How to Buy Life Insurance for Steelworkers

Life Insurance for Steelworkers With the Lowest Rates in [2023]

There is nothing complicated about purchasing life insurance for steelworkers. Even though it is considered risky, you can still get excellent rates. Steelworkers and structural ironworkers have been placed in a high-risk occupation category mainly due to their history of falling from high buildings under construction.

However, with the new safety equipment, such as safety lines and harnesses, a lot has changed, and the risk factors have gone way down. Steelworker safety classes have also helped reduce on-the-job injuries to the extremes.

The high-risk occupation of an American steelworker is constantly creating a lower-risk exposure by using more safety measures than ever before, and the statistics prove it. This means lower rates for steelworkers and structural ironworkers. 

 

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Remember that your rates will mainly be based on your health history. Your occupation as a steelworker will not inhibit you from getting competitive life insurance rates. 

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Can Steelworkers Purchase Life Insurance?

Steelworkers can buy life insurance just as quickly as someone who works sitting behind a desk. All of the best life insurance companies offer a full line of life insurance products to people in your trade. Just because your line of work has a reputation for additional risk factors, you will still have all the good options to choose from. 

 

Can Being a Steelworker Affect My Rates?

Being a steelworker can sometimes affect your life insurance rates. A lot depends on your exact work duties and their safety or danger. We always prefer to use life insurance companies with a favorable opinion of the construction trades. With that being said, there is no additional cost involved multiple times. If there is, it is limited to the job duties of an application exposed to very high-risk conditions on a job site.

 

What Are Flat Extra Fees for Steelworkers?

The history of flat extra fees has been used for many years and is prevalent today for high-risk applicants. They add a flat dollar amount to (every one thousand dollars) of life insurance coverage. This could pertain to risky occupations, sports, or hobbies that result in someone’s death. Usually, this could pertain to:

Dangerous Occupations such as:

• Commercial Fishermen
• Loggers & Lumberjacks
• Airline Pilots

Risky Sports & Hobbies such as:

• Skydivers
• Drag Racers
• Scuba Diving

These flat extra fees compensate life insurance companies for the additional risk they are taking for applicants associated with hazardous jobs and sports, which is very common.

 

What Is an Example of a Flat Extra Fee?

Let’s look at an example of a commercial fisherman, commonly considered the most dangerous occupation. Our imaginary commercial fisherman, who we will call Roy, is 35 years old and in excellent health. Roy lives in Alaska and wants to apply for a 20-year life insurance policy with a $100,000 face amount (death benefit). The base premium for his policy is $850.00 per year.

Due to the hazards of Roy’s job on the fishing boat, his life insurance company decides to apply a $2.50 flat extra fee to Roy’s premium. Here is a breakdown of the cost of Roy’s policy with the flat extra fee.

Multiply $2.50 x 100 =$250 for the flat extra charge. Add the $250.00 to the base premium of $850.00 for a total of $1,100.00 per year.

 

What Kind of Questions Do Companies Ask?

• Have you been diagnosed with any chronic medical conditions?
• Are you active in any dangerous sports? 
• Do you have any driving record-related issues, such as a DUI/DWI?
• What is your current height & weight?
• Do you drink alcoholic beverages, and if so, how much?
• Do you use any form of tobacco products?
• Do you use any narcotics on the job (prescription or otherwise)?

These are just some of the standard questions the companies will generally ask.

 

What Are Some of the Job-Related Questions?

• What kind of specialty training do you have or are you planning to have?
• Do you wear or use any safety equipment or clothing?
• What is the exact name of your occupational job title?
• Are there any activities that you perform that are considered more hazardous than others?
• Does your employer offer any safety classes for you to attend?
• Does your employer have any safety measures you must follow each day?

Don’t worry; there are no trick questions you will be asked. Instead, they want to know how you and your employer follow safety regulations.

 

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Job-related fatalities are now higher for aging (over 45) steelworkers. This is due to the standard conditions that aging brings. Such as slower reflexes to react to danger or a possible accident. Other conditions include some loss of muscle strength and reduced vision and hearing.

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Statistics Show Steelworkers Over Age 45 Have a Higher Accident Rate 

This is due to the standard conditions that aging brings to the table. Such as slower reflexes to react to danger or a possible accident. Other conditions include some loss of muscle strength and reduced vision and hearing.

These can alert a worker to danger and make a fast decision on what to do. All this is normal, and the aging process brings it on. Nevertheless, it increases the odds of having a severe job-related accident. Also, consider that medical conditions are more prevalent in the above 45 age class.

