Posted on March 28, 2010.
Life Insurance and Income Protection: Make sure you're covered! Despite popular perception, people working in jobs related to stress not having to pay higher premiums for life insurance as there is no evidence to suggest that life expectancy is affected by their work. However, in terms of income protection insurance jobs in high-stress are more likely to pay the premiums charged, according to Kieran Platt, co-founder of Life and direct an independent financial adviser.
Rather than stress levels, it is exposure to danger that pushed the premiums of life insurance. For example, a soldier must undergo a period of service in Iran or Afghanistan is that the premiums increase significantly, or cover can be removed completely. Workers who are employed as electricians will not be charged unless the premiums they are constantly working at high altitudes, such as repairing cable pylon. Regarding the insurance industry is concerned, the premium loading is directly related to the risks inherent in the person doing this work and not to the level of stress.
However, more surprising than the fact that job-related stress are responsible for attracting life insurance premiums are so many new people have no life whatsoever. Research by the life insurance business Bright Grey found that a family of three in the UK have any form of life insurance coverage, let alone having a serious illness and income protection cover which means that many families may be exposed to financial hardship in case of accident or death of a main support. A prolonged illness or a major accident involving the support of Prime could particularly impact on the finances of a family, and leaving them unable to meet their commitments. Even if they have a serious illness cover chances are they will not be covered for accidents or illnesses that are not considered life threatening. This risk is particularly relevant for those who are independent of prolonged illness can destroy their businesses and cause serious financial difficulties.
Even if you're not independent, it is financially prudent to ensure that you have life insurance or adequate insurance, depending on your situation. But remember to always make sure to adequately compare life insurance , health insurance and other insurance policies that are relevant to your situation. It is always best to seek advice from an independent financial adviser (IFA), which can accurately assess your situation and ensure that the products you buy are relevant to you, and are not sold so inappropriate. If you belong to 33% of the population of the United Kingdom who have no life insurance, then you should seriously consider contacting a permanent now.
