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Income protection is no laughing matter

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Research from comparison site www.money-minder.com reveals the unusual jobs insurers do not like when it comes to income protection insurance.

 

People are five times more likely to suffer a serious illness than die before the age of 65. Insurance can provide an essential financial safety net if you do fall seriously ill or an accident forces you to stop work for a long period of time.

 

Insurers take a dim view of providing cover to people with some surprising occupations:

  • Comedians are too risky

  • Magicians are safer entertainers despite supposedly death defying illusions

  • Other dislikes include dustmen, road sweepers, market traders and JCB drivers (perhaps they would be accepted if they called themselves recyclers, environmental cleaners, retailers and specialist engineering operatives!)

 

Journalists, news photographers, editors, and broadcasters are all acceptable occupations, but not newspaper vendors.

 

Some surprises that insurers will cover include fire-fighters, lifeboat crew, lighthouse keepers, martial arts instructors and radiologists.

 

Ray Black money-minder says, “Income protection is a valuable and much overlooked insurance. The financial consequences of a family’s breadwinner losing their income because of an accident or serious illness can be disastrous. Yet even though we are five times more likely to suffer a serious illness than die before the age of 65, we are 13 times more likely to take out life insurance, which pays out when we die, rather than income protection which pays out if we live but cannot work."

 

Income protection insurance: News update: 21 May 2010

  

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