Approximately 11% of Americans have some form of a hazardous occupation that can possibly impact their life insurance rates
Purchasing life insurance with a high risk job is an easy and straightforward process. Most of the time their is no extra cost if you apply with the most applicable insurance carrier!
The life insurance industry is much more liberal with dangerous jobs than they were in the past which leads to much lower premiums
Most people in the work force have relatively safe occupations with little risk of getting injured or killed. These white collar people can be anything from office workers such as accountants, bankers and school teachers for example. Another class would be the blue collar occupations such as fork lift drivers, machinists, welders and auto mechanics just to name a few.
Then you have the so called high risk category which would include such jobs as loggers, roofers, farmers, ranchers, airplane pilots, commercial divers and electrical power line repairmen. These occupations contain the type of risk factors that could possible trigger a fatal accident.
Give yourself all the advantages possible by choosing an experienced broker and not a captive agent such as State Farm
You need to connect with an independent insurance agent which is another term for a broker that preferably specializes in high risk occupations and sports. They can shop the complete market for you and chose the companies with the lowest rates. A captive agent such as State Farm, Geico, Country Financial and others can only work with the one company that they work for.
All the best life insurance companies look at different occupations in a different light. The big difference in premium savings will depend on exactly what company you use.
Purchasing life insurance for dangerous occupations is the same as having medical conditions or a dangerous sport
Whatever way you look at it, the insurance companies are taking a greater risk. Applicants with medical conditions pose the same exact risk as an individual with a dangerous occupation. Sports and hobbies such as drag racing, scuba diving, rock climbing and skydiving are popular events that can increase a life insurance premium.
Common occupations that companies consider the most dangerous
- Loggers and Lumberjacks (usually considered the highest risk
- Airplane & helicopter pilots along with flight engineers
- Roofers especially using hot tar
- Structural iron and steel workers
- Truck drivers
- Refuse and garbage collectors
- Electrical power line repairman
- Construction workers and laborers
- Commercial fisherman (working ocean seas)
- Farmers and ranchers
Low cost term life insurance will always be your best bet to reducing your life insurance premiums
The two other choices you have are Whole life insurance which would never be cost effective and Universal life which is much a more affordable permanent plan design. Quite a few people begin their quest for life insurance by investigating Whole life plan designs. They usually change their plan quickly when the see how expensive Whole life insurance really is. Approximately 90% of the life insurance sold in the United States today is one of the term plan designs such as the common 20 year term life policy.
No Medical Exam life insurance is a good choice which eliminates taking a physical examination
Most applicants would jump at the chance to eliminate an exam but getting the very lowest rates will usually come with the full underwriting process. The good news in regards to the physical exams are the are simple and quick compared to a physical in your doctors office. They usually take less than 20 minutes total to complete and you get a free blood test out of the deal. The no medical exam life insurance plans are something you don’t want to overlook.
Life insurance that is used for hazardous occupations is often referred to as high risk life insurance
The term high risk is just a simple figure of speech because the same exact life insurance policy can relate to a health individual with a safe occupation as an unhealthy person with a dangerous job. There actually is no such thing as a policy that is designed specifically for high risk type conditions.
Pre-screening an occupation with multiple companies before applying is very effective in securing the best rates
This is virtually the same process as running a medical pre-screen when an application has medical conditions. By simply communicating with a few companies and getting their viewpoint on the outcome of an application, can save a lot of time. Taking a few extra minutes of an agents time to pre-screen an application before formally applying is something we do on a regular basis. It is always smart to know what the end result will be before an application is ever submitted.
Our final thoughts
Run our websites quoting system on the right to give you a good idea what companies have the lowest rates for your preferred plan design in your specific age group. After that, connect with an experienced independent agent (hopefully us!) and let your agent do all the rest of the work for you. After your agent shops the market for you, your next step will be completing a paper, online or telephone application. Our preferred option is a quick 15 minute telephone application. It will then be time to sit back and wait for all the underwriting steps to complete which could take approximately 30 days usually from start to finish. The application process we use is very simple and quick.
Don’t hesitate to contact us with any questions you may have
Our business hours are quite a bit different than our competition. We are available 7 days a week from 9:am to 9:pm. If you schedule requires a time outside these hours, we can easily converse with you at your convenience. As they say, don’t suffer in silence. If you have questions, get them answered as soon as possible.
All the best,