You know that protecting your family with life insurance is a smart move, but what if you have a career that makes underwriters view you as risky to insure? Some of the most rewarding careers are the riskiest, but there are still ways to get life insurance at an affordable rate. Today we will look at which jobs increase your life insurance rates the most, and how to get life insurance for risky careers. Many accidents that happen on these sites may have been avoidable if a more effective form of communication was in place allowing workers to alert one another to potential incidents before they occur, thus potentially avoiding injury and saving lives. Having radios in place for workers to use and connect with one another with may be the most effective solution for this – go here for more information on portable radio repair and other matters related to the efficacy of two-way radios in a commercial setting.
As most of Canada is landlocked, commercial fishing isn’t one of the nation’s larger industries, but it is still one of the deadliest. When commercial fishing and trapping are combined under one banner, we see 52 deaths per 100,000 workers; a fact that makes underwriters very uneasy.
With the housing markets burgeoning in the east and the population growth in the west, construction, both residential and commercial, carried out by companies similar to Rickabaugh tend to be a mainstay of the country’s economy. About 20.2 out of 100,000 construction workers have fatal accidents each year. This might be due to a wide range of reasons. For instance, getting hit by heavy metal or falling from a height because the construction company did not provide good Platforms and Ladders to the site. With such stats and reasons, construction working could be yet another career that needs to look for life insurance for risky careers.
The jobs on this list describe the careers of many hardworking Canadians, and we didn’t even list the common ones of firefighting and police service! So, how can Canadians get the life insurance they need and deserve if they have a risky career?
For example, Paul is a 45-year-old construction worker that mainly does high-rise products. Fully underwritten life insurance is costly, but since he is part of a union that provides insurance for its members, he is able to get coverage by talking to his union’s plan administrator.
Employee benefits is another route for life insurance with no medical or lifestyle questions on the application. It is worth the while of anyone in a risky career to see how much life insurance is available through their employer-sponsored plan.
Association and group coverage limits can be very modest. To know how much coverage you need, calculate the household’s fixed expenses for a 3-5 year timeframe, and look at how much of that your income covers. Then, add in final expenses, such as your final tax return and funeral costs / burial costs.
Once you arrive at a total, you may see that the group or association coverage isn’t enough. Don’t despair – you still have options!
Simplified issue and guaranteed issue are life insurance policies designed for those with health problems and/or risky careers. A simplified issue policy has a few health and lifestyle questions, but it does not ask for as many personal details as a traditionally underwritten policy.
A guaranteed issue policy has no health or lifestyle questions at all. You cannot be denied coverage under most circumstances, and the only main requirement is that you do not pass away during the first two years of coverage (if you do, your base premiums paid to that point are returned to your beneficiary).
Simplified and guaranteed issue are great ways for independent contractors in risky careers with no coverage to obtain a policy. For employees in risky careers with insufficient coverage, simplified and guaranteed issue can be a worthwhile top up. Remember, if you have some coverage and just need a little more, you can apply for a lower amount, just the difference between what you have and what you need, this will help reduce your premium as simplified and guaranteed issue cost more than fully underwritten policies.
Did you know that an agent can only sell the products of one company, but a broker can sell the products of any life insurance carrier in Canada? When you need life insurance for risky careers, a broker shops the market to find not just the best rate, but also the best carrier for your needs. These brokers have in-depth knowledge of the newest policies and their requirements, and any special programs designed specifically for risky applicants.
Don’t just dream about enough coverage to protect your family. You can get the coverage you need – speak to one of our life insurance specialist to get a simplified issue life insurance quote. You can have your career and your coverage too.
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