Applying for life insurance coverage for steelworkers is a simple process and the premiums are going to be based on your health and using the correct life insurance carriers.
How to Buy the Best Life Insurance for Steelworkers With the Lowest Rates – The Ultimate Guide for 
There is nothing complicated about purchasing life insurance for steelworkers. Even though it is considered risky, you can still get excellent rates if you are in good health.
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. If you’re healthy, you will qualify for low cost life insurance.
*Your rates will mainly be based mainly on your health history. Your occupation as a steelworker will not inhibit you from getting excellent life insurance rates.
Table of Contents
- Can Steelworkers Buy Life Insurance?
- Can Being a Steelworker Affect My Rates?
- Steelworker Accidental Life Insurance
- 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 and easily as an office worker who sits behind a desk all day. 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 excellent life insurance options for steelworkers to choose from.
When you hear the common phrase steelworker high-risk life insurance, most people will think of very high rates when that is certainly not the case especially when you apply with a carrier that is premium friendly with construction related occupations.
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 with many of these applications. If there is, it is limited to the job duties of an application exposed to very high-risk conditions on a job site.
If you have thoughts about a steelworker accidental life insurance, I would not recommend it because the cost would be about the same as a standard term life insurance policy.
An accidental life insurance policy would be close to the same cost but without any coverage at all for death from natural causes. This makes this product a definite poor investment.
Steelworker life insurance does not always require any extra fees to be added to your premium, so we try to use carriers that rarely use them at all.
The history of flat extra fees has been used for many years and is prevalent today for high-risk applicants. They may add a flat dollar amount to (every one thousand dollars) of life insurance coverage.
This could pertain to risky occupations, sports, or hobbies that could result in someone’s death. Usually, this could pertain to:
Dangerous Occupations such as:
- Commercial Fishermen
- Loggers & Lumberjacks
- Airline Pilots
- Oil Derrick Operators
- Electrical Power-Line Repairmen
Risky Sports & Hobbies such as:
- Drag Racers
- Scuba Diving
- Base Jumping
- Bull Riding
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 today.
Let’s look at an example of an individual applying for affordable life insurance for steelworkers. Our steelworker is 35 years old and in excellent health. He applied for a 20-year life insurance policy with a $100,000 face amount (death benefit). In this case the base premium for his policy is $850.00 per year.
Due to the hazards of his job working on structure over 40 floors high walking on beams that high in the air, his life insurance company decides to apply a $2.50 flat extra fee to the base premium. Here is a breakdown of the cost of his policy with the flat extra fee. You can see our flat extra blog post for more information.
Multiply $2.50 x 100 (100,000 is the face amount) will break down to $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.
Affordable life insurance for steelworkers even with a flat extra fee is definitely going to fit most steelworkers’ budgets.
These are the most important questions you will find on an application for life insurance coverage for steelworkers.
- Have you been diagnosed with any chronic medical conditions?
- Are you active in any dangerous sports?
- Does your driving record have 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?
- Have you used any narcotics on the job (prescription or otherwise)?
- 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?
*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.
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.
Falling out or off a building under construction is the carrier’s number one concern.
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.
Term Life Insurance:
Steelworker term life insurance rates are much lower than any other type of life insurance product.
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 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. Steelworkers’ life insurance quotes for non-medical exam policies will cost a few percent more than fully underwritten term policies.
We are independent agents that shop the market with over 40 top rated life insurance companies to find the lowest rates.
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.
We would be happy to help you find the best policy at the lowest rates.
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.
On the other hand, captive agents such as State Farm or Country Financial can only show you one company’s rates. 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.
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 for steelworkers 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 classifications “drop-down menu” on the quoting form to “Standard Plus” to play it safe. You can also call us and we can verbally pre-screen you and give you an accurate quote over the phone.
Applying over the phone is the best method possible!
You will usually have three ways to apply for steelworker life insurance policies. The first is a conventional paper application with over 25 pages which we don’t recommend due to time consumption.
Paper applications are obsolete, but it was the only way to apply in the past. 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.
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 help you find a policy that fits your needs and budget.
If you need life insurance fast or do not want to take a physical, remember that no medical exam steelworker life insurance may be an excellent choice.
All the best,
If you are looking for steelworker life insurance options, contact us today and we will help you at no cost or obligation. Our goal 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.