October 17, 2018

9 High-Risk Jobs that can Affect Your Insurance Premium

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.

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.

3. Miner

Every year, there are at least 50 mining-related deaths.

4. Farmer

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.

9. Firefighter

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.

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How to Apply for a Life Insurance Policy

Some people don’t want to talk about leaving their families behind but the reality is that unfortunate events happen and it’s important to do whatever we can to ensure that our loved ones will have enough funds for their needs if we pass away. If we become sick or injured and can no longer go to work, we need to have something to depend on to pay off our debts. For you and your family’s security, consider getting a life insurance plan.

Life insurance in Australia varies in features and coverage, catering to the specific needs of different people. With so many options to choose from, it is best to compare life insurance from different insurers. Weigh their pros and cons to narrow down your selection. Also, consider your personal needs, lifestyle, and preferences.

In this article, let’s take a look at how to apply for life insurance in Australia:

  • You can buy life insurance from insurance companies, insurance brokers and financial advisers, as well as your superannuation fund.
  • Determine how much money your family will need if something unfortunate happens and you will not be able to support your family financially. Knowing the amount of money that you need will help you identify the right level of coverage. Don’t forget to include all the day-to-day expenses and the regular repayments such as mortgage. It will also be great if you can include future expenses such as university education.
  • Know the offerings. As with any other type of insurance, take time to do your research and see what’s on offer. For instance, if you get life insurance from your superannuation fund, it will usually have low-level cover either for illness or death. Whether you use your super or buy life insurance from an insurer, make sure that the cover is enough for your family to live comfortably.
  • Compare life insurance from several insurers. Make sure to get a few quotes and compare their cover, additional benefits, discounts, and any other aspects that can affect your decision-making process.
  • Get the most out of your life insurance. Once you’ve chosen your insurer, ask if they offer extra benefits such as getting significant savings if you pay annually instead of monthly or quarterly.
  • Understand the policy’s terms and conditions, limitations and exclusions. Many just browse through the terms and conditions and just sign the product disclosure statement. Make sure to carefully check the terms to avoid any inconvenience later on.

Do you have other ideas when it comes to life insurance in Australia? Share your insights in the comments section.

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