No one can really put a monetary value on someone’s life, can they? Even so, insurance companies spend tonnes of money on research to do almost exactly this.
Insurance companies take down every single detail of you, ranging from your age, weight, height, medical history, family history and a tonne of other information to compute a premium. This premium is how much you have to pay to the insurers to get your coverage.
While the coverage is almost the same amount for everyone, the premiums we pay are different depending on the level of risk we represent. If none of your physical or health attributes inflate your insurance premium, then your job may be the factor that does it for you.
Here are a few common professions that are viewed as dangerous and could be making your insurance premiums more expensive.
Despite <a href="http://money.cnn.com/2015/05/13/news/economy/train-plane-car-deaths/"target="_blank" >CNN labelling air travel as the safest form of transportation, being a pilot or a crew member is a type of profession that is going to cost you a little more when you pick out an insurance policy for yourself.
While jobs like pilots and flight attendants are viewed as dangerous, they are highly compensated with good salaries and robust benefits by the company.
On top of that, the grand benefit of being able to travel and see the world may be one of the reasons so many people still opt for such a dangerous yet safe profession.
The engineering department is heavily divided by the ones who work on site and those who sit behind their desk.
While all positions are vital, those who are in the thick of things and are involved on site, usually have their insurance premiums jacked up.
That is why it is important that you not only put down your designation or profession, but include a description of your duties whenever you fill out an application for insurance. By doing so, you eliminate the chance of being overcharged on your insurance premium.
While it may be a dangerous job and inflates your insurance premium, you will not find yourself unemployed for long.
According to <a href="https://www.lovemoney.com/galleries/60872/30-most-indemand-jobs-around-the-world-right-now?page=1"target="_blank" >LOVEMONEY, this highly skilled profession is the second highest demanded occupation in the world. This not only almost guarantees them a healthy salary at the end of every month, it also gives engineers the option to live their lives in other parts of the world, should they opt to migrate.
Read Also: <a href="https://ringgitplus.com/en/blog/Budgeting-Saving/7-Signs-You-Should-Probably-Quit-Your-Job.html"target="_blank" >7 Signs You Should (Probably) Quit Your Job
Another area of occupation that screams “risky” to insurers is comprised of the everyday daredevils of our society. Fireman, police officers, bodyguards, security guards and whoever that practically works in an industry of protecting others and saving lives can expect higher premiums.
They are looking at inflated insurance premiums simply because they put their lives on the line everyday to keep others safe. Even the head of security who may rarely partake in the action directly, is usually labelled as being in a high-risk environment.
While the private sector may reward these individuals who work as personal bodyguards with a proper remuneration package, our police officers who <a href="https://www.glassdoor.com/Salaries/malaysia-police-salary-SRCH_IL.0,8_IN170_KO9,15.htm"target="_blank" >do not enjoy a very large pay cheque are compensated with other government benefits such as housing and other subsidies.
The minute people talk about offshore crew, we automatically imagine the oil and gas industry. Many times we forget those who work on holiday cruises or cargo ships fall under this category too.
All staff on board are automatically viewed as having a risky profession. The cleaning crew, chefs, lounge singers, casino dealers, and all the technical staff on board can expect to have higher insurance premiums, due to the fact that their jobs are in the high seas.
While some of these jobs are not always viewed as glamorous, the perks make up for everything else. There are many jobs that pay well out there, but almost none give their employees time off the way offshore employers do.
In some cases, the employees work three weeks on board and in return, get two weeks off. That is equivalent to working approximately 8 months a year, with the remainder of the year allocated for paid off days.
Getting the Right Cover
Sometimes, we are lucky enough to choose our profession, and other times our profession chooses us. No matter how safe your profession may be, it is always better to be even safer. Look into an insurance policy that can swoop in and save the day should any misfortunes befall you.
If you chose to work in one of the riskier categories of professions mentioned above, fret not, you can still head on over to our <a href="https://ringgitplus.com/en/health-insurance/medical-card/"target="_blank" >medical insurance page and use the comparison tool to help you pick out the best insurance package that suits you the best.