There are many who consider life to be a daring adventure, giving up their boring desk jobs to follow their passion for adventure. But every adventure has its risks… life risk. So, what happens in that case? How can one ensure one’s financial safety while following the passion? Can a normal life insurance plan ensure it?
In such cases, one must select the right plan considering all aspects, providing additional financial security in the future. Life insurance premium depends on types of risks. The premium charged by insurers are determined by statistics and mathematical calculations done by the underwriting department of the insurance company. The level of insurance premium charged to a policyholder depends on statistical data that exists about life history, age, profession and health.
Certain factors affect a life insurance policy and occupational hazard is one of them. But what does it mean? Occupational hazard refers to the potential risks to life or functioning of an individual, inherently associated with his occupation or work environment. Some of these hazards lead to the contraction of a disease or the loss of functionality or death through an accident. In such cases, individuals with high-risk professions such as the armed forces, pilots, engineers, miners, rescuers, construction workers have to pay more premium for life insurance because the insurer is taking an additional risk by insuring them.
Rakesh Wadhwa, Chief Marketing and Customer Officer, Future Generali India Life Insurance, says, “There is no standard definition or defined list of profession or hobbies which is considered to have adverse impact on life insurance premium. In principle, any leisure pursuit or hobby which could have adverse impact on mortality shall be considered as hazardous and may have impact on life”.
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