Purchasing life insurance for the most dangerous jobs in the US is available and probably a lot less costly as you would think. Approximately 11% of Americans have high risk jobs. More people than ever have hazardous occupations because they normally pay higher wages. Most people in the workforce have relatively safe occupations with little risk of getting injured or killed. These can be anything from office workers such as accountants, bankers and school teachers.
Another class would be the blue collar occupations such as forklift drivers, machinists, welders and auto mechanics just to name a few. There is normally never an issue with these type of job descriptions due to their much more mild risk factors.
The most dangerous jobs which would include such jobs as professional loggers, iron workers, commercial fisherman, farmers, ranchers, airplane pilots, race car drivers, skydivers, commercial divers and electrical power line repairman. The statistics for these dangerous jobs are unfortunately much more likely to have on-the-job fatal accidents.
Table of Contents
- Purchasing life insurance for high risk jobs
- Can I buy life insurance with a dangerous occupation?
- Can having a dangerous job cause my rates to go up?
- Working with an independent insurance agent
- What companies have the best rates for risky occupations?
- The most dangerous jobs in the US
- What type of life insurance is my best choice?
- Prescreening your occupation before you apply
- Apply and get approved in 24-48 hours with no exam
- In Conclusion
For all practical purposes the answer is yes you can. Regardless of what your occupation is, you should be able to buy a new policy. A few years ago, I was able to find term life insurance for a professional “wing walker“. At the time, I thought is was virtually impossible but I wanted to do my homework and find this individual life insurance coverage. Needless to say, most life insurance companies said NO! But I found one that would insure this man which really made his day. This is a task that could only be performed by an independent agent (broker) who has access to the complete life insurance marketplace.
Can a dangerous job cause life insurance rates to go up is one of those yes or no type situations. It depends on what is the specific occupation, how sensitive it is to danger or illness and the actual insurance company being used in question. Here is a good example for you to review. Let’s say you are an ironworker and you work on very tall buildings and it is not uncommon for you to be walking across I-beams thirty stories high.
The answer here would probably be yes, your premiums will be adjusted accordingly and your rates will increase. On the other side of the coin, you may also be an ironworker that mainly works out of a shack or trailer going over blueprints and building design documents. In this case, there will probably no increase in your rates at all.
The same goes for the company you are applying with. If you apply with Transamerica, you will probably see a rate increase. If you apply with Prudential probably not. Your agent can pre-screen this right from the start so there are no surprises later.
An independent agent which is another term for a broker that preferably specializes in risky occupations and sports. They can shop the entire market for you and chose the companies with the lowest rates. This is very simple for the brokers because they can shop the entire market for you.
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 which vary and depend on exactly what company you use.
This question does not have a specific answer due to the fact the best company will be determined by your exact occupation. All life insurance companies underwrite their applications differently. They all look at specific occupations differently when determining the risk factor for the job. We use a case by case approach to make sure we have you apply with the carrier that will offer you the lowest rates. These four companies listed below are some of the very best for hazardous jobs with excellent rates.
Having a Hazardous Job is Similar to Having a Medical Conditions
However 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. Also, sports and hobbies such as drag racing, scuba diving, rock climbing and skydiving are popular events that can increase life insurance premiums.
- Loggers and Lumberjacks: This is one of the highest risk occupations
- 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 have a high rate of accidents
- Commercial derrick operators in oil, gas, and mining industry
The U.S. Department of Labor’s Bureau of Labor Statistics reported that between the years of 2008 and 2017 that 1,566 members of the oil and gas drilling industry were killed from on-the-job industries. Those numbers reflect almost exactly the same amount of US Military Soldiers and Marines killed in Afghanistan during the same time period!
Affordable term life insurance is the most effective choice by far. The two additional choices you have are permanent whole life insurance which is considered obsolete and far too expensive. The other permanent products such as universal life which is much more affordable if you want life insurance that will last the rest of your life. Quite a few people begin their quest for life insurance by investigating whole life plan designs. They instantly find this quest is a waste of their time with many carriers have already dropped from their product line years ago.
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 another good choice to consider. 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 ParaMed exam usually take less than 20 minutes to complete and you get a free blood test and physical. The no medical exam life insurance plan designs are something you don’t want to overlook. These plan designs can easily be used for people with hazardous occupations and also want very fast underwriting times.
The terminology high risk refers to a higher than normal probability for someone to have an accident or illness that could lead to a disability or death. This would then trigger a claim to the insurance carrier.
This is virtually the same process as running a medical pre-screen when an applicant 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 agent’s 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.
If you have a dangerous job and you are worried about getting life insurance. Put an end to your worries and give us a call today. Take advantage of our instant quoting system and review over 40 carriers and see first hand who has the lowest rates. After that, connect with us and we will explain your options in detail. Applying for life insurance with a high risk job is a common and simple process when using an experienced agent.
I hope you enjoyed this blog post. We look forward to speaking with you!
All the best,
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