If you have a dangerous job, then it’s normal to wonder whether you can get life insurance given that you’re in a high risk environment daily. After all, life insurance companies do determine rates and eligibility with certain risk assessment criteria, with health and occupation high on their list. The good news is you can get the coverage majority of the time with a few factors being at play. Before we get into the details it’s important to note that your best bet is working with an independent life insurance agency that has experience working with high risk clients.
Another piece of good news is you are at the right place. At InsureChance we work with over 60 “A” rated companies and we know which company will offer the most favorable outcome based on your occupation and risk factors. The even better news is that it doesn’t cost you anything extra to use our expertise. Running your life insurance quotes online may not do you any good since the lowest rate on our quoter won’t necessarily be the lowest rate for you depending on your occupation, so contact us today. Otherwise, let’s get into what the life insurance companies will look at when determining your risk.
Different Occupations Different Risks
First, we have to determine what makes a job dangerous. Life insurance companies base “risk” on the possibility of dying. So the higher the likelihood of your death at work, the higher a risk you’re considered to the company, which sometimes can result in a higher premium. The key is determining not whether or not your job is dangerous, but whether or not the life insurance company views your job dangerous statistically. For example, being a police officer is risky business, but if you’re in law enforcement you can actually get preferred life insurance rates given that all else (health, history, etc.) checks out. However, if you’re a pilot, commercial or private, life insurance companies will look at multiple factors to determine your rate.
Other occupations like Linesman, Powerline construction workers, pole setters, etc., can usually get standard rates. Like a Pilot, another occupation that is up for criteria checking is being an offshore Fisherman. Life insurance companies will want to look at a few factors like how often you fish and the size of the boat. The bigger the ship the lower risk you’re considered.
If you’re curios to see how dangerous your job is statistically here is a tidbit. According to an article written by Jacquelyn Smith in 2013 at Forbes.com, the deadliest jobs are as follows.
The 10 Deadliest Jobs:
- Logging workers
- Fishers and related fishing workers
- Aircraft pilot and flight engineers
- Roofers
- Structural iron and steel workers
- Refuse and recyclable material collectors
- Electrical power-line installers and repairers
- Drivers/sales workers and truck drivers
- Farmers, ranchers, and other agricultural managers
- Construction laborers
The Flat Extra
Most life insurance companies will assess an additional fee for high risk occupations called a flat extra. A flat extra is a dollar amount added to your premium per $1,000 worth of coverage. Depending on the occupation this can range from $2 to $5 a month per thousand worth of life insurance coverage. So let’s use the Pilot as a good example. If you’re a student pilot you will get a standard rating with a flat extra. However, if you’re a private pilot with enough years of experience and fly under a certain amount hours annually, you may qualify for preferred rates with no flat extra. And if you’re a commercial pilot you are absolutely in the clear.
How About Group Life Insurance?
Group life insurance usually look tantalizing because it is affordable. However, it does have a few downfalls. The first is that it’s usually not transferable coverage. This means that if you leave your employer, you most likely will not be able to take the coverage with you. That’s something you always want to double check when getting coverage through work. Another factor to consider is that it may be limited in coverage amount and may be limited in the protection it can provide. If you are risking your life on the job, you want to know that your financial responsibilities will be taken care of if something were to happen to you.
For an in depth look at group life vs.individual life insurance click here.
The Solution
The truth is, life insurance companies don’t view high risk occupations as badly as they do high risk health complications. However, there are still many factors at play. Life insurance is confusing as it is, so your solution is to work with us to do all the leg work and research for you. Our job is to keep life insurance simple. You need life insurance? Let us get it for you at the most affordable rate humanely possible, that’s why we’re experts. As mentioned, this service is absolutely free to you because life insurance rates are fixed by the law. Give us a call at 888-492-1967 or hit the chat button below if it isn’t too late. Welcome to InsureChance, the first online life insurance marketplace.
