If you have been shopping for life insurance for loggers. There is no doubt that someone told you that logging is a high risk occupation. For the most part, logging can be somewhat of a hazardous occupation depending on your job duties.
But don’t give up the ship, there are plenty of excellent life insurance companies out there. Some of the best life insurance companies in the nation will offer very preferred rates for loggers.
As long as you’re fairly healthy, you have an excellent chance to receive preferred rates and have very affordable premiums.
Table of Contents
- Purchasing life insurance for loggers is quick and simple
- Working with an independent insurance agent
- How much does life insurance for loggers cost?
- Choosing the most applicable life insurance company
- Where can I find the lowest rates for loggers?
- What kind of life insurance should you apply for?
- How do I apply for life insurance for loggers?
- In Conclusion
While your Stihl chainsaw may be your most important tool on the jobsite, your independent agent (broker) such as us is your tool to help you get the best life insurance rates. There are two different types of insurance agents in the insurance profession as follows below.
Independent agents do not work for any insurance companies. In essence, they work for you at no cost whatsoever. They represent most all insurance companies and can pick and choose which one would be the be fit for your specific needs. In other words, they can literally shop the entire market so you receive the lowest rates.
A captive agent works for an insurance company such as State Farm. They can only sell the one product offered by their employer. They cannot shop the market like a broker can. This means you are limited to only one choice in life insurance companies. The bottom line is you will always pay more money than you should for you life insurance. This holds true with all forms of insurance, not just life insurance.
All life insurance companies look at possible high risk occupations differently and they also look at your health and lifestyle differently also. Each life insurance carrier has their own way of underwriting applications. This is why researching what company to use before you apply is so critical.
If any of our applicants have medical conditions, we usually will run a simple medical prescreen to eliminate any surprises during the underwriting process.
Anytime you are applying for life insurance with an occupation that the companies refer to as high risk, everything else becomes even more important. Pre-screening an applicant with multiple companies is the only way to find out exactly who will offer the applicant the lowest rates.
Your specific job description is very important
If you are a supervisor doing no manual labor at all or a Faller, Machine Operator or Choker. Your job description is going to tell a lot about specifically how hazardous your work day will be. Even if your job is one of the more hazardous ones on the jobsite, don’t worry. You still have a very good chance on getting affordable rates.
Thankfully the life insurance industry understands the safety rules and regulations are being implemented everyday. This drastically reduces many of the dangers that used to be prevalent in the past. The carriers pay close attention to logger injury and fatality statistics closely.
In many cases it may not cost any more than an office workers life insurance would. It all depends mainly on your health taking into considerations for medical conditions, smoking and your height and weight issues if any. If you are a supervisor and do not do any serious manual labor, you could very easily qualify for preferred rates if you are reasonably healthy. Many loggers that actually fell trees can also receive preferred or standard plus rates.
You can see for yourself by using our instant life insurance quotes and comparison tool. You can toggle the “health class” drop down menu to get an idea what your premiums could be. Take your overall health history when you do this. You can also call us on the telephone and we will do it for you.
Life insurance rates have been going down!
Thankfully life insurance rates have been going down due to people living longer lives. A large percentage of the population have given up smoking and don’t eat as much fattening food as before. Also going in for regular checkups has helped quite a bit too. When the risk factor goes down, the companies can reduce their rates to become more competitive with their premiums.
Loggers are no different and they have to stay in good shape to be able to safely do their job. When was the last time you saw a fat logger in a tree with a chainsaw? Height and weight also play a big part when shopping for term life insurance. If a person is overweight or obese, they can be charged a higher premium or simply have their application declined.
If your specific job is very hazardous, a flat extra charge could possibly be applied
This extra charge is commonly referred to as a “Flat Extra” charge. This is a charge where a dollar amount is added to the base premium to cover the additional risk they are taking. Here is a very simple example on how it works:
We will use a fictitious 20 year old logger named Joe who applies for a $100,000 face amount life insurance policy for 20 years. Joe’s base premium for the policy for example purposes is $1,000.00 per year. Joe has a very dangerous job and the life insurance company decides to charge a $2.50 per 1,000 in coverage flat extra fee.
This fee would be added to Joe’s base premium. Since the flat extra is charged per $1,000.00 in coverage and Joe is applying for $100,000 the total would be an extra $250.00. The base premium of $1,000.00 would be added to the $250.00 flat extra for a grand total of $1,250.00 per year.
Flat extra fees are not applied to all loggers, just the ones that have very dangerous job duties. We have been seeing less flat extra charges added than in the past.
Finding the lowest life insurance rates for loggers begins with using an insurer that is very liberal towards the logging industry. We have been providing life insurance with the most competitive rates for over 30 years due to the fact we represent all the most competitive companies. We shop the market hard to find what company would offer you the best health classification. A health classification otherwise known as a rate classification will be a deciding factor on how low your premiums will be.
If we are not satisfied with the rates that are offered by a company you apply with, we simply send your application to multiple other companies for their best offer also. Many times we will go back to the original carrier and ask for a reconsideration to reduce your rates by issuing you a better rate classification. Either way, we can safely guarantee you the lowest rates that you can qualify for.
You actually have two main choices and the most cost effective option is affordable term life insurance. Term insurance will by far be you most logical choice when it comes down to low premiums and maximum protection for your hard earned dollar.
Your other choice will be the permanent type life insurance called Universal Life. The universal life policy will never terminate as term does as long as you keep paying your premium. The side effect to universal life is the cost factor. Universal life will cost over two times as much as term life insurance products. Over 95% of Americans will choose term products everytime hands down.
If you ever applied in the past and had to complete a long drawn out paper application, you are in for a treat. The modern telephone applications are really efficient and quick. The girls in the telephone application department call you to set up a time to do the application. You can then complete your application over the telephone at a time that works for you. It takes about 15-20 minutes to apply and all you have to do is answer a series of simple questions.
As I stated in the beginning of this blog post, purchasing life insurance for loggers is very easy and straightforward. Don’t hesitate to call us with any questions you may have. The best time to apply for life insurance is right now because the older you are when you apply, the higher the premiums will be. Another article you may want to read is our getting started blog post which is full of useful information.
All the best,
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