Our jobs play a significant role in our lives, but did you know the type of job you have could have an impact on your life insurance policy and premium?
Suppose your occupation is dangerous and considered high-risk by your life insurance company. If so, you may have difficulty getting approved for an affordable policy that meets your family’s financial needs.
If you are considering a change in your profession, and you still need to look for a reliable life insurance policy, you may want to consider a job that is not dangerous or considered high-risk if you want to find an affordable life insurance plan.
How Does My Career Choice Affect My Life Insurance Options?
When you apply for life insurance, the company bases everything on the risk level of insuring you, and the likelihood that you may pass away due to several factors.
Life insurance companies consider your age, gender, current health, occupation, and lifestyle, and use that information to estimate if you may die at an earlier age. They use this data to determine the cost of your life insurance coverage. The more risks you take with your job or your hobbies, the more your life insurance premium raises.
If your life insurance provider comes across anything in your application they believe would put you at a higher risk of death, they will increase the cost of your premium accordingly. Therefore, if your job involves any hazards that the average person does not come in contact with daily, it could impact how easy it is for you to find an affordable life insurance plan.
But that does not mean you still cannot find a life insurance plan that suits your needs. If you are considering a whole life insurance plan, you may need to look at other options, such as supplemental life insurance, to ensure your premium will not break your budget.
What Do Life Insurance Companies Look For to Determine You Have a Dangerous Job?
There are several vital factors life insurance agents look for when they are analyzing whether or not your occupation is a high-risk job.
Here are a few examples of your life insurance provider’s questions, which are used to determine whether your occupation is considered dangerous:
- Do you work with heavy or bulky machinery?
- What does an average day on the job consist of?
- How often do you perform dangerous tasks?
- What are your daily job activities?
- Do you work with hazardous chemicals?
- What safety measures or guidelines do you follow?
- What is your work environment like?
The 7 Most Dangerous Jobs in Canada That Can Cause Your Life Insurance Rates to Rise Here are examples of high-risk jobs and industries that could cause your life insurance rates to rise:
Extraction Workers
Extraction workers is a category that covers a broad range of occupations. However, this category generally includes anyone whose role involves removing natural resources from the earth. Examples can consist of miners, platform workers, oil riggers, and construction demolition crews. Extraction workers can work on the ground and at sea. If you are a specialist in any of these industries or others that may involve cleaning up natural resources or extracting them, getting an affordable life insurance policy could be a challenge.
Pilots
Flying helicopters, planes, and other aircraft forms can be a great hobby and an occupation. Whether you work for a commercial airline or as a private pilot, your life insurance provider will likely place you in the high-risk category.
However, the type of pilot you are and the aircraft you use affects how much extra you will pay. Life insurance providers often consider private aircraft pilots to have a more dangerous occupation than those employed by commercial airlines.
Individuals who fly alternate aircraft forms such as a blimp or hang glider must provide more information before their agent can adjust their premium rate.
Emergency Service Personnel
People who work as EMTs, police officers, firefighters, and other emergency services put their lives on the line daily. Their jobs are necessary to keep us all safe and protected from harm, but their profession places these professionals in the high-risk category as well. Emergency Service Personnel is an umbrella term covering a broad range of professions. Those occupations that do not require you to be in the field, such as a 911 operator, are considered less dangerous than others in the same category. Those individuals may not have severe consequences with their life insurance premium costs. But others, such as police officers, firefighters, or bomb squad members, are considered a higher risk and therefore face higher premium costs.
Loggers
Logging is considered one of the most unsafe industries, and those who work in this industry have one of the most perilous jobs. Professional loggers work on unstable terrain while surrounded by heavy machinery, bulky materials, and all the uncertainties of the forest. The commute to the logging site is usually accompanied by dangerous roads that are not well maintained. Therefore, you can be sure to see your insurance rates go up if you take on a new profession as a logger.
Fishing and Hunting Industries
Out of all the industries we have mentioned, you may think working as an EMT or logger would be the most dangerous occupation. But according to statistics, the deadliest profession would have to be those in the hunting and fishing industries. That is based on the work locations’ proximity and the dangers of being out in the remote wilderness or vast bodies of water. Add in the use of live ammunition, and you have several significant risks for many fatal accidents.
Roofers
A job as a roofer may be essential and profitable, but it also comes with many safety risks. One of the most common causes of workplace accidents, injuries, and fatalities is from dangerous falls. And few occupations could lead to severe falls at the same level as roofing. Professional roofers often work with hazardous materials and equipment while standing on steep or sloped roof pitches, which only contributes to the added danger.
Construction Workers
The construction industry covers a range of hard labor jobs that can be very dangerous at times. Falls are widespread on construction sites, and with buildings reaching towering heights, it is more common for these workers to end up in fatal accidents. Add that to the heavy and dangerous machinery used on site, and you have many risk factors that help guarantee your life insurance policy will be very expensive if you work in this industry.
What Is WSIB Coverage? Ontario’s Workplace Safety and Insurance Board, or WSIB, plays a significant role in the province’s occupational health and safety system. They offer collective liability insurance coverage, and provide all employers access to industry-specific health and safety information. The WSIB also offers health care coverage and loss of earnings benefits to workers as needed, and can also provide support for those returning to work following an injury or illness.
Can I Still Get Life Insurance with a High-Risk Job?
While finding a life insurance plan may be challenging when you work in one of these dangerous industries, the good news is it is still possible. You may have to pay a higher premium, or you may have to look for alternate life insurance options. However, the bottom line is you can still find a life insurance policy your family and other beneficiaries can depend on in their time of need.
One way to ensure you get the best life insurance policy for your needs and budget is to consult with a broker like Hometown Life who will shop around for you. Comparing policies and providers with varying guidelines or requirements can benefit you in several ways.
For example, suppose you are consistently getting declined when you apply for a traditional whole life insurance plan. In that case, you may consider using a policy with no medical exam or a term life insurance policy. You may not get all the extras you wanted, but it might be easier for you to apply and get approved.
As a reminder, you must be honest during your application. If you falsify any information about your job, health, or lifestyle, your beneficiaries may not get the benefits they deserve.
One of the best ways to ensure you get affordable life insurance that suits your life and situation is to apply in person or over the phone with a life insurance agent. When you choose to use an agent’s assistance, they can address any questions or concerns you may have while informing you of any alternate life insurance policies or plans you could apply for that may save you money or guarantee approval.
Do You Have Questions about How High-Risk Jobs Affect Life Insurance Costs?
If you have questions about your life insurance policy or want to know more about how your high-risk occupation could affect your premium, contact the experts at Hometown Life Insurance today. At Hometown Life Insurance, we will do our best to provide you with helpful information and answers to your most important questions. We can help you find the ideal policy to suit your lifestyle, job, and family’s budget. Contact us today to learn more and get a free life insurance quote.
