Updated: November 20, 2019

Life Insurance for Offshore Workers

As an offshore working you might need a specialist life insurance policy to meet your needs. Find out how to get the right protection in our guide

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Richard Angliss

Author: Richard Angliss - Finance Expert

Updated: November 20, 2019

As an island, the UK is home to many offshore workers in a variety of industries, most of whom require life insurance, just like those who work on the mainland.

However, due to the higher risk nature of some offshore jobs, securing the right life insurance policy at a premium you’re happy with isn’t always easy. That’s when speaking with an expert can help, one who can answer all your questions and help you find the best offshore life cover for your needs.

For the time being, to help give you more information on offshore life insurance policies and bonds, we’ve written this article.

If you’re looking for advice tailored to your circumstances, get in touch with us by calling 0808 189 0463 or make an enquiry and we’ll match you with one of the expert advisors we work with to discuss your offshore life insurance needs.

All advice is free, and the advisors can compare life insurance providers using their whole-of-market access to find the best deals.

Our advisers are regulated by The Financial Conduct Authority and so you will be dealing with a highly trained person that adheres to strict rules of conduct.

What is offshore life insurance?

Offshore life insurance is a product for people whose primary residence is the UK but they work off the mainland, most of the time. Many different industries and jobs mean that even though someone’s family is settled in the UK, they may need to work either off the coast of the UK or even further afield, for much of the time.

Offshore life insurance and international offshore cover, can give those workers and families the life insurance they require in the UK, even though they work offshore or out of the country, sometimes in a risky job or a country that has an unstable political regime or is at war.

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Can offshore oil rig and gas workers get life insurance?

Yes, it is possible for offshore oil rig and gas workers to get life insurance policies, although not all insurance companies will provide cover for this line of work.

While working on an offshore oil rig or as an offshore gas engineer is often considered too risky an occupation for many more general insurers provide life cover for, offshore oil rig and gas workers can still secure life insurance in the UK with many other providers.

Although offshore oil and gas workers may be occupations that are quite well-known, there are also other risk, offshore jobs where people can also secure life insurance, albeit from specialist life insurance providers.

They include:

  • Subsea roles, such as submariners
  • Renewable energy-related jobs that require a lot of off-shore working time
  • Merchant marine roles, including for private businesses or the RFA
  • Offshore roles that require regular work conducted at height

There are a number of other job roles conducted offshore that some companies will consider providing life insurance for. If you’re concerned your offshore job could be considered risky by life insurers, make an enquiry and we’ll connect you with an expert to discuss your options.

Is offshore life insurance only provided by specialist companies?

No, many offshore workers can get life insurance from general insurance providers as well as specialist companies. However, some life insurance providers can consider some jobs too risky and they will either:

  • Charge a very high premium for life insurance.
  • Refuse to provide you with life insurance.

In these instances, it can make more sense to speak with a life insurance expert, like those we work with. They can answer any questions you have about offshore life insurance and also help you find the right provider and policy for your specific needs.

As with other financial services products, where there is a specialist or niche requirement, specialist companies can often provide you with a better policy. In this case, however, offshore life insurance or international offshore life cover is most likely what you need.

Not only will the policy cover everything you need it to, you often find that due to the nature of those specialist life insurance companies, the premiums can be lower than those offered by a more general life insurance provider.

Should I consider offshore life insurance bonds?

Offshore life insurance bonds can be considered as a one-off premium payment offshore life insurance product, similar to US offshore private placement life insurance. However, while they could well suit your requirements (to payout upon your death as an offshore worker) that’s not their only use.

They’re also used as a form of investment that’s held offshore and are, as such, a tax-efficient investment option. That means offshore life insurance bonds could offer a dual benefit as a tax-efficient offshore investment and as a possible option for offshore life insurance for those working outside of the UK but whose primary address and a family are based in the UK.

Offshore life insurance bonds do have excellent tax benefits, provided they are used in the right way.

If you’re interested in offshore life insurance bonds as a form of cover for you as an offshore worker, it can be a good idea to seek expert advice.

That way you can ensure you select the right offshore life insurance cover for your needs, whether its a policy provided by a specialist company or an offshore life insurance bond.

Speak with an offshore life insurance expert today

If you’re interested in getting offshore life insurance but aren’t sure who to approach or where to start, then get in touch by calling 0808 189 0463 or submit an enquiry online.

We work with experienced life insurance brokers and will ensure we connect you with one who has the right background for your offshore life insurance needs.

Ask a quick question

We can help! We know everyone's circumstances are different, that's why we work with brokers who are experts in higher-risk life insurance. Ask us a question and we'll get the best expert to help.

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Richard Angliss

Richard Angliss

Finance Expert

About the author

Richard Angliss has made a career in financial services which stretches over 40 years.

His early career was spent learning about the various financial products and applying them to prudent advice, working for one of the largest life assurance and investment firms. After that he joined the financial services arm of a very well-known firm providing independent advice to their 8 million customers.

For the last 20 years he has been involved in building software solutions that help Advisers and clients work together to achieve good financial outcomes and helping to set up three independent advisory firms. He also has written many articles for financial services publications and provided commentary for newspaper journalists.

At an early stage in his career he realised the great satisfaction that comes with being able to help people achieve their goals and protect their families. “Regulation of financial services has hugely impacted on ensuring people get appropriate advice. The issue these days is access to that advice and just as importantly regular reviews to make sure that everything stays on track”.

With the growing development of online resources such as Online Money Advisor he sees a great future for people to access advice to make their pension and investment work harder for them.  Plus, of course, to ensure they have insurance products in place that will be required when unforeseen events happen.

He knows getting that balance right is crucial to prudent financial planning and the wellbeing of individuals and their families.

FCA Disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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