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How to Buy the Best Life Insurance for Commercial Fishermen in 2024

Life Insurance for Commercial Fishermen: Securing the Most Favorable Rates in [2024]

  Are you a commercial fisherman putting your life at risk every day on the open waters? At our agency, we fullyFisherman Life Coverage understand the unique challenges and risks that come with being a commercial fisherman.

That’s why we’ve partnered with over 40 of the most competitive life insurance carriers to provide you with a simple and affordable solution which is a life insurance product specifically tailored to your needs.

With our life insurance for commercial fishermen, you can have peace of mind knowing that your loved ones will be financially protected in case of any unfortunate event.

Our extensive network of carriers allows us to offer you highly competitive rates, ensuring that your coverage fits your budget and your needs. Is it difficult to purchase life insurance for commercial fishermen?

You can easily purchase the best life insurance for commercial fishermen, quickly and easily.

Don’t wait any longer to ensure the financial security of your loved ones. Take the first step towards protecting your family’s future by getting a free quote today. Keep reading to learn more so you can achieve the peace of mind you and your family deserve.


Does the Occupation of Commercial Fishing Affect My Life Insurance Quotes?

Commercial fishermen can secure the most competitive life insurance rates based on their individual health.

In some cases, depending on your job duties and what body of water you fish in, your rates could be affected to someCommercial Fisherman Life Insurance Quotes degree. For example, if you are in good health and the only concern is the dangers of commercial fishing, a simple flat extra fee could be applied.

This is an added charge above and beyond your base premium. Another way your rates could increase is through a health classification known as a rate class change.

You can run our instant quoting system to get an idea of commercial fisherman life insurance quotes, but we would have to shop with several carriers to see if a flat extra would be applied and if so how much would it be for your specific job duties.

A simple example would be going from a preferred non-tobacco rate class to a standard plus or a standard non-tobacco rate class. Anytime an applicant is exposed to a more life-threatening exposure, the premiums usually go up to cover the additional risk the carrier is undertaking.

If you are in good health, you should be able to qualify for the best life insurance rates for commercial fishermen.


Flat Extra Fees and How They Work

Commercial fishermen’s life insurance policies (may include) a flat extra fee to compensate carriers for the added risk they assume.

Flat extra fees are prevalent with hazardous occupations, sports, and hobbies. This is simply a regular fee to cover the additional cost of an insurance company’s higher-than-normal risk. A typical example would be a $2.50 flat extra charge.

This charge would be multiplied by every thousand dollars of coverage. For example, you purchase a $100,000 term policy with a base premium of $800.00 per year. You would multiply $2.50 times 100 because you have a face amount of $100,000.

Therefore, the flat extra fee would be $250.00. You would then add the $250.00 to the base premium of $800.00 for a new total of $1,050.00 per year. If a flat extra fee is added onto a commercial fishermen’s base rates, it can usually vary from $2.50 to $5.00 per one thousand dollars in the policy face amount.


Does Life Insurance Cover Commercial Fishing?

Fisherman life coverage will be included if you purchased your policy before you started working in the commercial fishing industry. If you purchase a new fisherman life insurance plan and you disclose your occupation on the application, you are good to go.commercial fishermen life insurance

However, suppose you are planning on buying new coverage while fishing.

You must ensure you answer all questions on your application honestly when you get to the questions about dangerous sports or occupations. You don’t have to worry; commercial fishing is covered by life insurance.


Risks Involved in Commercial Fishing

For example; life insurance for commercial fishermen operating in the Bering Sea is even more necessary because it is known for many deadly accidents.

Life insurance companies must be concerned with all the dangers of commercial fishing. They want to be aware of anything that could cause a fatal event so they can underwrite an application accordingly.

*Here are just some of the many dangers insurers are well aware of:

Vessel Disasters – 50% of commercial fishermen’s deaths were caused by capsized or sunk fishing vessels.

On-Deck Deaths – 12% of commercial fishing deaths happen on the deck of the fishing vessel itself.

Man Overboard (MOB) – Falling into the water is a fisherman’s second most common cause of death. Between 2010 and 2014, there were 210 fatal falls into the water, and none of the victims wore floatation devices. None of the crew members did not witness 53% of these deaths.

