Life Insurance and Dangerous Jobs
The life insurance business is all about risk and that means that what you do for a living could have a significant impact on the life insurance premiums you are forced to pay. Those deemed to work in high risk occupations are often required to pay significantly higher premiums that those who work in jobs that are considered safer. So before you start shopping for that life insurance policy it is important to take a good look at what you do for a living and how it may affect the cost of the insurance you need.
Each company in the life insurance business will use a different formula to determine exactly which occupations are dangerous or risky. Those who work in jobs that are typically considered high risk should shop around as much as possible, since the impact of occupation on premium will vary from company to company.
Some high risk occupations are obvious, while others are not so clear cut. It is a good idea to research what your local insurers consider risky before you start shopping for your policy. The exact list of potentially dangerous occupations will vary from company to company, but some of the jobs on the list may include:
Roofers and construction workers – many life insurance companies consider roofing to be a particularly hazardous occupation, no doubt due to the combination of large heights, bad weather conditions and uneven walking surfaces that roofers must endure every day. Some companies will go even further and lump all construction related work in the risky category.
Farmers – many people are surprising that farming makes the list of dangerous occupations, but in fact farming is one of the most dangerous jobs in the country. The combination of temperature extremes, potentially hazardous machinery and long hours can make farming a risky way to make a living.
Coal miners – while coal mines are safer than they once were, the job still has plenty of hazards and insurance companies have taken notice. Coal miners can be subject to many dangers, from potentially lethal buildups of gas to the ever present risk of mine collapse. Those engaged in this vital work are often asked to pay more for the life insurance protection they need.
Window washers – window washers face many of the same challenges as roofers, and for that reason life insurance companies may consider the occupation to be a high risk one. Those who wash windows on high rises face many dangers, including high winds, bad weather conditions and of course great heights.
Loggers – the timber industry has long been a dangerous part of the workforce, and that danger is reflected in the rates loggers must pay for life insurance coverage. Like roofers, loggers often work at great height, and like farmers they often operate dangerous machinery. This combination of factors makes logging a dangerous occupation – at least in the eyes of the insurance industry.
Fishermen – many people are surprised to see fishermen on this list, but in fact those who fish for a living face many dangers. Among those dangers are storms while out at sea, tangled fishing lines and risks posed by machinery used to harvest and process their catches.
Taxi Drivers – it is the ever present risk of crime that makes taxi driving so dangerous. In addition to the risk of robbery and other crimes, taxi drivers must also deal with road hazards and the risk of accidents with other motorists.