Do I Need To Update My Life Insurance Policy If I Get A More Dangerous Job?
Article originally posted on www.insuranceneighbor.com(opens in new tab)On-the-job injuries happen in every industry. Even office workers can be hurt in trip or slip and fall or other types of work-related accidents. But some occupations are more hazardous than others. If you have recently begun a more dangerous job, you probably need to update your life insurance policy.
What Makes A Job More Dangerous?
Occupations are generally considered to be more hazardous when they involve a higher risk of premature death. This applies to jobs such as logging, fishing, and construction.
Other occupations that are not particularly hazardous in the course of doing the job may be considered higher risk by insurance companies because they expose workers to conditions that may become dangerous. Examples of these types of jobs include driving a large commercial truck or selling products on the road. Anyone who is routinely on the road for long periods has a higher risk of falling asleep at the wheel or being involved in a fatal accident.
Do You Need More Life Insurance If You Get A More Dangerous Job?
If you have family members depending on you, you may need more life insurance if you move to a more hazardous occupation, simply because there is a higher risk that you will die prematurely. Unfortunately, with a higher-risk job, you are likely to have higher premiums for life insurance. Providers measure the dangers of various occupations in different ways. Most life insurance companies will issue a policy for people in more dangerous occupations, but they will compensate for the higher risk by charging a higher premium.
What Are The Most Dangerous Jobs In America?
According to a Business Insider article, the most dangerous jobs in America are:
- Logging workers
- Fishing workers
- Aircraft pilots and flight engineers
- Roofers
- Refuse and recyclable materials collectors
- Structural iron and steelworkers
- Truck drivers and driver/sales workers
- Farmers, ranchers, and agricultural managers
- First-line construction and extraction supervisors
- Grounds maintenance workers
How Do You Buy More Life Insurance With A Higher-Risk Job?
If you have changed to an occupation with a higher risk of death, you probably need more life insurance to protect your family. If you buy level term life insurance, you pay one flat rate year after year for the length of the policy. Note, however, that this type of life insurance only provides death benefits, with no savings or investment component.
How Much Life Insurance Should You Buy?
A simple rule of thumb is to buy life insurance with a death benefit that amounts to six to ten times your annual income. To get the best quote, it pays to shop around. Our experienced agent can advise you on the amount of life insurance you need and the type of policy to buy, and we can also help you find the best available rates.