Risky Jobs May Send Life Insurers Running
Posted on Thu, Mar 24, 2011
The premiums you pay for life insurance are based on life expectancy. If you’re likely to live longer, then you’ll likely have lower premiums. But if your work situation is a bit precarious, you may be at risk for denial of life insurance coverage.
Thanks to OSHA regulations and workplace-safety requirements, people with “risky” jobs have a better chance than ever of getting good life insurance quotes. No problem, electric company lineman! Bring it on, skyscraper window washers and SWAT team members! Pilots and people dealing with hazardous materials, no dice.
People in occupations dealing with hazardous materials, or that take place inside nuclear reactors, will be denied or offered "rated" policies. This means their policy is offered at a higher price to account for the "excess risk." It can add up. A rated policy could start at a minimum of two to three dollars extra per $1,000 of coverage annually, and can easily go higher. In dollars, this translates to $100,000 in coverage costing $300 more.
If you have a risky job and want to get life insurance, the important thing to do is work with an insurance agent that represents more than one company and can shop around for the best coverage at fair price.