What You Need to Know About Insurance and Occupational Hazards

If you are in a line of work that regularly exposes you to hazardous situations, you may find it difficult to look for insurance. This is a common problem among people such as firefighters, soldiers, professional athletes, and miners. The reason for this is that you have a higher risk of injury, dying, or meeting an accident compared to people with low-risk jobs. Because of that, the potential costs of your hospitalization and the length of your recovery are greater than what the insurance company could afford.

Therefore, here are some important things you need to know about getting life insurance if you work in a high-risk job:

  • While it can be difficult to find life insurance due to your occupation, there are specialist insurance companies that may be willing to cover you. However, expect to pay higher premiums than your average insurance policy.
  • The duration of your life policy cover may be shorter than regular life insurance policies. This arrangement benefits both you and the insurance company. This gives your insurer the opportunity to regularly assess your risk factor based on your age, as you may be more susceptible to work-related injuries and may experience slower recovery as you grow older. Meanwhile, this also benefits you since it means that there's a possibility for you to pay lower premiums when you are eventually promoted to a low-risk job such as a desk job.

Should You Get Insurance?

Due to the higher premiums required from workers in high-risk jobs, your initial tendency might be to choose not to get insurance. However, it makes more sense to be covered since there's a greater chance that you and your family will really need the benefits in case something happens to you at work.

The professional advisors at Rate Detective can help you choose the best deal for your needs. They will assess your occupation, lifestyle and budget, as well as provide you with a comparison of the top 9 insurers in the country. With their assistance, you will be able to find the best coverage for you.

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Published on October 10-th, 2012 in Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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