If you work in a high-risk job, you might think that you would never qualify for life insurance. I’m here to tell you that idea is a myth. Sure, there are many insurers that won’t consider you, but fortunately, there are a few who specialize in providing the crucial life insurance protection that employees in dangerous jobs need.

What Counts as a High-Risk Occupation?

A high-risk occupation is one with a higher-than-average rate of work-related injuries, illness, or fatalities. What occupations are the riskiest depends on the criteria you use. For example, the National Safety Council (NSC) says four industries could be the most dangerous, based on 2022 data:

• Construction is the most dangerous in terms of the number of workplace deaths.
• Education/health services is the riskiest classification based on the number of nonfatal injuries.
• Agriculture/forestry/fishing/hunting is the category with the highest death rate per 100,000 workers.
• Transportation/warehousing is the category involving the highest injury and illness rate involving lost time from work.

Traditional life insurers are most concerned with occupations that have a high risk of death. According to the NSC, after agriculture, forestry, fishing, and hunting, the five occupations with the highest rate of deaths are mining, warehousing, construction, wholesale trade, and utilities. Other high-risk workers (such as pilots and emergency service personnel) may notice that their occupations impact their life insurance applications.

If you work in these types of jobs, there’s a good chance you can still secure life insurance – you just have to know where to go, and which types of policies to consider.

What’s Preventing You from Securing Protection?

Now that you know that a high-risk job doesn’t necessarily disqualify you from getting coverage, it’s time to act. Don’t let common misconceptions hold you back from buying the coverage you need to protect your loved ones. Below are a few of the most common reasons people procrastinate – along with the reasons you shouldn’t.

• Worried life insurance will be too expensive? Term life insurance is an affordable option, but many people overestimate the cost – LIMRA found that 78% of Americans overestimate the cost of a basic term life insurance policy.
• Focusing on other financial priorities? As this article explains, when a breadwinner dies unexpectedly, a lack of life insurance may mean financial disaster for the surviving loved ones. This means life insurance deserves to be a priority. Plus, an affordable policy may not affect your monthly budget as much as you expect.
• Counting on employer coverage to protect you? Employer-based group policies provide some protection, but you lose coverage if you switch jobs. Furthermore, the benefit may not be large enough to cover your needs. You can supplement employer coverage with your own affordable term policy. Even if you don’t plan to switch jobs soon, it’s smart to lock in affordable coverage now.
• Worried the life insurance company won’t actually pay out? Insurers are required to pay the death benefit according to the policy terms. It’s important to understand the terms of the policy and be honest when completing your application, so there is no potential basis for a denial. You should also let your beneficiaries know about the policy so they can file a claim. Benefits sometime go unclaimed because survivors aren’t aware there is an insurance policy.
• Think you’re too careful or too healthy to have an accident or illness? Unfortunately, accidents and illnesses happen – even to those who are careful and healthy. An untimely death may also occur for reasons out of your control – from a car accident to a heart attack. If you have family members who depend on your income, it’s smart to protect them by purchasing life insurance.
• Believe that you don’t need coverage because you’re leaving your high-risk job soon? It’s impossible to predict the future. Many people end up staying in jobs for longer than they intended. Besides, a high-risk job isn’t the only cause of untimely death. It’s smart to secure life insurance regardless of your occupation.
• Don’t have time to deal with life insurance? It doesn’t take a lot of time to get coverage, especially if you choose a no medical exam term life insurance policy.
• Confused by life insurance? Some policies are complicated, but term life insurance provides straightforward coverage. A licensed insurance agent can provide you with guidance.

Take the Next Step

If you work in a high-risk occupation, and you need term life insurance, talk to the team at the Cibi Thomas agency. We love to help our clients find the affordable protection they need to safeguard their loved ones’ futures – no matter what happens.

As an independent agency, we can shop the market and advocate on your behalf. We also take the time to explain all the options available and help you make an informed decision.

If you work in a high-risk job, you can’t afford to procrastinate another day – especially if you’re a breadwinner with loved ones who rely on your income. Contact us today to ensure that your loved ones will have financial stability, even if a tragedy occurs. It’s a simple way to show how much you care.

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