Life Insurance for People in High Risk Employment
Insurance companies seek to minimize risk to maintain profitability. Consequently, workers in high-risk occupations can face difficulty when looking for life insurance if it is not offered by their employer or through the employer of their spouse.
Types of Occupations
Occupations that are considered high risk include divers, miners, firefighters and roofers, to name a few. Workers in these fields are subject to the possibility of death or injury on a routine basis, making them difficult to insure.
Effects
Workers in these fields will have limited options when it comes to obtaining life insurance. Most policies will list these occupations in the "Exclusions" section and will not pay if death occurs while working in any of them.
Expert Insight
High-risk life insurance is available through companies that specialize in this type of coverage. Most of these companies work only in this area and can provide a high level of expertise. Companies can be found at LifeInsuranceStar.com.
Characteristics
High-risk life insurance typically features a lower death benefit than standard life insurance policies. Fewer additional benefits, known as riders, are available. The policies are typically whole life policies as opposed to term.
Considerations
When shopping for high-risk insurance, it can be more advantageous to seek a broker that represents several companies instead of an individual agent. This can result in only one medical examination one application being required.
Tags: life insurance, High Risk, High Risk Employment, High-risk life, High-risk life insurance
