When looking for life insurance for steel workers, construction workers, and other similar hard labor and somewhat riskier jobs, you probably want to make sure you get the best coverage at the best price.
Your employer or union may provide coverage, but not always. Group life insurance is often typically offered by steelworker unions. It may cover you while you’re still employed and continue once you retire, but it’s not always portable.
However, in either case, you don’t want your family to find out you didn’t have enough once it’s too late. It’s essential to make sure you get enough life insurance coverage, and sooner than later.
Financial experts generally recommend you cover your family with 7 to 10 times your salary. With the average steel worker making $50,000 a year on average, according to the Bureau of Labor and Statistics, your coverage may need be up to $500,000 or more.
More Affordable Life Insurance For Steel Workers
If your family depends on your income, you may feel as though it’s vital you buy life insurance. However, some people wonder if they need life insurance if they don’t have any dependents.
Steel workers are often involved in large construction projects. They may work hundreds of feet above the ground, putting them at risk for falling. They may use heavy equipment, which could lead to accidents. Steel workers may be surrounded by other dangers, like chemicals, as well. Although you are trained to follow certain safety procedures, you can’t always predict the weather or what your coworkers may do.
According to a 2013 Forbes Magazine article, structural iron and steel workers rank number five for the world’s deadliest occupations. Slips and falls accounted for 15% of workplace injuries across all categories in 2012. If you’re a steel worker, something can accidentally go wrong while you’re at work even when you’re being careful.
Steel workers are at risk of dying from accidents or living with chronic health conditions. If you suffer a fatal accident while on the job or die from other hazards associated with your occupation, your loved ones will have to pay for the funeral expenses. If you have dependents, they will need financial stability to pay their bills. Life insurance can protect you and your family in case of an unfortunate accident.
How to Get The Cheapest Rates
Life insurance companies consider several factors when determining your rates for life insurance. Basically, if you are at a higher risk of dying, the life insurance company is at a higher risk of having to pay out on your plan. Some factors affect your mortality risk are your health, hobbies, lifestyle and occupation.
Many individuals who work in high risk jobs have found it difficult to qualify for life insurance at all. You’ll be more likely to qualify if you work with an independent insurance agent who can find a policy with a life insurance company has experience covering steel workers. No two carriers underwrite the same way.
Knowledgeable companies and agents may be aware, even though your risk of dying is increased as a steel worker, cigarette smokers and alcohol abusers are still more likely to die of lung cancer.
That means your health will come into play when you’re seeking life insurance. Most life insurance companies will ask you questions such as:
- What is your exact occupational title?
- What activities do you perform on the job, both daily and on occasion, which are potentially dangerous?
- What safety measures do you follow?
- What safety gear are you required to use?
- What specialty training have you done, or are required to uphold?
However, they will also ask you questions relating to your health, such as:
- What are your height and weight?
- How many alcoholic beverages do you drink each day?
- Are you, or have you ever been, a smoker?
- If so, how many cigarettes do you smoke per day?
- What are your hobbies and interests outside of work?
- What kinds of health issues, if any, have you dealt with?
- Do you have a criminal or driving record?
- and more..
A steel worker who smokes, drinks and likes to go scuba diving during vacations is considered to be at a higher risk of dying than one who has a relatively safe and healhty lifestyle.
Probable Life Insurance Ratings for Steel Workers
The riskier your lifestyle, the higher your life insurance premiums may be. Life insurance companies typically assign a rating based on your risk factors. If you’re in excellent health, your rating will be lower. The more your risk goes up, the more additional fees will be assessed on your premiums.
Just because you work in a high risk occupation doesn’t mean you can’t lower your risk in other areas, however. If you are a smoker or heavy drinker, quitting can mean more affordable premiums on your life insurance policy. If you have an excellent driving record, you may be rewarded with lower premiums because you are seen as a safer driver.
All things being equal, a worker in the steel industry should be able to get near the top rates.
The type of policy you select can make a difference when it comes to your premiums. Although most people are aware of the difference between term and whole life insurance, many individuals don’t know there are other options.
Guaranteed universal life insurance is a whole life policy which ends at a specified age falling between 90 and 121. While it doesn’t build much cash value, it covers you until you die. The premiums are guaranteed to stay level for as long as you maintain your payments, but the cost per thousand will be much higher than a traditional term policy in the first decade or more.
Guaranteed issue life insurance is a type of policy covering anyone, regardless of health or occupation.
It’s available for people between the ages of 45 and 85, and no questions will be asked about your risk factors. This is an ideal option for people looking to cover their final expenses only. However, the maximum coverage is usually only $30,000. This is not enough to secure financial stability for your dependents upon your death, and is a last resort option.
Comparing a variety of policies will help you find out what’s available. A good life insurance agent will help you decipher the differences between many types of policies. Begin the process by contacting us to help you with your life insurance needs.
If you aren’t sure you have coverage through your workplace or union, contact us and we can direct the conversation with you and your HR representative to make sure you’re getting the best coverage at the lowest cost.