HAZARDOUS OCCUPATIONS & LIFE INSURANCE: THE BOMB SQUAD
It’s a little known fact that just about anyone, in any line of work, can obtain life insurance—even if their line of work happens to involve lighting and/or diffusing bombs! What actually matters to insurance companies is that they be compensated for the risk that their taking on an individual working such an occupation.
Enter stage left: High-Risk Premiums! Boy, just look at them! They’re so shiny and—boy howdy, look at that price tag! Gadzooks!
Yes. I just used ‘boy howdy’ and ‘gadzooks’ in a single sentence. Don’t you judge me.
In all seriousness, it is possible to get life insurance when you’re in a high-risk profession like the Bomb Squad—it’s just going to cost you; that part was no joke!
Who Determines How High-Risk a Job is? The Insurance Company? Pssshh! Scam!
Yes, the insurance company does weigh in on what their company deems to be high-risk, but that’s really only one part of a two-part process. Obviously, insurance companies have been around the block a time, or two, and have insured individuals in just about every profession that there is. Due to this, they have their own experience to refer to when deciding how much they want to afford someone in a dangerous occupation life insurance. Find out more about your own insurance needs at AAMI.
It is their risk, their money, and they’ll invest it only in good investments—just like anyone else.
However, a large part of the decision making process is influenced heavily by what the U.S. Bureau of Labor Statistics has to say about the profession in question. All of the work-related accidents and fatalities that occur get compiled into a report that the USBLS publishes every couple of years, or so, with a ranking system that paints a picture for insurance companies.
For well over a decade, actually, the blue ribbon winner of the “United States’ Most Dangerous Job” has steadily been fisherman. That’s right—fisherman. It makes sense, if you think about it, actually. They’re out there in incredibly temperamental seas, around very dangerous equipment, trying to catch fish while dodging the ones that could swallow them whole. Plus, it’s a far more common profession than being on a bomb squad—so, the numbers end up being higher just for that reason.
Everything that the USBLS reports comes from hard statistical fact, so when they say that a job is dangerous, all of the insurance companies fall right in line.
What Difference Does it Make to an Insurance Company? It’s simple really—any insurance company is a business and businesses need to make money.
The chance that a bomb squad member could get blown up within 6 months of establishing a policy is just too high and would inflict too harsh of a financial loss. After all, they barely paid into the policy.
This is where high premiums end up coming in, because they’ll still insure you, they just want to be certain they won’t suffer as big of a loss, should something happen.
How Should an Individual in a High-Risk Profession Handle Obtaining Life Insurance?
Find a certified insurance, or financial, expert to assist you. A good one; that does not work for any one insurance company—they’ll obviously just want you to buy from their company. However, a solid freelance professional will know their market like the back of their hand and will be ready to work their tale off for you—freelancing is all about word-of-mouth.
They’ll scour the life insurance market, dig up the best prices that you’re going to get, or they might even suggest an alternative route, like Group Life Insurance—life insurance offered through an employer, union, or association—or Guaranteed-Issue Life Insurance—life insurance provided, no matter what he circumstance, for a pretty high cost.
There are options! Fortunately, member of the Bomb Squad tend to be well taken care of by the people sending them out into harm’s way.
***This was a sponsored post***