Darwin’s commentary: The following guest post was submitted for your consideration. I have often wondered about the eligibility and pricing for things like life insurance, health insurance and more for people with extremely hazardous jobs. But then again, with enough data, you’d think actuarial data would have an answer. Well, here’s the answer to the question on whether a bomb squad member would be excluded:
Not necessarily; it’s true that a person with an occupation deemed high-risk—such as a bomb-diffusing, death-teaser—might have a difficult time obtaining life insurance, but mostly they’ll just have a difficult time digging it up at any kind of rate that could be classified as affordable.
However, with the right kind of professional aide, anything is possible.
What’s the Right Kind of Professional Aide, Here?
For those in high-risk occupations, the “right” kind of professional help isn’t going to come from one particular agency; any agent, from any insurance company, is going to try to sell you on their insurance company. What you need is a free agent, someone who doesn’t work for one company, and knows their industry, front-back-and-sideways. “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,” these are the extremely well-said remarks of one Mr. Gary Dworkin, Chairman of the National Independent Life Brokerage Agencies.
How Is an Occupation like “Bomb-Diffuser” Officially Classified as High-Risk?
How could it be classified as anything else?! Oh, I see that you mean “officially”; how is an occupation officially classified? I see. Well, other than the fact that both the insurance companies, and every other person on the planet, are very aware of how dangerous a profession like the Bomb Squad is, there are statistics available for these kinds of things. Check out the Suncorp life protect page for more information on your own life insurance needs.
Statistics that specifically pertain to life insurance come from the U.S. Bureau of Labor Statistics; the bureau ranks all occupations within the United States, and their life expectancy rates, by calculating the number of fatalities that occur from year-to-year that directly involve the profession.
A little known fact amongst the American people is that the nation’s most dangerous, and non-life-insurance friendly, occupation is actually that of a fisherman’s. As mentioned, this fact comes from the fatality reports that come out of the fishing industry ever year.
Why Does This Matter to Life Insurance Companies?
Believe it, or not, life insurance companies don’t just exist to pay out money, without any other motive, or more aptly put, business model. It’s a business and it has to generate a profit. Every insurer’s premium structure, fee structure, and payout stipulations revolve around their want and need to sustain their business through a delicate balance of receiving and giving.
High-risk occupations are a serious risk for an insurance company that doesn’t know if their insured will kick the bucket early, due to a hostile working environment, rendering their profits null and void. To be able to invest in individual who have professions of this nature, and still gain a profit, their only option is to charge higher premiums. You can learn more at Suncorp.
So, What’s a Bomb-Diffuser to Do?!
Exactly what this article mentioned they should do! Seek professional assistance. A qualified, life insurance broker, will be able to walk you through getting set up on life insurance through your employer, through a Guaranteed-Issue Policy, or they’ll effectively shop the market for insurers who will give them better deals than they will to just you, on your own.