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Life Insurance for Those in High-Risk Professions: 5 Things You Need to Know

Life Insurance for Those in High-Risk Professions: 5 Things You Need to Know
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Life can be full of risks, and if you’re worried that passing away could leave your family struggling, then getting life insurance is a must. But anybody who has a dangerous career or hobby, high-risk lifestyle habits or a serious health condition can be considered high risk when it comes to insuring their life. If you work in a career such as the police or army, for example, where your risk of dying is higher than the general public, then you can usually expect to pay more for life insurance. So, here are some tips for insuring your life if your job puts you in the high-risk category. 

1. Shop Around:

First of all, bear in mind that different insurers will have varying rules and guidelines when it comes to high-risk life insurance. And, since premiums are based on not only statistics but also often on how much experience a certain insurer has with dealing with high-risk life cover, you may find that some insurance companies are willing to offer a lower price. That’s why shopping around is so important – don’t just go with what you know, use comparison sites to find out which insurers are best suited to your needs. 

2. Use an Agent:

If your career is particularly high risk, then it can pay off to employ the services of an experienced agent when it comes to insuring your life for the best price. An independent insurance agent who specializes in finding the lowest rates for those in high-risk professions can seriously pay off; these agents often have contracts with all the top-rated companies and can liaise on your behalf as they know the industry inside out. They can also advise you on the best policies for you; such as whether you should look for term life insurance or consider supplemental police officer life insurance instead. 

3. Consider the Insurance Type:

Opting for a whole life policy is always going to cost more, however, the price can rise even higher if you are considered high risk due to your job. So, it’s a good idea to consider whether or not you will actually need whole life insurance; most of the time, a term life insurance policy is a better option. By choosing to be insured up until a certain time – for example, when you retire from your job or once you’ve paid your mortgage – you can drive the price down. 

4. Think About a Decreasing Policy:

A decreasing policy is a good idea as although it may start off with you paying higher premiums, these are gradually reduced over time as the amount of coverage that you need begins to get smaller. For example, if you’re taking out insurance right now because you need to make sure that your family can look after themselves, pay off the mortgage and comfortably pay off bills and debts if you died, chances are that situation may have changed a few years down the line – your mortgage and debts will be smaller and your children will be older, so your family may need less money to be comfortable. 

5. Consider a Specialist Insurer:

If you’ve had no luck with the usual insurance companies then it may be worth looking into one that specializes in life insurance for those in high-risk professions, or those in your specific line of work. For example, if you work in the police, it may be worth speaking to your superiors about life insurance cover through your employment or even to see if they can recommend any companies that specialize in insuring police officers. 

Getting life insurance when you work in a risky job doesn’t have to be impossible!