How to Buy the Best Life Insurance for Commercial Fishermen

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Overview:

A commercial fisherman has one of the most hazardous occupations in the world but, you can still easily purchase life insurance with affordable rates.

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How to Apply for Life Insurance for Commercial Fishermen With the Best Rates in [2024]

Is it difficult to purchase life insurance for commercial fishermen? You can easily purchase the best life insurance for commercial fishermen, quickly and easily. As long as you are in average health you will have no problems buying commercial fishermen life insurance. 

Being a crew member on an ocean-going fishing boat is very high risk. But you should have no problem applying for life insurance and being approved with competitive rates.

 This blog post will go over everything you will need to know to receive the best fisherman life coverage rates.  

 

 

Can Being a Commercial Fisherman Affect My Life Insurance Rates?

The best life insurance rates for a commercial fisherman will mainly depend on your health and secondly your occupation.

In some cases, depending on your job duties and what body of water you fish in, your rates could be affected to some 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

Flat extra fees are sometimes added to the base rate of a commercial fisherman’s life policy to cover the added risk the carrier is taking.

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.

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.

 

The Dangers of Commercial Fishing 

Life insurance for fishermen at sea, especially in hazardous waters like the Bering Sea, is where the dangers are worse.

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.

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This is due to new safety measures being taken every year in the commercial fishing industry. There has been a significant reduction in reported injuries and deaths. 

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Commercial Fishermen’s Fatalities Between [2015-2020]

Crab Fishermen – There were 34 Crab Fishermen killed.

Lobster Fishermen – 16 Lobsterman lost their lives.

Shrimp Fishermen – There were 33 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.

 

Application Process for Commercial Fishermen

When you apply for a fisherman life insurance policy, you will find it is very easy and quick, just as easy as if you were an office worker.

Anytime you plan to purchase life insurance, you should contact an experienced independent agent to act as your 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.

Here are some of the most important questions you will be asked when you sit down to apply:

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 the Fishing Industry

When applying for fisherman life coverage, insurance company underwriters will be more concerned with the status of your health than your occupation as a fisherman.

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.

 

Rate Classifications and Your Level of Risk

The number one category that dictates your premium is your assigned rate classification, otherwise known as a health 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.

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The rate class you are assigned determines what your premiums will be. Choosing a life insurance company to place you in the best rate class will be your ticket to the lowest rates possible.

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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.

 

The Three Main Types of Life Insurance to Consider

You have several good choices for commercial fisherman life insurance options to choose from, as you will see below.

1. 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.
2. 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.
3. 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 Return of Premium Life Insurance?

Return of Premium Life Insurance is a great option that will allow you to receive all your premiums back at the end of the term period.

Many people who purchase term life insurance understand that their policy will terminate at the end of the term 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 of the premium dollars paid will then be considered pure profit. Another good policy that most people are unaware of is the “return of premium” life insurance. Suppose you are planning on purchasing life insurance for commercial fishermen.

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 the Best Rates & Companies?

You can easily compare the best life insurance quotes for commercial fishermen on our website’s instant quoting system 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.

 

Why Work With Us?

The reason why you are working with us is an excellent question and we want to give you a perfectly sensible answer. We don’t make promises we can’t keep or tell you what we want you to hear, as some other agents do.

However, we can say that we have over 25 years of experience and work hard to get our clients the best policy and the lowest premiums possible.

The best part is you don’t have to listen to any sales-related malarky. We show you your options by researching our list of over 40 companies we work with and letting you take it from there. You always have the final say concerning your fisherman life coverage.

If you decide to apply, then we will provide you with the best care every inch of the way until you are approved with the rates we are both happy with. There is no sales pressure or any dog or pony show whatsoever, just an excellent professional experience we know you will be more than happy with. Read more about us on our About Us page.

 

In Conclusion

Helping people purchase fishing industry life insurance is one of our specialties. If you work in the high-risk 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

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If you have any questions about life insurance for commercial fishermen, contact us today to help you at no cost or obligation. Our job is to help you get approved for the best policy for your needs with the lowest rates possible. You can also set up a time at your convenience to talk.  

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