Diving Related – Over 5% of deaths were scuba diving-related.

On-Shore – The statistics show that 3% of commercial fishermen’s deaths occurred from on-shore-related deaths. They died from drowning due to slipping off docks into the water and working with dangerous chemicals.

The commercial fishing industry has seen a substantial decrease in reported injuries and fatalities, attributable to the annual implementation of new safety protocols.

The Number of Fatalities Among Commercial Fishermen Between [2015 and 2022]

Crab Fishermen – There were 41 Crab Fishermen killed.

Lobster Fishermen – 19 Lobsterman lost their lives.

Shrimp Fishermen – There were 37 Shrimpers killed on the job.

These commercial fishermen died from injuries due to drowning, inhalation of poisonous chemicals, coming into contact with heavy moving objects, or contact with electrical current.


The Procedure for Applying as a Commercial Fisherman

Applying for a fisherman’s life insurance policy is as simple and swift as the process for an office worker.

Anytime you plan to purchase life insurance, you should contact an experienced independent agent to act as yourcommercial fishermen life insurance policies advisor. Independent agents like ourselves work with all the best life insurance companies.

This allows you to apply with the most liberal companies for commercial fishermen. The guidelines vary from one carrier to another, so you want to find the best fit for your specific job duties.

During the application process, you can expect to be asked the following significant questions:

  1. What type of safety equipment do you wear?
  2. What commercial fishing safety courses have you taken?
  3. How long would your standard shift last?
  4. Do you fish full or part-time?
  5. How many years of experience do you have?
  6. What are your daily job duties?
  7. How long have you been onboard a vessel vs. on land?
  8. What size and type of vessel are you working on?
  9. What kind of medical supplies and equipment do you have onboard?
  10. What type of bodies of water do you fish on?
  11. What states or countries do you fish in?
  12. Does your vessel employ a medical professional?


Best Life Insurance Companies for Commercial Fishermen

We work with over 40 life insurance companies. Some companies are more sensitive or liberal to different types of risks. Here is an essential list of some of the best life insurance companies for commercial fishermen. 

  1. Banner Life
  2. Prudential 
  3. Liberty Financial
  4. AIG American General
  5. Protective Life
  6. Transamerica

The company we have found that would be our number one choice for the lowest rates for commercial fishermen would be Banner Life, with no close second. They are very liberal about hazardous occupations and have excellent rates.


The Importance of Good Health In Commercial Fishing

In the process of obtaining fisherman’s life insurance, the insurer’s underwriters will prioritize your health condition over your fisherman profession.

Commercial fishing is the top of many hazardous occupations requiring strength and endurance. This occupation is much safer for younger men in excellent physical condition.

They have a much better chance to contend with all the dangers of commercial fishing and attempt to prevent injuries or death. This is a simple statistic that insurance companies are well aware of.

Suppose a commercial fisherman submits an application and is in poor health; their approval chances diminish depending on their specific medical conditions. This work demands physical strength, endurance, and the ability to react fast to danger.

If your current health is below average, you will most likely be assigned a more costly health class or possibly even be declined if your condition is severe. As a result, the commercial fishing industry is consistently ranked in the world’s top three most dangerous jobs for excellent reasons.


Health Classifications Based on Your Risk Profile

The number one category that dictates your premium is your assigned rate classification, otherwise known as a healthcommercial fishing life coverage class. This refers to types you have probably already heard of, such as preferred best, preferred, standard plus, and so forth.

If you fall below a standard rate class, you will be assigned a table rating such as rate table A through J or the number system of 1 through 10.

The higher you go into the rate tables, the more costly your life insurance is. Read our life insurance health classification blog post to describe how these health classes work and their importance.

The rate class that is assigned to you influences your premiums. Securing a policy with a provider that places you in the most favorable rate class will grant you the lowest possible premiums.

How to Find the Best Life Insurance Rates for Commercial Fishermen

Connect with an Independent Agent – This is your first step to avoid wasting valuable time. An independent agent can represent all the top-rated companies, whereas a captive agent, such as a State Farm agent, represents only one.

The captive agent has his employer’s best interest in mind, whereas the independent agent, otherwise known as a broker, has your best interest in mind.

