Your occupation is one thing you need to declare when applying for life insurance. Naturally, insurers will consider some occupations higher risk than others, based on the activities it requires you to do or the environments it requires you to work in.
And while working as an electrician is potentially risky, there are many insurers who’ll cover electricians on standard terms. You won’t necessarily find it any more complicated or expensive to get life insurance based on your job alone, though it depends what you disclose about your job during the application process.
Do electricians need life insurance?
It depends on what your circumstances are outside of being an electrician. You only really need life insurance if you have financial dependents – i.e. other people who rely on your income, like a partner or children. Dependents are the people who’d be financially affected if you died, and who you take out life insurance to protect.
What life insurance is best for electricians?
Again, the type of life insurance that’s best for you depends on your circumstances outside of working as an electrician. Namely: who you’d leave behind and what financial situation your death would leave them in. There are a few options to choose from, including:
- Term life insurance – which covers you for a set amount of time; ideal if your financial liabilities will eventually go away (e.g. your mortgage will be paid off or your children will become financially independent)
- Whole life insurance – which covers you for your whole life and pays out if you die (whenever that happens); ideal if you know your financial liabilities will never go away or you decide you always want to leave a lump sum behind
- Family income benefit – a type of term life insurance that pays out monthly if you die, instead of as a lump sum; ideal if the loved ones you leave behind would need a manageable way to support themselves financially
Read more about different types of life cover here.
How much does life insurance cost for electricians?
As an electrician, it shouldn’t cost you any more to get life insurance than it would for someone with a different occupation. Sometimes, having a risky occupation can mean insurers will add a ‘loading’ to the price of life insurance, but working as an electrician doesn’t tend to be one of those professions. That said, some insurers may ask questions specific to your occupation during the application process (to ascertain your level of risk).
And don’t forget, regardless of your occupation, the price of life insurance is still dependent on a number of other factors, including your age, health and lifestyle, as well as the cover you’re buying.
Choosing the right life insurance if you’re an electrician
Choosing the right life insurance to protect your loved ones in case you die is very important for anyone who needs it. As an electrician, you might have extra considerations to make when taking out life insurance, as some insurers may look on your situation more favourably than others.
Working out exactly what you need and choosing which policy to go with can be tricky on your own, which is exactly why Anorak exists. Our advisers are here to help you choose the most suitable cover for you, your life, and your loved ones – and to make sure you’ve considered everything you need to along the way.
This post has been written by Anorak's life insurance experts as guidance. Anorak also provides regulated advice online and over the phone.