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Occupations that Lead to Higher Life Insurance Rates

Some people are aware that if they have a high risk job, they are likely to have higher life insurance policy costs. However, there are many people who are not aware that they work in dangerous jobs. The Bureau of Labor Statistics ranks the most hazardous jobs each year. These are ranked in order of number of deaths occurring within that particular field or occupation annually. Combat deaths do not count towards these rankings. As of 2006, the most recorded fatalities occurred in the following positions:

1. Fishermen
2. Loggers
3. Aircraft Pilots
4. Structural iron and steel workers
5. Refuse and Recyclable material collectors
6. Farmers and Ranchers
7. Electrical power line installers/repairers
8. Driver/sales workers and truck drivers
9. Miscellaneous agricultural workers
10. Construction laborers

Perhaps fisherman wasn't exactly what you had in mind as a high risk career. But fishermen go on boats for extended periods of time, and the weather can be perilous. They also must operate large tools and equipment that is dangerous enough while dry, but if a rainstorm or excessive amounts of water keep flushing the boat, it becomes a slippery surface. Although fishermen are probably aware of these situations, employees such as sales drivers might not be aware they should consider life insurance more than others.

Of course, there are other dangerous occupations that didn't make the list because they are performed by so few persons, or perhaps they rank below the first ten listed. If you think that your job might present you with more risk than usual, you should assess your current life insurance needs or consider buying a policy.

Whether your occupation yields high or modest income, life insurance will appropriately cover your beneficiaries' needs. If you have a smaller income and don't have much in savings, paying for a monthly life insurance policy might seem daunting. However, consider the consequences if you were to leave your dependents with little resources for survival. This makes life insurance even more important. Conversely, those that might earn a plentiful income will tend to have more financial obligations, such as second home mortgages or expensive cars that could be fiscally burdensome to the person left behind to make payments.

It is a wise decision to insure your policy enough that major debts could be paid off in the event of your death. Major debts are mortgages, car loans/leases, and credit card bills. If you have a child and they are still young enough to require supervision, be sure to consider including money for childcare and tutoring. Money for continuing education, such as college, must also be provided on the coverage. Also consider a living allowance for a spouse or grandparent who may have to care for and undertake expenses for any children you have. If an older relative has to make adjustments in their life to raise any children or if a working spouse did not return to work, their own personal expenses should be considered. You could figure out how many years this would need to be implemented, or set a time period up to a certain age for which support would last.