You might know that there are multiple factors that help determine your rates for a life insurance policy, but what you might not know is that insurance companies look at more than just your age and your health. Your occupation and your hobbies can also affect your rates. And if you have a hazardous job that has a risk of death, your rates could be much higher, or you might even be denied coverage. The same goes for any high-risk hobbies that you regularly engage in.
Your Occupation & Life Insurance
If your occupation has a high fatality rate, your insurer will generally raise your rates or even outright deny you a life insurance policy. But keep in mind when you apply for coverage that each insurance company has its own criteria for determining prices and ineligibility, so it is always worth it to apply for a policy, no matter what your job is. The most important thing is that you compare plans from different life insurance companies to see which one will give you the best rates and coverage.
Some high-risk occupations that will put you at a higher rate or in a high-risk category include:
- First responder- If you are a first responder, including someone who works in law enforcement or as a volunteer firefighter, you might have to pay higher rates for life insurance
- Active military member
- Pilot
- Construction worker
- Bartender
- Anyone who works in emerging countries or war zones, such as a government worker, media worker, or medical worker
- Those who work in the marijuana industry
- Workers in the mining industry, quarrying industry, marine industry, lumber industry, and fishing industry
Your Hobbies & Life Insurance
In addition to your job affecting your life insurance rates and coverage, what you do outside of work can also affect your rates. Depending on what kind of hobbies you engage in regularly, you could be considered a high-risk applicant, and your rates could go sky-high, especially if you are at a greater risk of injury or death from these hobbies. High-risk hobbies can include:
- Skydiving
- Hunting
- Scuba diving
- Flying planes
- Mountain climbing
If you do participate in any high-risk hobbies, or have a high-risk occupation, making sure that your family is financially protected is incredibly important, meaning you’ll need a good life insurance policy. The best way to find a life insurance policy that will provide you with great coverage at affordable rates is to compare policies from different companies. And even if you cannot qualify for a permanent life insurance policy, you can still qualify for other policies such as a final expense policy.
We have provided the top insurance companies that offer life insurance policies below; each can give you hassle-free assistance and the most competitive rates in the nation. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.
