High Risk Life Insurance

What sort of occupations and duties are classified as high risk?

Occupations that are commonly placed in the high-risk category include those that involve:

• Working at heights, for example, as a window cleaner
• Working underground, for example, as a miner
• Working with firearms, such as if you are employed as a police officer
• Working with explosives or dangerous chemicals, for example, if you work in the demolition industry
• Serving in the armed forces
• Working in any other occupation in a war zone, for example, as a journalist
• Working in an occupation that exposes you to diseases, such as working as a doctor or nurse
• Working with heavy machinery, for example, on large construction sites
• Working in any occupation that exposes you to danger, such as if you’re a firefighter or an airline pilot

How does a high-risk occupation affect your life insurance premium?

*Risk levels are to be taken as a rough guide. Quotes are based on a 40 year old non-smoking male living in Sydney. Information last checked on November 2021 and are subject to change.

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How do insurers usually determine high-risk occupations?

Each insurer will vary in the way it assesses the risk of your job. However, as a general guide, it usually depends on:

• Overall risk of your job title
• Your individual duties and the hazards they involve
• The environment in which you work in

Insurance providers will instead use further criteria to determine the likelihood of you suffering injury, illness or death as a result of your occupation, some of which include:

• • How hazardous your individual role is. For example, if you work in the mining industry and this sometimes involves the use of heavy machinery, the insurer will require details on the type of machinery you work with and how often you do so as part of your job. If you work at heights, you'll need to provide details on the average height where work takes place and how long you spend working at that height.
  • How much experience you have in your position. You may find that someone with ten years of experience pays cheaper life insurance premiums than someone who is only in their first year in the same occupation.

Here's how your occupation could be classified:

What other methods (aside from job) will insurers use to determine risk?

Life insurers take several steps to assess whether or not you are a high-risk applicant. Each insurer employs a team of underwriters who determine whether or not your application for cover will be accepted and, if so, whether any terms and conditions will apply to your cover.

To determine whether an individual is high risk, the insurer may:

• Ask questions about your health and lifestyle during your cover application
• Require you to undergo a medical examination
• Require you to provide medical reports
• Take into account non-work related factors such as pastimes, lifestyle and smoking status

Once the underwriters have all the information needed to calculate your level of risk, they can then decide whether or not to offer you cover. If cover is provided there may be terms and conditions attached, such as premium loadings or specific exclusions.

Final questions about high risk life insurance

• What happens if I lie about my occupation?

  Insurance companies deal with this sort of deception on a daily basis, and have a wide range of methods and checks that they employ when claims are made to discover if the policy holder failed to disclose information or was dishonest. If you are found to have lied or mislead the insurer your claim will either be rejected or your benefit amount reduced accordingly.

• Can participating in non-work related activities affect my life insurance application?

  Yes, activities such as skydiving and bungee jumping will definitely affect your application and could lead to an insurer classifying you as high risk

• Will a 50-year-old pay more for life insurance than a 30-year-old?

  As a general rule, yes. The older you are, the greater the amount of health risks you are exposed to. This leads to an increased level of risk and higher premiums

• Are there companies that specialise in high-risk life insurance?

  Yes, some providers specialise in offering life insurance designed to meet the needs of high-risk individuals.

• Can I qualify for standard life insurance if I've previously been classified as high risk?

  Yes, this is possible in certain circumstances, for example, if you change your occupation from a hazardous job to a white-collar profession.

• Does high-risk life insurance cost more than standard life insurance?

  Yes, the increased cost reflects the fact that there is a higher chance that the insurer will have to pay a claim.

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