms.
Other ways to approach income protection is with any occupation or suited occupation definition. While these have their advantages, the insurance advisors will often encourage a scaffolder to use the own occupation definition whenever possible.
Applicants will also be given deferment period choices, usually between four and 52 weeks. The deferment period is the time between when the individual stops working and when the claim is paid. Make sure to take the additional benefits from your employer, your current savings, and the total of your living expenses into account when choosing a deferment period.
Companies offering critical illness cover will also want to know the height at which a scaffolder works when considering providing a policy. Those working at lower heights, 40 feet and below, are generally offered critical illness cover at standard terms.
Those working at higher heights may, again, need to take their application to a specialised insurance provider. Insurance Hero can help you find a critical illness cover provider who will offer you standard terms regardless of the height at which you work.