One of the myths associated with Life Insurance & Critical Illness Cover is that certain occupations are denied from being eligible for cover by one insurer or the other, one such profession which many believe falls into this group is that of a fire service member. Well, not all insurers indeed view an individual’s occupation, in the same way, it is worth knowing that there are insurers in the standard market who provide ‘standard terms’ to a person whose job is that of a firefighter or fireman.
Fireman & Life Insurance:
Although being a fireman is usually considered a high-risk occupation, many insurance providers offer standard terms and affordable monthly payments. Applying for a life insurance policy as a fireman is quite straightforward provided that you have no significant personal or family medical issues and that your job role does not take you overseas, which make your application process more complicated and due to which you may have to experience premium loading or exclusion on your policy terms.
Critical Illness cover for Fireman:
Critical illness cover is also available to firefighters at standard terms with normal monthly premium. Insurance providers do not see that being a firefighter will generally increase the risk of you being diagnosed with a critical illness. However, Total Disability and Permanent Disability options are not available to firemen at this time – also take into consideration that this is a small part of the overall policy terms. Any application placed will focus more upon your health, overseas travel and hazardous pastimes rather than your occupation.
Income Protection for Fireman:
Similar to life insurance policies, income protection policies are also available to firemen with standard terms and standard premiums. When placing this type of application, you will have the option to choose between “own occupation,” “suited occupation,” or “any occupation” definitions. For firemen, the best choice is an own occupation definition – which means that your claims will be assessed against your ability to work as a firefighter. Suited occupation and any occupation terms can be beneficial in certain situations, but they are often much complicated to file a claim against. These policies have deferment periods that scale from 1 day up to 52 weeks. This period is the duration of time between when you stop working and when the claim will start providing benefits.
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