4 tips will help you with your quest for High Risk Occupation Life Insurance
TIP #1: HOW MUCH RISK?
When it comes to working for a living, every job involves some degree of risk. Your occupation will dictate the level of risk involved when performing a specific task.
Some occupations have a high level of risk, where others have little or no risk at all. Life insurance companies characterize each occupation into different risk categories.
They use these categories to determine coverage and premiums.
This is called risk assessment. To make things more complicated, each life insurance company has their own guidelines. They use them when it comes to assigning the degree of risk to a particular occupation.
At Compass Insurance Options, we will examine your situation carefully and choose the best company to use for your life insurance coverage.
For example, there are certain life insurance companies who assess risk favorably toward military personnel.
Military personnel on active duty can get basic risk life insurance if they apply for a policy before they are deployed to another country.
There are exceptions to this. For instance, there are those in very high risk units, such as the Navy SEALS and Special Forces who would not qualify for that risk class.
Using a creative approach is the key to finding total yet affordable coverage. Finding affordable coverage for those in the higher risk professions may require some ingenuity.
When it comes to providing life insurance for high risk jobs, the most common job categories include the following:
Military personnel, pilots (especially hazardous maneuver types, such as banner towing), fishermen, jobs involving working at heights, and the gas and oil industries, particularly offshore work.
TIP #2: Questions for High Risk Occupation Life Insurance
Here is a basic overview of questions that need to be taken into consideration:
What are your specific duties?
Will you be deployed under orders?
If so, where will your duty station be?
What kind of aircraft do you fly?
What kind of flying do you do? Business or pleasure?
Who is your primary employer?
What routes do you usually fly?
Are your flights regularly scheduled or private charter?
In what geographical area do you fish?
What is the size of your fishing vessel?
What are your specific duties?
What time of year do you primarily work?
Jobs Working at Heights
What is the maximum height at which you work?
What is the average height at which you work?
What is the amount of time you spend working at heights?
Gas and Oil Industries
What is your specific job title?
Do you work offshore? If so, where do you work, geographically?
If not, where is the location of your work, geographically?
TIP #3: Options with High Risk Occupation Life Insurance
Conventional life insurance providers are not always the best source of coverage for more dangerous aspects of a job. It is sometimes necessary to use an exclusion on a standard policy and couple it with a high risk policy from a specialty insurance company.
A company like Lloyd’s of London can provide coverage for the high risk area of an occupation. By splitting the coverage, a substantial amount of money can be saved when compared to fitting everything into a single policy.
The goal is to look at your individual insurance needs from every angle. You are making sure the focus is on comprehensive coverage without sacrificing affordability.
TIP #4: Applying for High Risk Life Insurance in 3 Steps.
Step 1 – Pre-application questionnaire and risk assessment – Fill out the pre-application questionnaire which extensively covers your medical history and includes questions to determine your risk category.
The more we understand about your medical background and risk level, the better prepared we will be for the next step.
Step 2 – How we determine which insurance carrier is the best one for you . We write a comprehensive health and occupational biography for you.
Then we send it to up to 30 life insurance carriers.
The underwriters for these carriers review your information. They then contact us with bids or trial offers.
We go over all possible trial offers and figure out which company has given us the best one. This company usually has the best prices too, so this is the insurance company to which you apply.
Step 3 – Fill out an application with the insurance company that provided the best trial offer.
Attach a copy of the trial offer to the application and send it to the company. This company is somewhat bound to the trial offer unless they find out new information during underwriting.
If you don’t qualify for a policy under traditional underwriting, there are other options that we can pursue.
These can be discussed after we have attempted all conventional avenues.
Want a quote faster? Give us a call today!
You can always give us a call for fast quotes on high risk life insurance, and you will receive an accurate, confidential quote by phone.