Believe it, or not, many high-risk occupations do jive with life insurance companies – they just want significantly more buck for the bang. No pun intended. When you diffuse, dispose, and calibrate bombs for a living, life insurance is attainable, but it’s definitely going to cost you.
When you need life insurance, or need more coverage than what your employer, union, or association is providing, it’s very important to seek out professional assistance.
What Can Professional Assistance Provide in this Situation?
As advised by Gary Dworkin – Chairman of the National Independent Life Brokerage Agencies – “The most important thing an individual can do is feel comfortable with their agent—that he or she represents more than one company and has resources to fully shop and survey the market through the brokerage community.”
What this means is you need a free agent – someone who doesn’t work for any one particular company – to work for you and serve your best interests. If you go directly to one insurance company seeking advice, chances are their advice will be “buy from us”, but what you really want to do is getting a sampling from their entire market to find a policy that is best suited to you and to your death-defying, bomb-diffusing, lifestyle. Check out the AAMI life insurance page for yourself and speak to one of their experts before making your next insurance purchase.
Why is Being a Member of the Bomb Squad Classified as High-Risk?
Why wouldn’t it be?! It is a high-risk profession and any insurance company is going to know that – I mean, the word “bomb” is in the job description, so that’s a pretty decent indication that high-risk behavior is involved.
Of course, insurance companies don’t just go off of what the job description entails when deciding what to charge for premiums. They go off of these two things:
- 1. U.S. Bureau of Labor Statistics – Every couple of years the USBLS puts out a report on what the most dangerous jobs are within the United States. They calculate fatality rates per 100,000 workers and rank jobs accordingly – the more fatalities there are, the higher up on the list the job ranks. It’s a simple and accurate list for the insurance companies to reference.
- 2. Experience – Life insurance companies have definitely been around the block a few times with just about every occupation on earth – they know where they’ve experienced losses and they price their premiums accordingly.
Why Do Life Insurance Companies Need to Up Premiums for These Occupations?
Well, just like any other business on this earth, life insurance companies need to make money in order to continue providing the service that they offer. If they insure too many individuals in professions that are more likely to result in early fatalities, than they would go bankrupt in a hurry.
Instead of just saying no to these individuals, they compromise and strike a deal by limiting potential loss through higher premiums. It really is a delicate balance for the insurance company and really for the economy in general – after all, when an insurance company goes bankrupt, it can’t just disintegrate all of the money everyone has paid in, it has to be bailed out by the government. During the recent financial meltdown, AIG – a major insurance product provider – had to be bailed out in order to save the insurance investments of millions of people. It’s a real risk for insurance companies and they do a pretty fantastic job of keeping the balance, typically.
Always Look for the Best Policy for YOU
Every insurance company is different – they have different fine print, different regulations, and different premiums. With the help of a professional insurance agent, you can get a lot of help in finding the best policy for you, your occupation, and what exactly you want to have covered if something happens to you. Everyone is different and it’s really about finding the right match with the right agent.