Don’t Conceal Anything From Your Agent – Always tell your agent everything so he can be aware of every detail. All the information you provide will help us find the best rates for fisherman life coverage.

Choosing the most applicable life insurance company is crucial in the application process.

Run a Medical Pre-Screen if Necessary – If you have any medical condition or take any prescription medication, a medical pre-screen will be a practical step to eliminate surprises later. The insurance company will find everything they need to know in your application.

Therefore, you will want your agent to take 10 minutes to know your medical history so he can choose the most appropriate company before applying.

Apply Over the Telephone – Not only is a telephone application fast and straightforward (15-20 minutes), but you can explain all your answers. Hence, the life insurance company you apply with completely understands your answers to each question.

An underwriter who can’t fully determine a risk thoroughly may have to assume the worst-case scenario, so being able to explain your answers verbally is the intelligent way of applying.

Furthermore, applying over the phone will eliminate a lot of time consumption and writer’s cramp if you apply with a paper application.


Considering These Three Primary Classes of Life Insurance

For commercial fishermen, you’ll find several suitable life insurance alternatives presented below.

Term Life Insurance –

Term life insurance will always have the lowest cost and allow you to get the highest face amount you may need without breaking the bank. You can choose life insurance products with a term of 10 to 40 years. These policies can also be converted into permanent life insurance during the lifetime of your term policy period.

Universal Life –

Universal Life Insurance is a permanent life insurance product that will last for the rest of your life as long as you keep paying your premiums. It does cost over double the price of the term, but it will last the rest of your life with no possible gaps in coverage like a term product can.

No Medical Exam –

No medical exam life insurance is also known as Non-Med life insurance. The application is shorter than a conventional plan design, and the physical exam is also waived. The side effect is that these plans cost more than traditional term policies for commercial fishermen. I would go the standard application route to keep the premium as low as possible.


What is the Concept of a Return of Premium Life Insurance policy?

A Return of Premium Life Insurance policy offers the advantage of returning all paid premiums upon the end of the term.

Many people who purchase term life insurance understand that their policy will terminate at the end of the termlife insurance for commercial fishermen period stated in their policy.

They also know that the life insurance company will come out smelling like a rose if they are still living and the policy ends.

All those premium dollars will be pure profit, but wait, there in another alternative which is return of premium life insurance. 

Consider these policies that will return every penny you pay if you outlive the term period. After the term period ends, you will receive a check for every penny you originally spent on your premiums.

Keep in mind that there is no tax on that money also. You could put that money in an investment for your retirement or anything else. Call us and we will give you a premium quote right over the phone.


Where Can I Compare and Evaluate the Best Insurance Rates and Providers?

You can easily compare the best life insurance quotes for commercial fishermen on our website’s instant quoting systemlife insurance for fishermen at sea anytime or on the quoting form to your right.

You will see approximately 40 of the top life insurance companies compared side-by-side.

Remember that health conditions can quickly impact your rates, so we suggest contacting us before getting too involved with the rates you see and a quoting system.

Shopping for fisherman life coverage is easy today with modern quote engines so you can quickly see all the premiums from over 40 top rated carriers.


Our Final Thoughts

Helping people purchase fishing industry life insurance is one of our specialties. If you work in the high-riskCommercial Fisherman Life Insurance commercial fishing industry, we are experienced in helping people in your industry get the best rates.

This is what we have been doing every day for over 25 years.

Remember that if you purchase life insurance now and then retire or change occupations to make any job safer. In addition, many companies will reconsider your application and consider lowering your rates if your health history has not changed.

We can help answer any of your questions seven days a week. Thank you for reading this blog post; I hope it has answered many of your questions.

All the best,
Jack Venturi

*For any questions you might have, our live chat system is at your disposal or call us at 815-390- 7545 and we will provide a quick answer.

If you have any questions about life insurance for commercial fishermen, contact us today to help you at no cost or obligation. You can also set up a time at your convenience to talk.  


Jack Venturi Independent Life Insurance Agent

Jack Venturi

Independent agent and founder of

Jack Venturi has over 30 years of experience educating and helping people find the best life insurance products at the lowest possible premiums over the phone (815)-390-7545 and online.

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