Life insurance is a valuable financial asset that can keep your loved ones financially secure in the event of an unexpected death. The monthly premium that you will pay for a life insurance policy will ultimately be determined by a number of relevant variables. For example, if you make a living with something that is considered a high-risk occupation, then you may end up having to pay a higher rate.
With nearly 2 million jobs in the United States, the commercial fishing industry is one of the most common high-risk occupations in 2018. There are many commercial fishermen who are interested in purchasing a life insurance policy, but finding the best rates and policies can sometimes be quite difficult. Fortunately, by keeping these important concepts in mind, finding the policy that is right for you and your family can be quite a bit easier.
Compare Multiple Different Life Insurance Providers
The underwriting variables that life insurance companies will consider to be the most important are determined by the policy providers themselves, rather than the federal government. This means that while some life insurance providers will consider a high-risk occupation to make a major difference, others will consider other variables—such as your age—to be the most important.
Depending on your health, lifestyle, and current occupation, there are certainly going to be some life insurance policies that are immediately more appealing than others. Taking the time to consider different policy types and receive multiple quotes will make it much easier to be confident in your final decision. You may also want to consider applying for disability insurance—this means that if you get hurt at work (but stay alive), your income can still be replaced.
Consider Applying for a Guaranteed Life Insurance Policy
If you are having difficulty finding life insurance companies that don’t consider your occupation to be a major hazard, then you may want to consider applying for a guaranteed life insurance policy. As the name might imply, guaranteed life insurance policies accept essentially everyone who applies.
Though these policies usually have smaller death benefits than some alternatives, the fact that you are guaranteed to qualify can often be very appealing. But if you are otherwise young, healthy, and have few other risk factors (such as smoking, flying planes, etc.), then a guaranteed life insurance policy may not be the best fit for you.
Timing is Important
Another relevant variable to consider when looking for life insurance for commercial fishermen is timing. Though the commercial fishing industry is generally considered to be a high-risk industry as a whole, not all positions within the industry are considered to have the same degree of risk.
If you are actively employed on the commercial fishing boats themselves—exposed to the dangers of the seas as well as industrial transportation—then you are more likely to witness an increase in your monthly premiums. However, if you are working a desk job and are simply coordinating these risky activities from a distance, then you will likely not see an increase in your rates. For individuals who are working a high-risk position in the status quo but anticipate that they will be working a lower risk position in the near future, it may be worth waiting before applying for life insurance.
Life Insurance for Commercial Fishermen
In addition to the possible options mentioned above, if you are a commercial fisherman, you may be able to apply for a life insurance policy that is specific to your industry. Some of the best life insurance policies for commercial fisherman can be accessed through various trade unions, though this option may not always be available.
Additionally, some life insurance providers have policies that are tailored to the specific needs of high-risk professionals and are designed to have minimal costs increases associated with them. By taking the time to look at different providers, compare different policy types, and make a long-term financial plan, you should be able to find a quality policy that can satisfy you and your family’s current needs.
Looking for an affordable life insurance for a high-risk occupation like a commercial fisherman? Send us a message and we will make sure you are headed towards the right direction.