Are There Any Insurance Options for High-Risk Jobholders?

There are jobs and then there are high-risk jobs. A perfect example of the first would be a sales manager who sells paper in the city to business outlets. In all likelihood, he/she does not have to face very dangerous conditions as part of the daily job activities. A high-risk job, on the other hand, would be a fisherman who faces life-threatening conditions constantly.

Disability insurance is one of the best ways to ensure that your income is protected in case an injury at work leaves you unable to provide for yourself and your family. Life insurance is also a necessity, so your loved ones can be financially secure no matter what. Both of these kinds of plans are considered essential for those with both low and high-risk jobs.

Still, most people tend to be under the impression that high-risk job holders simply cannot get insured. As it turns out, it’s possible to get insurance under these conditions too, and not as difficult as you might believe, either!

What You Need to Know about Insurance for High-Risk Jobholders

Here are some of the basic points to consider if you’ve got a dangerous job and would like to buy insurance for financial protection:

• Risk and ReturnIf you’re a high-risk job holder, you need to think like an insurance company in order to understand why you may be considered ‘uninsurable’. As with any other company, the insurance firm is here to make money. As far as they are concerned, they want you to buy insurance, so keep that in mind if you get discouraged.The only challenge here is that they know that you experience far more risk than, say, a paper salesman. To compensate for this increased risk, the firm will ask for slightly higher premiums that in turn, insure their returns. As long as you’re willing to pay a little more, you can get insurance.
• Paying ExtraThat would bring you to ask the next question, how much more do you need to pay? Insurance is subject to a variety of other factors than just the risk involved in your job, like whether or not you smoke, your current age, general health and fitness, etc. These add up when the cost of life, health or disability insurance is being discussed.Depending on the company, the charges could be anywhere from $5 to $50 per thousand more than for low-risk jobholders. There is no way to predict an exact figure till you actually start shopping around, so it’s important to check as many policies as possible. Once you arrive at a proper figure that seems acceptable, you’re good to go!
• Other OptionsIf the prices quoted by all the insurance companies you approach still don’t seem appealing, you need to explore other alternatives. Fortunately, there are some options that will help you reduce the overall cost or get life insurance even when every company has declined to provide it:

• Group Life Insurance – This type of insurance is exactly like individual insurance, but instead of one person paying the premium, an entire group pays a sum total.Since the benefits are divided across many individuals, your coverage will be low, but you will be insured. Remember that these plans are set up by unions and employers, so leaving the union or employment for any reason would mean no more coverage.

• Guaranteed Issue Life Insurance – This is an interesting life insurance type to consider. A ‘guaranteed issue’ is exactly like it sounds. No matter your job, age, current living situation or health, the company will issue an insurance.

What’s the catch? It comes down to money, and the premium on these plans will be at the extreme end of the cost spectrum. For instance, a typical premium could be at least four times what a regular policy would charge.

There are limited options in life insurance or disability insurance policies available for someone with a high-risk job, but the above choices should help you out. At the same time, make sure to consult with an expert about getting the right insurance. Just because you’re in a high-risk job, it does not mean you should not be covered if the worst should happen!