Approximately 11% of Americans have hazardous occupations
More people than ever have hazardous occupations because they normally pay more. 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. 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 higher risk categories which would include such jobs as loggers, roofers, farmers, ranchers, airplane pilots, commercial divers and electrical power line repairmen. The statistics for these more hazardous occupations are much more likely to have on-the-job fatal accidents.
An independent agent gives you the greatest advantage
You need to connect with an independent insurance agent which is another term for a broker that preferably specializes in hazardous occupations and sports. They can shop the entire 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.
A hazardous occupation is similar to a medical condition
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. Sports and hobbies such as drag racing, scuba diving, rock climbing and skydiving are popular events that can increase life insurance premiums.
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
Term life insurance will usually be your best bet
The two additional 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 can be a great choice
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 to complete and you get a free blood test and physical. The no medical exam life insurance plans are something you don’t want to overlook. These plan designs can easily be used for people with hazardous occupations.
High risk life insurance is used for hazardous occupations
The terminology high risk just refers to a higher risk than normal. If this risk is added by a sport, medical condition or job. It increases the risk the insurance company encounters and they have to take this into consideration. Due to the fact all insurance companies underwrite their applications differently. It pays to pre-screen this additional risk and chose the correct insurance company to apply with.
Pre-screening your occupation with multiple companies
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 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 on dangerous occupations
Run our websites quoting system using the form on the right. This will give you a good idea what companies have the lowest rates 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.
All the Best,