Who are referred to as Builders?
Builders are those who construct buildings and other structures using a variety of materials including brick, tile, wood, etc. Builders must remain keen-eyed whilst designing or constructing and maintaining sites that they work on to ensure that their work is safe for use by the client and obeys all legal requirements. Some occupations related to builders are residential, commercial and industrial construction, labourers, builders mate etc.
Getting Life insurance as a Builder:
Life Insurance: Most insurers will offer Life Insurance for builders at normal terms. In case your job role requires you to work at heights of 40 feet and above, you will need to detail this to your insurer so that they are fully aware of your occupational needs before insuring you. Working at heights regularly may have an effect on the policy premiums which means you may find premium loadings being added on your policy or even an exclusion applied to your policy.
Critical Illness Cover for Builder:
As with builders Life Insurance, Critical Illness Cover applications should also be available at standard rates with most insurers. Again, if your job role requires you to work regularly at heights you will need to provide the insurer with all details related to your occupation and due to this, you may experience higher premiums or exclusion to your policy terms.
Builders Income Protection policies are available with a few insurers with an own occupation definition. You must apply for an ‘own occupation’ term for the policy, as this will mean that at the point of claim you are assessed on your capability to work as a builder. In case you choose a policy with a suited occupation or any occupation terms, then any claim you place will be processed on your ability to perform any like job or any job at all – which makes the claim criteria much broader and defines that you must be much more ill to make a successful claim on these terms. Builders Income Protection comes with a deferment period (duration of time, you must wait from becoming unable to work, for receiving the benefit payout.) of 1 day, 1 week, 4 weeks, 8 weeks etc. While deciding the deferment period to suit your needs you must keep in mind any employment benefits, savings and budget for the policy
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00