Oil Rig Worker Life Assurance Cover...where?

BritishBulldog

Does anyone here know which Life Assurance Companies cover Oil Rig Workers? Even though im only 37, a fitness nut, and as im a rig medic i do nothing remotely dangerous (working in the NHS was far worse in my opinion), ive been turned down by the only company i have tried so far. Some Critical Illness Cover would be useful also. Can anyone advise?

dacouch

Try a financial adviser based in Aberdeen or look on any oil worker websites or in any relevant magazines for adverts.

weighty1_2

As a rig medic I'd expect most, if not all, companies would cover you. I suspect that the issue may be more due to where in the world you travel.

If you are going to areas such as the west coast of Africa then many companies would struggle to cover you, depending on which country you are off the coast of and what your rotations are like.

EDIT: if you are working in these areas critical illness is pretty much a non-starter, however, there is at least one company who would consider offering terms on an income protection plan, provided you are in the UK for at least 6-months of the year

BritishBulldog

As an update, I got in touch with 'Hazardous Pursuits' and they sorted me a policy with Aviva for a very good price.

weighty1_2

The question is, did they offer any advice or did you just get what you asked for, irrespective of whether it's the best option for you or not?

I know the answer to this question.........it's the latter, since they do not offer any advice. I know this because they wanted me to work for them and I refused to work on a non-advised basis!!

Just be aware, if you do not take advice then you have limited protection from the Financial Ombudsman Service if you (or possibly your family) find that the plan is not the right one in the event of a claim.

kingstreet

Have you written the plan in trust?

BritishBulldog

Yes, the plan is written in trust. I had a a lot of correspondence with HP regarding my work history and future due to the travelling I do. They found me a policy which their underwriters deemed suitable. Its all on email for any future reference.

BritishBulldog

I should ask really, what is the significance of 'with advice'? Is it some sort of legal comeback in case of mis-selling a policy? Would it be considered more prudent to see an IFA?

dunstonh

I should ask really, what is the significance of 'with advice'? Is it some sort of legal comeback in case of mis-selling a policy?

Yes.

Would it be considered more prudent to see an IFA?

Depends on whether you have paid the same for advice as non-advice.