A builder is personnel who co-ordinates the various construction jobs that are involved in the building of a house, office or any other commercial or private building.
The builder remains on-site throughout the construction process and ensures the structure is built according to the design of the architect.
The availability and cost of builder life insurance vary based on a lot of factors and is different for each applicant. The cost of an insurance cover is calculated on a ‘risk involved’ theory. The higher the risk involved in providing you with insurance, the higher the cost of the insurance cover. An applicant with minimum risk involved would be provided with life insurance at a standard rate of premium which is the minimum possible rate to determine the cost of insurance.
The factors affecting the cost of cover when purchasing builder life insurance are:
- The type of jobs you do as a builder
- The altitude at which you work
- The type of machinery you operate at the said altitude
- The type of locations at which you undertake a construction project
- If you work in the UK or undertake construction jobs outside the UK too
- If you have to work with harmful or hazardous materials at your job site
This information is closely looked at by the insurance underwriter and will largely affect the cost of your insurance. The other factors that will affect the cost of your insurance are:
- Your age
- Your BMI
- Your lifestyle
- Your medical history
- The type of life insurance policy you wish to purchase
- The preferred term of the insurance
- The cover amount of insurance
Having lifestyle habits like smoking and excessive drinking can cost you heavily when it comes to life insurance, therefore it is advised that you refrain from such habits not just to reduce the cost of your insurance but also to improve your health.
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