Income Protection with a High-Risk Occupation
Our client contacted us as she had recently become self-employed and was keen to secure Income Protection. This type of cover safeguards you and your family’s financial well-being, should sickness or injury prevent you from working for an extended period of time.
Income Protection was a priority for our client given her high-risk occupation as a Rope Access Technician. She often works at heights up to 100 metres.
Mrs M did not have any evidence of a regular income as she is newly self-employed, and as such, we were only able to choose products from a limited number of insurers.
What is a Rope Access Technician?
Rope access technicians descend, ascend, and traverse ropes for access, and work while suspended by their harness. The support of the rope is intended to eliminate the likelihood of a fall altogether. In addition, a back-up fall arrest system is used in the unlikely failure of the primary means of support. Working in this field is classed as a high-risk occupation despite the safety measures that are put in place.
The most common applications for modern rope access include inspection, surveying, maintenance, and construction. Painting, welding, cutting and heavy material handling can also be accomplished by rope access professionals. (Industrial Rope Access, Best Practices & Industry Standards, Jan Holan 2020)
Our process and advice
At Future Proof, we have access to specialist insurance companies who don’t deal directly with the public. These companies offer more specialised policies, designed to provide cover where other major providers can’t.
Our research process involves us contacting many insurers to find out the best possible outcome for our clients. Which avoids any nasty shocks later on during the underwriting process.
Would the insurer add a ‘loading’ to their standard premium? (this is an additional sum charged on top of their standard monthly premium to reflect their additional risk). Or, exclude a job or dangerous hobby?
Might they decline the application? We want to avoid wasting time by making applications which may be declined.
We have up to date knowledge of the ever-changing landscape of underwriting for all providers in the UK and are committed to thorough research so that you don’t have to. What’s more, our advice comes at no obligation and with no hidden costs. You don’t pay us directly but we do get paid by the insurer if you decide to start a policy with them.
Income protection for high-risk occupations
As our options were limited due to our clients newly self – employed status, the policies we discussed have a benefit guarantee which means previous income does not need to be proved up to a certain limit.
Another point to note is that policies like this have increasing premiums – so as you get older the premium increases.
We researched the market and found a provider who wouldn’t deem her occupation as high-risk.
We secured an Income Protection policy offering a monthly benefit of £1,000 which provides cover on an ‘own occupation’ basis until she reaches the age of 60.
Own occupation simply means that the policy will pay out if our client is unable to perform her own job role. The maximum claim period is 24 months, meaning that the policy will only payout for a maximum of two years, in which time our client may have recovered. Her monthly premium is £22.30 and based on standard terms, so no increase to the quoted premium.
Please note that any premiums mentioned are indicative only and based on this specific case study/ example, which is shown for information purposes only. Your own circumstances will determine whether the amount payable is more or less than the figure quoted.
Client Ref: 109567902
All our case studies are based on actual client scenarios, many of which pre-date 2020. We are confident that the acceptance decision made by the insurers would still be offered, although it is likely that the rates will have changed, your own circumstances will determine whether what amount will be payable by you and would be fully discussed with you before any plan is implemented.
Whilst you are welcome to get a quote online, we would recommend you speak to one of our advisers.
Any quote that your adviser provides you with will take into account your circumstances and medical history, as well as your budget!
An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.
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Interested in related stories?
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