It’s easy to understand why a truck driver would wonder about how life insurance is affected by their occupation. Truck driving is exhausting and often can be, a dangerous business. Surprisingly there isn’t much to worry about when it comes to being a truck driver and life insurance approval. Most life insurance companies don’t view this occupation as hazardous. However, where you can run into problems is if the truck driving lifestyle has caught up to you.
In summary, here is what you need to know about life insurance as a trucker:
- You can get life insurance at great rates
- Your overall health will play a huge role in the type of rate that you get
- Companies will look into multiple factors to determine your qualification
That’s the short of it, your best bet is to give us a call and let us do all the shopping for you. You can get started by comparing quotes by using the quote engine to your right. If you insist on learning more, let’s discuss everything you can look forward to during the process and some helpful tips to guide you along the way.
What Life Insurance Carriers Want to Know
The life insurance process is fairly simple, there is an application, followed by a medical exam and underwriting process. During this underwriting process, the life insurance companies will do some digging to see if you qualify for coverage and at what rate. The factors that will determine that rate are:
- Your Health(including medical exam results)
- Your Medical History
- Your Family History
- Background(driving record, felonies, etc.)
- Build
- Lifestyle
For the most part, just truck driving won’t affect your rate. However, some companies will want you to detail certain aspects of your job. Especially if you drive under dangerous conditions. Let your agent do this part for you so they can put you with the right company.
Truck Driver Health
I know you’re probably happy to hear that your job won’t disqualify you for coverage. However, if you fit the typical truck driver stereotype, then you can probably expect a rate up. I have worked with many truck drivers throughout my career and most are not in tip-top health. The job is exhausting, causes a lot of stress, on the go food and long hours of sitting. Not to mention the busy schedule makes it hard to visit the doctor on time. This can cause a lot of weight gain, or health issues, which as we mentioned above, are huge determining factors for your rate class. So far, out of all the truck drivers I have worked with, I had one anomaly who took care of herself on the road. She exercised, she ate right, and she stayed healthy, and she was the only one out of the dozens. So if you know you’re the truck driver of truck drivers, you probably shouldn’t expect preferred rates.
Your Options
Basically, you will be at a fork in the road, pun intended. Let’s discuss the two best options that you have.
No Exam Coverage
One of your options is a no exam life insurance policy. This would be a simplified issue life insurance so there will still be underwriting. Meaning they will look into all your records, you will just be skipping the medical exam portion of the application process. The upside to this is it would fit your busy schedule so you wouldn’t have to stop for the medical exam. Another upside is the underwriting speed is significantly faster. A simplified issue coverage can be approved within days, compared to a traditional which can take a few weeks.
So that all sounds good, but what’s the “catch.” The drawbacks of no exam coverage is that it can be more expensive and has a limited coverage amount. Most companies will limit you at $250,000 and most at $400,000. You also have to be fairly healthy to qualify.
Traditional Coverage
The other and more recommended option is a traditional life insurance product. This will be a life insurance policy of your choice with the medical exam administered and typical underwriting. With this, you can get any coverage amount you’d like and at better rates. Even if you get rated up for unfavorable medical exam results, it will still be cheaper, or in the same range as a no exam policy. Plus there are also steps you can take to ace the medical exam, you could read more about that here.
Now all that is left for you to decide is whether you need a term life or permanent product. This will depend on your goals with the coverage. Are your life insurance needs permanent or temporary? How much can you afford? And what is the purpose of the policy? Let us do the thinking for you when it comes to this.
Being a High Health Risk
If you have significant health issues then the quoter isn’t the best place to start. Each company weighs different risks at different rates. When it comes to health risk, they all have their own niche so let us ask you a few questions regarding the type and severity of your condition to determine the company that will provide the best coverage at the best rate.
However, if you’re in overall good health then you start your life insurance buying process by comparing quotes to your right with no personal information required. You can also visit our quotes pages in the menu tab above.
Wrapping Up
For a truck driver getting life insurance coverage isn’t difficult if we’re just talking about your occupation. But the trick comes in when we start talking about the effect that the job has on your lifestyle. Truck driving is one of the most difficult jobs and there are things truck drivers do to stay sane and stay awake! So whether you’re healthy, ill or an ice road trucker, give us a call and let us do the work for you. We shop around with over 60 companies to find you the best rate on the market for your specific situation. We have insured many truckers over the years and have experience putting them with the right carrier. Give us a call today at 888-492-1967 or hit the chat button below with any questions. Welcome to InsureChance!
