Does Your Job Impact Your Life Insurance Rates?
In one of our previous posts, we addressed how dangerous hobbies might affect your life insurance premiums. Did you know that insurance companies also take a close look at your occupation as well to determine if it is considered high risk? High risk occupations will often require a flat-extra amount to be added to the regular premium. In a previous blog post about dangerous hobbies, we talked about how a flat-extra works. Simply put, it is an extra amount per $1000 of coverage added to the base insurance premium. Here are some examples of high risk occupations and the flat-extra amounts that might be required. Actual amounts may vary depend on the actual details of your situation.
Aviation: Passenger or freight pilots flying US and Canada Canadian airlines would often times require no flat-extra. Company owned aircraft pilots flying with the US and Canada could require up to $2.50 flat-extra.
Building and Construction: Bridge, Structural iron workers, tower workers, roofers could require a $2.50 flat-extra.
Fire Department: Most municipal and volunteer firefighters usually do not require an additional flat-extra. Fire and smoke jumpers could pay $3.50 flat extra.
Fishing Industry: Those who work inshore, harbors, lakes and rivers would usually require no flat-extra. Those who work in gulfs, oceans, seas or grand banks and Alaskan crab fishing boats could pay a $2.50 flat-extra. It could also depend on the size of the vessel and if the crew does not come ashore daily.
Law Enforcement: Armed car guards, municipal police, penal guards and border patrol usually require no flat-extra. FBI, DEA, CIA, SWAT, Secret Service and Federal Air Marshalls flat-extras will be individually considered. That is, the insurance company will want to know the complete description of duties before they make a decision.
Lumber Industry: Explosive handlers, climbers, raftsmen, rigers would usually require a $2.50 flat-extra.
Mining and Quarrying: Chemists, detectives, guards, engineers, geologists, mining engineers and surveyors usually require no flat-extra. Underground, open pit or surface miners could expect to pay a $2.50 flat-extra.
Oil and Natural Gas Industry: On shore drilling site crew, rig and tank crew could expect to pay a $2.50 flat-extra. Firefighters could expect to pay a $5.00 flat-extra. Off shore drilling and production crew workers could pay a $2.50 to $5.00 flat extra. Firefighters could expect to pay a $7.50 flat extra.
Any occupation not listed about is usually looked at on an individual basis. The insurance company will ask you to fill out a questionnaire describing the details of your particular tasks. This will allow them to properly assess if a flat-extra is necessary. It is best to have an independent agent shop your case so that they can find the company that will give you the best rate available for your occupation.
Do you need life insurance but have a high risk occupation? We would welcome the opportunity to shop your case to the roughly 40 insurance companies that we can access for our clients. Please feel free to give us a call at (888) 687-9444 or email us at info@archstoneagency.com if you have any questions.
Archstone Insurance Services, LLC is an independent agency that shops over 40 of the top life insurance carriers to provide huge savings on life insurance coverage for our clients. We are happy to answer any questions you might have about any of the insurance products we offer, your planning needs or your existing coverage. Feel free to call us directly at (888) 687-9444 or email us at info@archstoneagency.com. You can also visit our website at www.archstoneinsurance.com.
