Not everyone has what’s considered to be a standard lifestyle. If you work in a hazardous job or enjoy a high-risk hobby, securing affordable protection can feel like an uphill battle. With the right advice, however, doors can open that mainstream insurers keep closed.
What are classed as hazardous jobs?
Working in a hazardous job puts you at much greater risk than someone working in a more normal role. This increased risk from an insurer’s point of view means that a claim is more likely to be made. As a result, they may load the premiums or add exclusions.
This can be off-putting when trying to arrange a life insurance policy, yet having this financial protection in place is an essential safeguard for your loved ones. Should the worst happen and you pass away, they’ll receive a lump sum to help them cope with living expenses, such as mortgage payments, household bills and childcare costs, when you’re no longer around.
Examples of jobs that are classed as hazardous are:
- Construction and demolition workers
- Firefighters and other emergency services
- Offshore oil and gas roles
- Armed forces personnel
- Pilots and aviation staff
- Fishermen
- Security guards
- Prison officers
- Roofers and scaffolders
- Tree surgeons
- Underwater and underground workers
- Workers operating heavy machinery
- Workers handling chemicals or explosives
- Driving jobs with high car mileage
- Stunt performers
Which hobbies raise red flags?
Just like having a high-risk occupation can raise a red flag with insurers, some hobbies are considered to be high risk, too. These include:
- Climbing and mountaineering
- Motorsports
- Diving and extreme water sports
- Martial arts and combat sports
- Skydiving
- Hang gliding and paragliding
- Horse riding
- Skiing and snowboarding
- Rugby and football
- Boxing
- Caving and potholing
- Base jumping
- Hot-air ballooning
When you enjoy the thrill of a risky hobby, it makes sense to put financial protection in place for your loved ones. This provides peace of mind that in a worst-case scenario, they’re not struggling to cover the bills at such a devastating time.
How specialist protection works
When applying for life insurance, you need to make the insurer aware if you have an occupation or hobby that’s considered to be risky. Failure to do so may mean that you’re not covered if you make a claim.
Mainstream insurers differ on their criteria for life insurance. Their appetite for risk determines the terms they’re prepared to offer, any exclusions in the policy and the premium you’ll be charged. Having assessed the risk involved for your particular job or hobby, some may even refuse to provide cover for you.
That’s where specialist insurers come in. They account for these risks and can tailor policies accordingly. Sometimes, this means paying higher premiums but getting cover is still very achievable. The key is accurate disclosure. As mentioned above, hiding a risky occupation or pastime could invalidate a claim.
Real-life insight
One client, a contractor in South East London, enjoyed motocross at weekends. His previous applications were declined. By approaching the right insurer and accurately describing his hobby, we secured a policy that covered him fully and had completely transparent terms.
Protecting your lifestyle
Having hazardous jobs or risky hobbies doesn’t mean that you’re uninsurable. Specialist insurers assess cases on an individual basis. They take into account numerous factors, such as the activity and where it takes place, your level of experience, your age, how often you do the activity and the duration, whether you do the activity in a group or on your own and whether you’re a member of a professional organisation relating to that activity.
Unlike some policies from mainstream lenders, which can fall short of the cover you need, specialist lenders offer tailored solutions. There may be certain restrictions within your policy and, if that’s the case, we’ll ensure that you’re fully aware of this before proceeding.
If you’re struggling to be approved for life insurance or other financial protection due to your hazardous job or pastime, we can help. Our mortgage and protection experts work with specialist insurers who understand the specific challenges you may face. They can arrange the cover you need, with clear terms and at an affordable price.
Contact one of our dedicated protection experts, Gemma Weekes, today for specialist advice designed for high-risk jobs and hobbies.