People may not realize how much they rely on truck drivers, as the flow of goods and services across the country depends on their hard work. Due to the demanding and, at times, dangerous nature of driving a truck for a living, people in this line of work should strongly consider purchasing life insurance to make sure their loved ones have a financial safety net if they pass away on the job. While people of all occupations and situations can benefit from having life insurance, it’s especially important if you work in a high-risk position.In this article, we’ll help you understand the role your job plays in the life insurance application process. We’ll also walk you through policy options for truck drivers so you’ll have the information you need to find the right coverage to keep your family protected while you’re on the road.
Does being a truck driver affect your life insurance rates?
As a truck driver, you may be quoted for higher life insurance rates than people in other professions. This is because insurance carriers consider people with high-risk jobs to have a greater likelihood of premature death, so they’re often more expensive to cover. For example, a truck driver who spends long hours on the road (sometimes driving through challenging weather) is exposed to more danger than someone who works a sedentary office job, and therefore has a higher perceived risk. Carriers will take this risk into account when determining your rates.However, your occupation is not the only factor that can affect your premiums. Life insurance companies will also consider your age, health, gender, lifestyle and more during the underwriting process. Working with a broker like SelectQuote can help you navigate your life insurance options as someone with a high-risk job, as we represent a variety of carriers and can help you find the right one to fit your specific coverage needs.
Life Insurance Options for Truck Drivers
While truck drivers may be assigned higher premiums than people with less hazardous jobs, this doesn’t mean they’re excluded from receiving coverage. There are a number of different policy types available to truck drivers, all of which offer unique benefits depending on your needs and situation.The three primary policy types available to truck drivers are term life insurance, final expense insurance and permanent life insurance.
Term life insurance: This type of policy is intended to provide coverage for a specific period of time, usually 10, 15, 20, 25 or 30 years. Term policies typically offer significant coverage while still being affordable. They’re often a good fit for people in the middle of financial goals or milestones like paying off a mortgage or putting a child through school.
Permanent life insurance: Permanent policies are designed to last your entire lifetime. While these policies are typically more expensive than term life insurance, they have a cash value component that grows over time. This can be used as a savings account that can be borrowed against or withdrawn from to cover expenses like a child’s education, paying off debt or supplementing retirement income.
Final expense insurance: Final expense coverage helps to pay for end-of-life costs like funeral expenses, medical bills and outstanding debts. This option helps protect your loved ones from taking on a financial burden after you pass away. Unlike other types of life insurance, you do not need a medical exam to qualify for final expense insurance. For those with a demanding occupation like driving a truck, this application process may be more convenient than one that requires a medical exam.
Truck drivers who are 60 years old or younger and in generally good health may also consider no medical exam life insurance. Also known as instant life insurance, this is a great option for those with a busy career who may not have time to undergo a medical exam and extensive underwriting process. People who shop for instant life insurance with SelectQuote can be approved for up to $2 million in coverage in under an hour.
How can I lower my life insurance rates as a truck driver?
While having a high-risk job can affect your life insurance premiums, it’s not the only factor. In fact, there are several other aspects you can focus on to manage your perceived risk and potentially lower your rates. These include:
Focus on your health: Keeping a healthy diet and exercise routine and avoiding habits like smoking can help carriers view you more favorably.
Maintain a clear driving record: Your driving record may be reviewed as part of the life insurance application process. Showing that you’ve consistently stayed safe on the road, especially when you drive long distances for a living, may help you get more optimal rates.
Consider your hobbies: Life insurance carriers will look at your lifestyle in addition to your job. If you have dangerous or extreme hobbies (like skydiving or motor sports) in addition to a high-risk job, life insurance companies will likely have concerns about your risk level.
Do you have a high-risk job? Let SelectQuote find you the right life insurance policy.
Truck driving is a demanding profession, and you may not have the time to shop for life insurance on your own. Luckily, SelectQuote can help. When you choose to work with us, we’ll take the guesswork and time commitment out of the life insurance shopping process. In just minutes, we’ll search a variety of trusted insurance carriers and compare plans and quote details on your behalf. We can also answer any questions you have about shopping for life insurance as someone with a high-risk job. With over 35 years of industry experience, we have the knowledge to guide you through the application process so you can quickly and easily get the protection you and your family need.
