Construction Worker Life Insurance

Construction workers must protect themselves and their families

Monday 21 November, 2022

Sergiu Moldovan is a mortgage broker and protection specialist working in Harlow, Essex and Grays, Kent. Sergiu offers mortgage advice and protection cover to construction workers and builders in London, Hertfordshire, and Essex.

How to protect yourself if you are a construction worker

My colleague Marian Isciuc recently wrote an excellent article on the CIS scheme – Mortgages for construction workers, what you need to know. This article considers how CIS workers can financially protect themselves. 

Self-employed construction workers and builders need protection cover

Unlike employees who benefit from protection from their employer, when you are a self-employed the onus is on you to make sure you and your family always stay protected. It is important that construction workers and builders consider taking out life insurance, critical illness, and/or income protection cover.

There are many ways to financially protect yourself if you are a CIS worker and below, I have listed some of the options available. One of the best options in the market is the Multi Protect from MetLife.

MultiProtect provides life assurance for builders

MultiProtect is a protection policy which provides you and your family members with a lump sum if you suffer an injury, die, or must spend time in a hospital because of an accident or sickness. An accident is considered as an event that wasn’t expected to happen. The policy provides cover for accidental injuries from broken bones to injuries that could significantly impact your life, and provides an excellent life insurance policy for construction workers.

Under the hospitalisation option which is included in the core cover you are also covered if you spend time in a UK hospital or in one of the selected European countries including Poland, Romania, Bulgaria, Lithuania, and Latvia. Hospitalisation due to sickness is also covered once you have held the policy for at least 12 months.

Can a builder get life insurance?

Construction workers can get a MultiProtect protection policy 

  1. No medical questionnaire is needed so your application is likely to be accepted
  2. It is a simple process to complete the full application as it only takes five minutes
  3. No underwriting required

Why do construction workers choose MultiProtect policies?

Unfortunately, construction workers are often involved in accidents or have sickness because of the environment they work in. Even though the Construction Industry is safer than ever before, accidents still happen. The most common accidents in construction are falls which could result in broken bones, permanent injuries, or worst-case death. All these scenarios would be covered by MetLife’s MultiProtect policy. 

Why life insurance is an important protection policy for construction workers

The importance of life insurance cover for builders cannot be understated and becomes more apparent considering that overall workplace fatalities increased by over 25% in 2021, compared with 2020. Despite this, approximately only 30% of the UK’s population has life insurance, leaving a huge percentage of the population with no protection cover, whose families would be left to fend for themselves if anything were to happen.  

CASE STUDY – Mr G construction worker in Hertfordshire:

Mr G is self-employed and working in construction in Hertfordshire. He falls from a ladder while repairing the roof of a building. This results in a range of serious injuries. Mr G fractures twenty major bones including his pelvis, tibia, fibula, and scapula. He fractures fourteen spinal bones, two wrist bones and six minor bones including his ribs. Mr G needs to spend thirty-two days in hospital to recuperate.

MetLife assessed his claim and paid a total of £114,000, consisting of £100,000 for the major broken bones, £6,000 for the minor broken bones and £8,000 for hospitalisation.

Cover: 5 units of cover
Payment: £114,000

Can construction workers take out critical illness cover? 

The simple answer is YES, Critical Illness Cover is also available for construction workers but the outcome for this type of application will depend more on your medical history and whether you have any health conditions. Important factors to consider are your age, weight, and the smoker status.

What is critical illness cover?

Critical illness cover is designed to pay you a lump sum if you get diagnosed with a serious condition, and some companies that provide critical illness cover include blindness, burns, and hearing loss in their critical illness definitions.

The most common reasons for claims on critical illness cover are:

  • Cancer
  • Heart attack
  • Stroke
  • Multiple sclerosis

All companies offering critical illness cover different conditions and have various approaches to diagnosis.  Some offer protection for conditions that are in a less advanced form through their upgraded and enhanced proposition. Options like a second medical opinion on diagnosis could also be available with some of the assurance companies as well as special treatment anywhere in the world.

Should construction workers consider taking out income protection?

Income protection is another protection option available to construction workers. As with other types of cover, income protection insurance is available to construction workers depending on other factors such as age and general health.

What is income protection and how does a policy pay out?

Income protection will pay out a benefit each month if you are unable to work due to sickness or injury. Most payments will start after a deferred period chosen at the time when the application is written.

The monthly payment for income protection is calculated based on a percentage of your gross wage and therefore offers a far higher level of cover than most sick pay schemes, especially statutory sick pay (SSP).

If your job is rated as high risk by the criteria of the insurance company it could be more difficult for you to get income protection compared to other types of insurance cover, as you are much more likely to receive a pay out on income protection during the term of the policy.

Please be aware that organising income protection for a self-employed individual is difficult because often, the level of income varies, and this could lead to a short fall when a payment is made if you underestimate the level of income you protect.

Income protection can help to pay for:

  • Mortgage or rent payments
  • Bills and other outgoings
  • School fees
  • Medical treatment

Sergiu Moldovan, mortgage broker and protection specialist working in Harlow, Essex and Grays, Kent said: 

‘At Thomas Oliver our mortgage brokers and protection advisers work with construction workers in London, Hertfordshire and Essex looking for local protection advice. 

When we meet construction workers wanting protection advice, they are often surprised that builders can get life insurance. Our Thomas Oliver broking team can review the protection market to get the right product for your circumstances. Let our protection specialists research the best life insurance products currently available for construction workers. 

For more details and comprehensive mortgage and protection advice please do not hesitate to get in touch with our Protection Advisers at Thomas Oliver UK LLP. If you are currently working in the construction industry, we will make sure that you get the best possible advice to suit your needs and meet your objectives. It is important to make sure you and your family have adequate protection cover in case you couldn’t work for any reason. Call us now on 01707 872000.’

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