Are You Looking for Life Insurance for Oil Rig Workers?
If you answered ‘yes’, then look no further than C&D Specialist Insurance. We help provide millions of pounds worth of life insurance coverage for workers in the oil and gas industry. But we don’t just help provide life insurance, we help provide life insurance with critical illness cover and income protection insurance to do our best to ensure that your loved ones are taken care of when you are no longer around.
It’s not a nice thought, however, it’s something that we advise you to consider sooner rather than later. But if you’re unsure of what direction to go in, we can help assist you in the best way to obtaining the ideal life insurance policy for you. We also help provide coverage to 99% of offshore occupations, with the added benefit of no increased premiums.
Life Insurance for Oil Rig Workers Done Differently
We don’t believe that you should pay more for working offshore, that’s why there aren’t any increased premiums to cover the risk that your high-risk career poses. Unlike other insurers, as they will usually increase premiums to cover the risk, place exclusions, or decline your cover altogether, however, we have a fresh approach to life insurance for oil rig workers.
We can help arrange cover of life, critical illness and income protection insurance if you are:
Limited Company Contractor
We can also help arrange cover for your partner or spouse whether they are working or not.
Limited Company Contractor – Life Insurance for Oil Rig Workers
You’ll also be pleased to hear that if you are a limited company contractor, your limited company can now pay for your life and critical illness premiums and treat it as an allowable business expense. This could work out up to 50% cheaper than paying for them personally, meaning that you can reduce your company’s tax bill, by deducting the annual premiums against any profit made. It’s also not classed as a P11D or benefit-in-kind, and any pay out does not count towards your annual pension allowance.
We Make Life Insurance for Oil Rig Workers, Simple
Our life insurance for oil rig workers is designed to provide security and financial peace of mind for your family, by paying out a cash lump sum to your loved ones in the event that you die. We help make setting up life insurance as easy as possible, as we know the importance of protecting the most important people in your life. Policies are designed to help families cope with the financial pressure of losing the household’s main earner and there are many different varieties of life cover available, to suit an array of individual needs.
How Does It Work? Life Insurance for Oil Rig Workers
Life insurance pays out on the death of the policyholder for the period insured, it’s really that simple. With life insurance, you can set the level of cover you need and for how long. If you die within that period the policy pays out. Most policies will pay early if you find you have under 12 months to live.
Need Help Paying Off a Mortgage? Life Insurance for Oil Rig Workers Can Help
We can help provide life insurance that covers the outstanding mortgage balance and term, for even more peace of mind for your family. We highly recommend Mortgage cover if you have a repayment mortgage, as this type of decreasing life insurance will pay out a tax-free lump sum designed to match your outstanding mortgage balance and overall mortgage term.
Mortgage cover pays out on the death or earlier diagnosis of an illness specified in the policy, where the sum is paid to your beneficiaries noted on the trust. The mortgage company won’t get the money directly, your beneficiaries will have the choice to pay off the entire or part of the mortgage.
If you have a family and a repayment mortgage, a mortgage life insurance policy is usually taken out alongside an additional ‘Family Protection’ policy.
Life Insurance For Oil Rig Workers – Income Protection
We also highly recommend income protection insurance, as it protects your wages if you fall unemployed, ill or disabled. There are long and short-term options available and income protection can cover up to 70% of your pre-tax pay if you are unable to work, making it less of a worry knowing that your wages are protected.
The best income protection policies provide a tax-free monthly amount until your retirement date, protect against disability and sickness (you can opt for unemployment cover too), homemakers can cover the cost of homecare and childcare.