Life insurance for offshore workers
Offshore oil, gas, and wind farm workers face unique risks that standard life insurance must account for. Many are highly paid and support families ashore — making life insurance an essential financial safety net. If you work on a rotating offshore schedule, always disclose the full nature of your work and location when applying.
How much does life insurance cost for offshore workers?
Offshore workers are typically classified as higher-risk by many UK life insurers due to the remote and hazardous working environment. Premiums may be higher, and some insurers require additional disclosure about the nature of offshore work. A healthy non-smoking 35-year-old offshore worker can typically get £200,000 of level term cover for £12–£22/month.
How much life insurance do offshore workers need?
A common starting point is 10 times annual salary, plus enough to cover your outstanding mortgage. Consider your dependants, any outstanding debts, and whether a partner's income alone would cover household costs.
Should offshore workers also consider income protection?
Yes — life insurance only pays on death. Income protection covers you if illness or injury prevents you from working while you're alive. For most offshore workers, the probability of a long-term illness during your working life is significantly higher than dying. Both products are important parts of a complete financial plan.
Writing your policy in trust
Always consider writing your life insurance in trust. This ensures the payout reaches your beneficiaries quickly without going through probate, and keeps it outside your estate for inheritance tax purposes. It's free to set up.
Frequently Asked Questions
Offshore workers are typically classified as higher-risk by many UK life insurers due to the remote and hazardous working environment. Premiums may be higher, and some insurers require additional disclosure about the nature of offshore work. For most offshore workers, premiums are primarily driven by age, health, and smoking status.
Yes — always disclose your occupation accurately. Some high-risk roles may affect premiums or exclusions.
Most people choose a term that lasts until their mortgage is paid off and their children are financially independent — typically 20–30 years.