As overall lifestyle is taken into consideration when applying for term life insurance coverage, one of the principals that underwriters evaluate when deciding to grant approval is your career. Applicants who risk their lives or are subject to potential disability on a regular basis will pay a higher term life insurance premium than the average person in relatively “risk free” occupations.
Many people must work in hazardous occupations as their primary source of income. Pilots, aviation or scuba diving instructors or firefighters are a few examples of high-risk jobs. As unfair as it might seem, all these professionals can expect to pay higher term life insurance premiums. However, reasonable term life insurance coverage is still possible if you obtain necessary licenses and take safety classes.
For those of you who work in jobs that could potentially disable you physically, you may want to consider a “Waiver of Premium Rider.” By adding this rider to your term life insurance policy, your premiums will be waived should you become totally disabled. This type of rider is ideal for those who work in jobs such as metal or iron work or any hazardous occupation where you have to deal with chemicals, fire or specialized machinery.
Usually waiver of premium riders change along with any term life insurance policy premium changes (such as an increase due to age). The waiver of premium rider terminates on the renewal date closest to your 60th birthday.
If you work in a hazardous occupation, our highly trained agents do due diligence when choosing a term life insurance carrier since you are in the “high risk” category. They make sure to choose an A or A+ rated, but also check what kind of “mortality table” the carrier uses. Mortality tables help determine the premiums you pay by measuring what kind of risk you are.