Best Offshore Oil And Gas Rig Workers Life Insurance Cover 2024

Author: Steve Case - Insurance Expert

Reviewed & Fact Checked By: Elaine Brookes

Updated: 17th September 2024

This article was written to explain life insurance cover for offshore workers and why you should get covered. Read on, and we will discuss the quote process and how you can get a competitive life insurance premium.

The Importance of Offshore Workers Life Insurance, Income Protection and Critical Illness Cover

Working as an offshore or oil rig worker has a certain degree of risk attached to it including:

Marine Helicopter travel
Operating dangerous equipment
Working in difficult weather conditions
Working with hazardous material
Working as a crane operative

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Amount of cover?*Choose an amount that reflects your financial needs in the event of a claim. For instance you might want to pay off a mortgage or debts, or leave a lump sum to your family
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If you have loved ones who may be dependent on you as the household breadwinner, what would happen if you are severely injured or even killed in the workplace? With life insurance and associated cover, you no longer need to worry about such an eventuality. Your family will be financially secure should anything happen to you in the work environment.

How Can Insurance Hero Help with Life Insurance and Associated Cover?

Insurance Hero has relationships with specialist insurers. These underwriters are willing to provide life insurance, critical illness, and income protection coverage to those working in professions considered to be at higher risk. Insurance Hero does not represent one insurance provider. They will work in your best interests to provide a policy tailored to your requirements and at a competitive premium.

They will talk you through a detailed questionnaire, which will allow them to get an accurate quote for insurance cover.

This fact-finding information will include questions such as:

What are your duties offshore?
How much of the year do you spend offshore?
Which country are you based in offshore?
What transport do you take to your destination?
Do you work at heights?

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Amount of cover?*Choose an amount that reflects your financial needs in the event of a claim. For instance you might want to pay off a mortgage or debts, or leave a lump sum to your family
First Name:*
Last Name:*
Date of Birth*Your age is one of the factors used to calculate your premium. You must be aged between 18 and 80.
Email*
Phone Number*
Our price match promise means we will find you the right cover for your personal circumstances at the lowest price possible. Terms & Conditions and Privacy Policy

What Is Life Insurance Cover for Oil Rig Workers?

Life insurance cover is a simple concept to understand. In the case of death, a lump sum is paid out to beneficiaries listed on the policy. These are typically family members or other dependents. Regular premiums by the policyholder will fund the lump-sum payout.

The cost of these premiums will vary greatly. For example, if you are working on an oil rig, you should expect the premiums to be higher than for an onshore office worker.

The type of occupation you undertake on an oil rig will also affect the premiums paid for cover.

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The following jobs will have differing levels of risk attached affecting the cost of cover:

Commercial diver
Heavy machine operator
Kitchen staff/chef
Engineer
Medical specialist
Administration team member

There are other areas to consider. Offshore workers are often not employed directly by the oil rig owner/operator. We discuss this next.

Working Offshore as Self-Employed or A Contractor

As an offshore worker, you may not always be an employee of the company that owns the oil rig. You may be self-employed as a sole trader or through a limited company, or you may work for another contractor. The broker will also cover this in their questionnaire to get an accurate policy quote. It is essential; limited company workers have tax deductable allowances to reduce the company’s tax bill; by deducting the monthly or annual premiums against profit. A lump sum payout is not classed as a benefit in kind and therefore not considered towards your annual pension allowance.

For a competitive life insurance quote, contact Insurance Hero now on 0203 129 88 66. Our professional team is here to help.

Critical Illness Cover For Offshore Workers

Critical illness cover defines as a lump sum payout in return for regular premiums should you be unable to work or at a reduced capacity. Insurance Hero can provide competitive quotes through our network of specialist insurers, including those underwriting for offshore workers.

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Critical illness will typically have a pre-determined list of diseases that are covered and can include:

Heart attack
Heart valve replacement or repair
Coronary artery by-pass grafts
Parkinson’s Disease
Multiple system atrophy
Pulmonary artery surgery
Structural heart surgery

Illnesses such as cancer are a little more subjective. Not all types of cancer receive cover through critical illness.

Your medical history will be examined thoroughly when they undertake our fact-finding questionnaire before providing a quote. It is vital to get this right; to make sure that the policy will be valid should you have a reoccurrence of previous medical issues. Insurance Hero has your best interests at heart. They want to spend time at the pre-quote stage to ensure you receive the most accurate quote for critical insurance cover.

Income Protection Cover While Working Offshore

Insurance Hero can provide income protection cover. Working on an oil rig is considered a higher-risk occupation. Higher premiums will be required to protect you if you cannot work, whether through injury or illness. Paying a premium allows the policyholder to receive regular income. The period when the income protection cover starts is pre-determined. It can vary from one month to one year, and you agree on it at the outset.

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Other areas that affect the premium will include your personal and financial circumstances:

Do you have an outstanding mortgage?
How much equity do you have in your house?
What are your monthly utility bills?
Do your dependents have an income?
Do you have personal loans?
Do you have credit card debt?
What is your monthly income after tax?

Often Insurance cover for offshore workers will include a travel exclusion in the policy terms, negotiated separately. Insurers are wary of added risks a policyholder faces travelling offshore to an oil rig.

They will not pay out if you:

Become injured when flying for work in a
helicopter
Travel to an oil rig if medically not permitted
to do so, for example, you have high blood pressure meaning you are not allowed
to travel by air.

If you work offshore and have further questions on income protection cover, please get in touch with Insurance Hero now. Our friendly team is happy to help you with a free quote. Call 0203 129 88 66

Steve Case

Steve Case is a seasoned professional in the UK financial services and insurance industry, with over twenty years of experience. At Insurance Hero, Steve is known for his ability to simplify complex insurance topics, making them accessible to a broad audience. His focus on clear, practical advice and customer service excellence has established him as a respected leader in the field.