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It’s not just your health that affects your cover and premium, it’s also your occupation! Here’s how, and why it is really important to keep 1Life Insurance updated of any changes to and in your job.
Your occupation affects your risk
What you do for a living affects your risk, your cover and your premium. Risk is the chance that something other than what is expected will happen. In the case of life insurance, for example, there is a risk that you will die before the average life expectancy for a person of your age, gender and health.
For example, an admin worker who is based in an office and does no manual labour has a less risky occupation than a factory worker who does manual labour, sometimes in an environment where there is dust and fumes, possibly even hazardous materials. The factory worker is likely to have a higher premium for their life insurance than the admin worker because their occupation is higher risk.
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Duties not job title
Your occupation is more than your job title, although your insurer does need to know this. As important are your duties, what you do in your job. Your insurer will look at these to accurately assess how risky your occupation is.
These are some of the things they consider:
- How much time you spend in an office environment.
- How much time you spend doing manual labour.
- How much you travel for work (not to and from work).
- If, and to where, you travel outside of SA for more than 14 consecutive days.
- What industry you work in, for example is there a risk of fumes or dust such as in a mine.
- What level you work at, for example supervisor, rank in the police force, national or international sports person.
- The level of stress in your job, for example are you responsible for ensuring the safety of other people.
- What controls are available and are there regulations that are followed, for example is protective clothing provided and worn in high risk areas.
- The amount and type of training provided to help you reduce risks, including for professional athletes and police officers.
- Healthcare services availability, such as a first aid station or onsite emergency medical services.
- Legality, for example if you are an Uber driver do you have the required drivers’ licence.
Can your life insurance application be declined because of your occupation?
Yes, but not often. Most occupations qualify for cover. It is only the very high-risk occupations, such as a cash-in-transit guard, where cover may be declined.
Higher risk occupations may have higher premiums. For example a supervisor in a chemical factory who does some manual labour may have a higher premium than a supervisor in a call centre for a bank.
Very important: Your occupation is just one of the risk factors used to determine risk, cover and premium. Insurers will look at a range of factors, such as health, age, gender, as well as occupation, to determine your overall level of risk.
Keep your insurer informed
If you change jobs or there is a change to your job, for example you do more or less travelling during office hours, this can affect your cover and premium. Remember to keep 1Life Insurance informed if your job changes in any way. You could even qualify for a lower premium if your risk has reduced!
If 1Life does not have the correct details of your occupation there may be a delay with claims and a claim may be reduced or rejected.
You can chat to your financial adviser or contact one of our skilled 1Life Insurance consultants to discuss any changes to your occupation.
Regular review
Jobs, and the work they involve are changing more and more frequently. Review your policy regularly to make sure the occupation details are still correct, and let 1Life Insurance know if there are any changes to keep your cover up to date!
