Regardless of your job, accidents can happen. To protect yourself and your family financially in the event of an accident you can take out life insurance. There are different life insurance options, and it’s always best to compare life insurance policies from insurers to see which cover suits your work and lifestyle best.
How do insurers determine if you have a high-risk job or not? It is based on relative rates of fatality and injury.
Bear in mind that there are high-risk jobs that can affect your insurance premium. How do insurers determine if you have a high-risk job or not? It is based on relative rates of fatality and injury.
Here are nine high-risk jobs that can affect your insurance premiums:
1. Commercial fishing
There are numerous risks associated with working at sea. In fact, commercial fishing is 17 times riskier than mining.
2. Truck driver
The trucking business poses huge risks for truck drivers. Based on 2011 data, accidents involving truck drivers account for 15% of all road fatalities in that period.
Every year, there are at least 50 mining-related deaths.
In 2008, being a farmer was one of the three most dangerous jobs.
5. Garbage collector
Aside from the risk of road accidents, garbage collectors are constantly exposed to chemicals and toxins that can lead to long-term health damage.
6. Police officer
Murder, assault, injury, and abuse are some of the risks involved with being a law enforcement officer.
7. Construction worker
Many construction workers die on construction sites annually.
8. Tree lopper
Heavy machinery such as chainsaws, as well as hazards like falling tree branches and electrical wiring pose risks to tree loppers.
Burns, asphyxiation, crashes, and heart attacks are some of the risks of dealing with bushfires and burning buildings.
If you have a high-risk job, one of the key factors that affects premiums is your sum insured. This is the total amount of benefits that your family will get in case of death or inability to work. In general, the higher the sum insured, the higher your premiums, which can significantly affect your adjusted income.
Note that insurers vary in the way they charge an additional loading based on your job, so make sure to look at details when you compare life insurance. With so many life and disability insurance policies available in Australia, shopping around for coverage and doing your research are very beneficial.
Do you have other ideas on life insurance in Australia? Share your tips on how to compare life insurance from different providers in the comments section.