There is nothing complicated about purchasing life insurance for steelworkers. Even though it is considered a risky occupation, you can still get excellent rates. Steelworkers and structural ironworkers have been placed in a high-risk occupation category mainly due to the 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 the steelworkers and the structural ironworkers.
Keep one idea in mind 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.
Table of Contents
- Can Steelworkers Buy Life Insurance?
- Can Being a Steelworker Affect My Rates?
- What Are Flat Extra Fees for Steel Workers?
- What is an example of a Flat Extra Fee?
- What Kind of Questions Do Companies Ask?
- What Are Some of the Job-Related Questions?
- Steelworker Over 45 Accident Statistics
- Falls are the Biggest Dangers to Steel Workers
- What Types of Life Insurance Should I Consider?
- How Can I Find a Good Agent to Help Me?
- Can a Medical Pre-screen Help Me Get Better Rates?
- How Can I Compare the Best Life Insurance Quotes?
- Can I Apply Over the Phone to Save Time?
- In Conclusion
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.
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 this being said, there is no additional cost involved many times. If there is, it is limited to the job duties of an application exposed to very high-risk conditions on a job site.
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:
Risky Sports & Hobbies such as:
These flat extra fees compensate the life insurance companies for the additional risk they are taking for applicants associated with hazardous jobs and sports, which is very common.
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 term 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 the 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.
- 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 forms 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 kind of specialty training have you had 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 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.
Job-related fatalities are now higher in 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 are some loss of muscle strength and reduced vision and hearing.
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 are 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 medical conditions are more prevalent in the above 45 age class.
The statistics will usually reflect one top of the list of 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.
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.
The term policies can also be converted into permanent life insurance during your term policy period. A company like Banner Life has some of the lowest life insurance for steelworkers rates.
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 a 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.
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. The 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 with high-risk life insurance such as life insurance for steelworkers.
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 all the help you receive from independent insurance agents comes with absolutely no cost or obligation.
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.
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.
Applying over the phone is the best method possible!
You usually will have three ways to apply for life insurance. The first is the 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 the simple SnapApp system for all our applicants, and they appreciate the streamlined process.
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 specific 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,
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.