When it comes to getting a life insurance policy, many individuals consider their health as the main or only factor that would affect their ability to qualify and their rates. However, there are various factors that go into determining this. One of the factors that a plethora of people forget about is occupation. While a majority of jobs are not considered dangerous, there are those who put their life on the line every time they get to work. Because these individuals are at a higher risk of injury and/or death, their ability to qualify or their policies may come with some restrictions.
If I work a dangerous job, can I still obtain a life insurance policy?
We have many people inquire about their ability to obtain life insurance if their occupation is dangerous. The first thing to keep in mind is what jobs are classified as dangerous. What you may think is a dangerous occupation may not be considered so to the insurance company. Vice versa, what you may consider being a low-risk occupation may be viewed as a dangerous occupation to the insurance company.
If your line of work is considered dangerous, you are going to want to work with a broker who is familiar with underwriting different occupations that can be classified as high risk. That broker can survey the various companies and find the best potential fit for your occupational situation.
For very dangerous occupations (occupations not limited to the high possibility of minor/catastrophic injury and/or death) that go beyond the scope of the traditional life insurance policy, you will want to look at a simplified issue policy as a potential option. These types of policies have no medical tests and a short series of health questions. The underwriting is much more liberal, however, there are some ramifications associated with these policies. For instance, there can be a waiting period on the death benefit, the face amounts are generally more limited, and your premiums are going to be slightly higher. These are some of the pitfalls you want to keep in mind with simplified issue policies.
Your occupation plays a substantial role in the policy you can obtain. It is imperative that you work with a broker who is familiar with this market so you can get the best possible policy for the best possible price.
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