Life Insurance For Gas Engineers
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Life insurance for gas engineers
When you work as a gas engineer, your job can be demanding. You’re sometimes in hazardous situations and are frequently dealing with hazardous materials, depending on the nature, place and demands of each job. If you have dependents, then you might want to try and cover their financial needs in the tragic circumstances where you have a fatal accident at work, or die from disease or an accident elsewhere.
Here are some tips to help you decide whether life insurance could be of value to you.
Financial stress is more common than you might think
Leaving people who depend on you in financial distress by not having life insurance may happen more often than people generally imagine. According to a recent report from Beagle Street, only 30-35% of UK adults have life insurance cover to protect their loved ones in the tragic event of their premature death. And the same report tells us that the financial impact of a premature death is just over £190,000 for the average British family. If your work takes you onto building sites, analysis shows construction is the industry with riskiest jobs.** So life insurance may be worthy of your serious consideration.
What is a ‘dependent’?
Someone who ‘depends on you financially’ can cover a number of possibilities. If you earn more than your partner, then the loss of your salary could tip them into financial distress. That may be the case even if they earn more than you, especially if you have commitments like a mortgage where payments may depend on the combination of both your salaries. If you have children, then even more people may be depending on your earnings. And what if you are also looking after an ageing or disabled relative? Take your income away, and life as you know it can become unaffordable for them.
As far as your partner is concerned, think about how you would manage if their earnings suddenly disappeared. Would you cope? How would your children, or any other dependents, be looked after?
Does life insurance cover gas engineers?
The good news is that life insurance does cover your profession. If you were to pass away following an accident at work or outside your job, your family would be able to claim on your life insurance policy. Whilst being a gas engineer can be hazardous, it shouldn’t affect your chances of getting life insurance. When you apply for a tailored life insurance policy, the insurance company will ask you about your job to understand the level of risk. Always answer truthfully, because any inaccurate information in your application could affect payout from the policy
What life insurance is best for gas engineers?
The right policy for you will treat you as an individual – and will depend on your unique circumstances and what you want to protect. Most people tend to think about life insurance when they buy a home or have kids. Yet there may be other circumstances – when you go self-employed and don’t have insurance cover from an employer, for instance. You might also consider life insurance when you get married or move in permanently with a partner. Most insurers will ask you a series of questions to help you find a tailored insurance policy that works for you and your family.
An insurer like Beagle Street will offer both level term and decreasing term life insurance
Decreasing term life insurance is best suited to covering large debts that reduce over time, such as a mortgage on your family home. With this type of policy, the lump sum payout that you are eligible for decreases over time, like a mortgage. It will reduce in line with an annual interest rate of 6%, regardless of the interest rate of the mortgage you’re currently paying. Decreasing term policies are generally cheaper than level term life insurance but still allow you to safeguard your home and the future of your family.
Level term life insurance can be more expensive on a monthly basis, but it does guarantee a cash sum payout that does not change throughout your policy. This means you will always know exactly how much your loved ones are entitled to, should they need to make a claim.
How much does life insurance for gas engineers cost?
A number of factors will determine the cost of your life insurance. The insurer will ask you a range of questions about your age, health and wellbeing as well as the type of cover you choose. Each will impact the potential cost of your policy.
- Your age. The older you are, generally the higher the cost of your policy. You’re more likely to get a serious medical condition that could impact your health.
- The type of cover. Level cover can be more expensive than decreasing cover
- The length of cover. This could be for the full term of your mortgage or once your children reach a certain age. Longer cover periods are typically more expensive as they cover you to an older age where your chance of dying increases.
- Your health status. Pre-existing medical conditions, smoking or heavy drinking can impact the cost of life insurance.
As we have said already, be open and honest about your health and personal circumstances. That way, should you die, your dependents will at least receive a smooth payout from your insurance policy to help minimise their distress.
Will critical illness cover gas engineers?
Critical illness cover can support you and your family financially by paying out a lump sum if you become unwell with a serious illness such as cancer (excluding less advanced cases), multiple sclerosis, stroke or a heart attack (of specified severity).
Whether you’re self-employed or work for a company, critical illness cover ensures you have financial protection if you can’t work. It only covers you for the specific conditions listed in your policy, however. If you’re ill with a condition that isn’t listed in your policy, it won’t pay out.
So make sure you are clear about the level and breadth of protection you’re getting.
What additional services can I get?
Some insurers offer added-value services, especially those that provide advice for the bereaved or the terminally ill. For instance, every Beagle Street policy includes:
- Early funeral payout.
- A free, simple Will writing service.
- Free wellbeing support in partnership with RedArc.
- Terminal illness cover.
Typical questions you may be asked by a life insurer
- Have you been diagnosed with any pre-existing medical conditions?
- Do you drink alcohol? If so, how much?
- What is your age, height and weight?
- How long do you need life cover?
- What is the level (£) of life insurance cover that you are looking for?
- Are you a smoker or a non-smoker?
Get a quote today or speak to the team
At Beagle Street we’re here to support you through the application process. If you’re ever unsure about any of the questions in the application, we have a team of experts on hand to help.
or call us
0800 048 0480
Included with every Beagle Street policy
Estate planning kit
Accidental death benefit
Early funeral payout
Amazon gift card^
Free Beagle soft toy^
*Based on a 30 year old non-smoker, £200k decreasing term cover for 20 years
^Available only when purchasing a policy directly through Beagle Street. Within 60 days of paying the 2nd monthly payment, the soft toy will be dispatched. The gift card value varies depending on monthly premium. Within 30 days of paying the 6th monthly payment, you will receive an email to claim your e-gift. Full Terms and Conditions
** National Accident Helpline, What are the most dangerous jobs in the UK?