When applying for life insurance coverage, most people will provide the needed information that is requested on the application, and then they will wait for their policy to be approved. In many cases, the application process will go through smoothly.
Other than major health issues such as cancer and heart-related issues, many people may not be aware that there are other types of situations that could make a person appear to be an extreme risk in the eyes of an insurance company.
There are, however, situations where the applicant may not fit in with what a life insurance company considers to be a traditional or non-risky occupation. For these applicants, a higher-risk type of coverage may need to be sought.
What Makes Some Occupations High Risk?
In the eyes of a life insurer, there are some types of occupations that are considered to be higher risk than others. One of the biggest reasons for this is because certain occupations may be more dangerous for the workers. Because of this, a worker may be more prone to the risk of death – thereby causing the insurance carrier to have to pay out a claim.
With this in mind, some of the professions that are considered by the insurance companies as being higher risk can include:
- Construction and Laborers
- Farmers, Ranchers, and Other types of Agricultural Managers
- Transport Drivers and Truck Drivers
- Electrical Power-Line Installers and Repairers
- Refuse and Recycle Material Collectors
- Structural Iron and Steel Workers
- Aircraft Pilots and Flight Engineers
- Fisherman and Fishing Workers
- Logging Workers and Lumberjacks
- Police Officers
In addition to high-risk occupations, the life insurance carriers may also view certain types of hobbies that individuals participate in as being risky or dangerous as well. Some of these may include the following:
- Scuba diving
- Rock climbing
- Race car driving
- Hang gliding
Life Insurance Options
For those with high-risk occupations, it is important to obtain life insurance coverage. This is because these individuals come into danger on a regular basis. Therefore, those whom they care about could also be at a much higher risk of needing financial protection in case of the unthinkable.
So, what are the options for life insurance coverage if you work in a dangerous industry or job? There are some avenues that you can turn to. Typically, going the route of traditionally underwritten coverage isn’t the answer, though. This is because the application will often either be declined for coverage altogether – or, the premium that is charged may be substantially higher than that of an insured who is of a comparable age and gender, but who works in a more traditional job.
In some cases, an option such as Lloyd’s of London may be able to provide the coverage that a person needs. Here, by splitting the coverage, a great deal of money may be able to be saved as compared to putting the entire amount of risk into just one policy.
Another option for someone with a high-risk job may be to apply for a no exam life insurance policy. These plans – as the name implies – do not require an individual to take a medical examination as a part of the underwriting process. In some cases, there are also very few – if any – questions on the application for coverage. Because of this, a person who works in a high-risk occupation may be able to obtain the coverage that they need by going this route.
This can also be a way to obtain life insurance protection quickly. This is because, with no medical requirements to contend with, there are very few time constraints that hold up the process in underwriting. Therefore, these types of policies can oftentimes be approved within just a few days, as versus weeks – or even months – as compared to traditionally underwritten life insurance coverage.
How Much Will Your Life Insurance Coverage Cost?
The cost of your life insurance will be a determinant of several factors. These will include the type of coverage that you purchase, as well as the amount of protection that you obtain. Typically, term coverage will cost less than a permanent type of policy.
In addition, going with a no medical exam policy will usually be more costly due to the additional risk that the insurance company is taking on. This is because the insurer must compensate for the additional amount of risk based upon the fact that it has little or no medical information about the applicant that it is covering.
When applying for coverage as a high risk life insurance applicant, it will be important to supply all of the information about yourself and your occupation as completely and truthfully as possible. This is because leaving out even just a very small detail can have a major impact when considering all of the differing underwriting guidelines from the many different insurance carriers.
Missing or incomplete data may also come back to haunt an insured even after a policy has been in force for a period of time if it should be discovered by the insurance company. This is because it could nullify or void the policy, in turn, leaving loved ones without the financial protection that they need in case of the unexpected.
Oftentimes, waiting too long to apply for life insurance can be detrimental to your chances of being approved. This can especially the case if you also have certain types of health or related medical issues in addition to working in a high-risk occupation. Therefore, for anyone who is considering the purchase of life insurance coverage, now is always the best time to apply.
How and Where to Find Life Insurance for People with High-Risk Occupations
If you have a high-risk occupation, and you need life insurance coverage, going through the more traditional channels of finding coverage is not likely to be your best option. This is because individual life insurance carriers are likely to take a hard look at the risk they are taking on.
While there are many insurers who will underwrite someone who works in a risky job, going about finding which company will carry your coverage can take a great deal of time – and ultimately – frustration. Therefore, the best way to go about finding the best carrier is to work with an independent agency that has access to multiple carriers. This way, the research and legwork has already been done for you.
These agencies will typically already know which of the insurers are more apt to take on those who work in high-risk occupations and which of the carriers will not. In addition, what many people may not realize is that not all life insurance companies will underwrite all applicants the same.
This means that one insurer may be happy to take on a particular applicant, while another insurer will not – even though the applicant is the same individual with the same characteristics. Therefore, working with an independent agency can truly help speed up the process.
When you are ready to begin your search for coverage, we can help. We work with many of the top life insurers in the marketplace today – and we can assist you in finding the very best high-risk life insurance for your specific needs. We can do so for you quickly and conveniently – and without the need to meet in person with a life insurance agent. In order to begin the process, all you have to do is use the form on this page to get your first set of quotes.
Should you find that you have any additional questions along the way regarding finding life insurance for those with high-risk occupations – or even if you have any questions about life insurance in general – we can help. Our experts can walk you through the policy quote process, as well as assist you with determining what type of coverage would be best, how much coverage you need, and / or which of the many carriers in the market may be the best one for you. We can be reached directly via phone, toll-free, by dialing 877-235-9299.
We understand that obtaining life insurance for someone who works in a high-risk occupation may seem like it may be frustrating – especially if you have been turned down for coverage in the past. If you are seeking life insurance coverage but you pose an additional risk, it may take a few additional steps to obtain the coverage that you need.
But the good news is that with us, you have an ally on your side who can get you closer to the protection that you are looking for. We can point you in the right direction when in getting you the policy that you need. So, contact us today – we’re here to help.