As gas and oil professionals carry out a risky job, taking out borrower insurance can be more complex. Do not worry, however, solutions exist to cover your mortgage and allow you to acquire a property.
Borrower and gas or oil professional insurance
Taking out borrower insurance is mandatory, no bank agrees to lend a high amount over a long period without any guarantee that the loan will be repaid. It is also a security for you insofar as in the event of death , the borrower’s insurance covers the outstanding capital, or at least part of it, in order to protect your loved ones. In the event of work interruption or disability, if you can no longer support yourself temporarily or permanently, again, the insurance protects you financially.
As a gas or oil professional , you have a risky job . This can be a hindrance for insurance companies. In view of the higher risk of accident or death, they may refuse to cover you. And when they agree to cover your home loan, they can ask for more important guarantees, apply an additional premium or exclusions.
Why is a gas or oil professional considered a risky profession?
To be a gas or oil professional is to carry out a risky job for insurance companies. In contact with dangerous, flammable, explosive materials, this does not reassure insurers when it comes to covering a mortgage. Working conditions can also be complex, with an activity that requires you to work on oil rigs, in sometimes dangerous places, etc. And this is without taking into account the physical aspect of these trades which generates a greater risk of work stoppage.
As a gas or oil professional, to take out borrower insurance , we advise you to be perfectly transparent about your professional activity. When the insurance company learns that you have hidden information from it, it may refuse to compensate you, even if you had indeed subscribed to all the necessary guarantees.
What questions can you be asked as a gas or oil professional?
To take out borrower insurance, you must first answer a medical questionnaire . The insurance company can thus know your state of health and estimate the risk of premature death. She will, for example, ask you if you are a smoker, very overweight, if you suffer from a chronic illness, etc.
The insurer will also want to know more about your professional activity and ask you a number of questions, the nature of which may vary from one insurer to another:
- What is the exact nature of your profession?
- Do you work on offshore platforms?
- Do you travel a lot as part of your job?
- What hazardous materials do you handle or come into contact with?
- Do you work in countries where security is not optimal?
- What are your working hours ?
- Do you carry heavy loads?
- Have you ever been on leave from work?
Depending on the answers to these questions, the insurance company can:
- Refuse to insure
- Apply a surcharge
- Apply exclusions
- You cover quite normally.
What solution if you are refused loan insurance?
Does your bank’s insurance refuse to insure you because of too high a risk of default? No worries, the Lagarde law allows you to take out borrower insurance with the insurer of your choice.
You can then contact a traditional competing insurance company or direct you to insurers who specialize in high-risk trades. The latter are able to offer you a contract with guarantees that are truly adapted to the risks of the gas and oil trades.
How to choose the best borrower insurance for a gas or oil professional?
Comparing remains the best solution to find borrower insurance for gas and oil professionals adapted to your needs. With our home loan insurance comparator , you have access to a wide offer that allows you to compare both guarantees and prices. If the objective is to reduce the impact of borrower insurance on the total cost of credit, it is also necessary to take out solid guarantees.
Have you already taken out an insurance contract and find that you are paying too much? The Lemoine law allows you to terminate your mortgage loan insurance contract at any time and, thus, to change to a cheaper offer.