 

Falls Are the Biggest Dangers to Steelworkers 

The statistics will usually reflect at the top of the list of the most dangerous jobs in the United States: the iron and steelworker industry. This is due to the high degree of slip and fall-related accidents high in the air. Structural and reinforced iron and metal workers are employed in all parts of the U.S.

But most work in the major cities where the most significant percentage of commercial and industrial construction occurs regularly. This is where safety first is the most important goal.

The statistics show that work-related deaths from falls among iron and steelworkers are over ten times higher than the traditional construction worker. In addition, more ironworkers and steelworkers are killed from falls than in all other construction-type occupations.

 

What Types of Life Insurance Should I Consider?

Term Life Insurance:

Term life insurance is the number one life insurance product sold in the country. It is the most cost-effective plan design, and you can buy it for as long as needed. You can choose affordable life insurance products with a term of 10 years up to 40 years.

Term policies can also be converted to permanent life insurance during your term policy period. Companies like Banner Life have some of the lowest life insurance rates for steelworkers.

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. Years ago, Whole Life was famous, but it was found to be far too expensive as time passed. Universal Life is much more affordable and gives you the same lifetime protection.

Even though universal life is an excellent option for you, most people go the term route because of the lower cost. 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 term products can.

No Medical Exam:

No medical exam life insurance is also known as Non-Med life insurance. The application is much shorter than a fully underwritten conventional plan design and can eliminate the physical exam. The only issue is that these plans cost little more than traditional life insurance for steel and structural ironworkers.

These plan designs can work if you want to skip the exam and quickly get approved. However, more and more consumers are deciding to go the no-medical exam life insurance route.

 

How Can I Find a Good Agent to Help Me?

Independent Agents:

Your agent will be your key to success in helping you get approved with the best rates. Anytime you’re shopping for virtually any type of insurance product. Connecting with an independent agent like ourselves will save you time and money. Independent agents represent the entire insurance market. They can place you with the best company to provide you with the lowest rates. This especially holds high-risk life insurance such as life insurance for steelworkers.

Captive Agents:

On the other hand, captive agents such as State Farm can only show you one company. The captive agent works for their company directly and has their employer’s best interest in mind. Independent agents do not work for any insurance companies. That is what gives them the name “independent agents.” They work for their clients and have their best interests in mind. Just remember that all the help you receive from independent insurance agents comes at absolutely no cost or obligation.

 

Can a Medical Pre-Screen Help Me Get Better Rates?

Pre-screening your application is the best way to pinpoint what company to use and what to expect if you apply for life insurance. The more your agent knows before you sit down to apply, the better. In addition, this will eliminate any surprises when you are moving along in the underwriting process.

The good part is a medical pre-screen will only take about 5-10 to complete, but it can mean the difference between a smooth application or a big headache for you and your agent later.

 

How Can I Compare the Best Life Insurance Quotes for Steelworkers?

With our website quoting system, you can compare the best life insurance rates from over 4o top-rated companies. You can use the quoting form on the right or our instant quote form. Either way, you will see the most competitive company’s rates displayed side-by-side in less than a minute. As a steelworker, I recommend setting the health classification “drop-down list” on the quoting form to “Standard” to play it safe. You can also call us and we can verbally give you a quote over the phone. 

Can I Apply Over the Phone to Save Time?

Applying over the phone is the best method possible!

You will usually have three ways to apply for life insurance. The first is a conventional paper application with over 20 pages which we don’t recommend due to time consumption. Paper applications are obsolete, but it was the only way to use them years ago. The second is the online application, but many people can run into software glitches or slow internet issues.

A quick and straightforward telephone application is the best way to apply. Modern telephone applications take about 15 minutes to complete. All you have to do is sit back and answer the questions and let a representative from the telephone application department do all the work for you. We use a simple SnapApp system for all our applicants and they appreciate the streamlined process.

 

In Conclusion

If you’re a steelworker or in another construction trade, feel free to contact us seven days a week for no-obligation help and provide answers to all your questions. Purchasing life insurance is now a quick and straightforward process. We can find a policy to fit your needs and budget, no matter your job description.

If you need life insurance fast or do not want to take a physical, remember that no medical exam life insurance may be an excellent choice. 

All the best,
Jack Venturi
708-334-6226

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If you are looking for life insurance for steelworkers, contact us today and help with no cost or obligation. We are independent agents (brokers) and work for our clients, not insurance companies. 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 specific time to get all your questions answered. 

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