Life Insurance Cover For The Scaffolder 2023
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 sturdy and safe framework for other workers to complete jobs at extreme heights.
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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 consider several factors 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 the options available to those with a scaffolding occupation.
Life Insurance Information for Scaffolders
Height is often the main factor that insurance providers consider when reviewing a scaffolder’s 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.
Scaffolders working at higher heights, 40 feet and above, may have difficulty 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 consider travel if the scaffolder works abroad – this can also play a role in the decision regarding coverage and the calculation of the monthly premium payment.
Currently, several specialised insurance providers are willing to work with those 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 Information for Scaffolders
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. Scaffolders can secure income protection at standard terms when approached with the definition of their own occupation.
Another way to approach income protection is with any occupation or suited occupation definition. While these have advantages, insurance advisors often encourage a scaffolder to use their own occupation definition whenever possible.
Applicants will also be given deferment period choices, usually between four and 52 weeks. The deferment period is when the individual stops working, and 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.
Critical Illness Cover Information for Scaffolders
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. Even if you are working in a self-employed capacity we are confident of securing the best policy for your needs.