Life Insurance for Firefighters, Getting Affordable Coverage
Firefighters put their lives at great when putting out fires to protect people and property. As a firefighter, this is your career, and you already know all the risks associated with it. Most people think that life insurance is not a thing for firefighters and law enforcers. But this is not true because most of the life insurers out there are always ready and willing to offer adequate coverage to the fighters of fire.
As a fighter of fire, you should be curious to know which options of life insurance are available for you. You may also want to know whether or not you qualify for any live coverage being offered by insurance companies. Since firefighters have families just like regular citizens, a major concern is if their work life insurance is adequate to protect their families’ financial future.
Although insurance companies consider firefighting as a high-risk occupation, firefighters can still get the coverage they deserve at preferred rates. Aside from the dangers associated with this kind of job, your insurer will have to look at other aspects, such as medical history, hobbies, and lifestyle.
You need not to try ignorance, especially when undertaking such a risky job. So, it is advisable that you check the extent your work life insurance before opting for extra coverage. If there is any need to obtain additional coverage, then you should not hesitate to go for an individual plan. This article outlines the options that firefighters have through the workplace, and the importance of having life insurance outside the workplace.
Firefighters Life Insurance through Workplace
Fighters of fire automatically have workplace life insurance. This type of coverage is regarded as both good and bad. It is good in the sense that it is basically offered free of charge. But in the negative side, firefighters may think that they have enough coverage and see no need to obtain additional coverage, which is a big blunder to commit as a firefighter.
About life insurance, it is good to have it, but you need to consider its adequacy. At your workplace, you may not be offered enough life insurance policy that can cover more than ten years of your income, burial or debt. Mostly, workplace life insurance is equal to 2-3 times your annual salary. To an average person, this may sound like adequate coverage, but if your family is included, the coverage becomes insignificant.
Another thing about life insurance through the workplace is that you cannot keep it if you retire or quit the firefighting job. This means that you will go uncovered for the rest of your life if you are no longer working as a firefighter. For that matter, you are going to leave your loved ones without any life insurance. And because of such drawbacks of the workplace life insurance, it is imperative to obtain additional coverage.
Can Firefighters Get Life insurance Outside of Work?
Yes, firefighters can obtain additional coverage to supplement the workplace life insurance. As a firefighter, you need to have adequate life coverage so you do not leave your loved ones in a financial crisis in the event of death. The amount of coverage you are going to get will depend on how the insurance company will classify you. Although most of the insurers classify firefighters in the highest risk category, you can still get coverage at a reasonable rate. What you need to do is to shop around for favorable rates with the help of an independent agent.
The insurance company would want to know the type of firefighter you are before approving your application. For example, oil and gas firefighters may not be covered under certain policies. Also, they will inquire about the nature of your job. For example, a person who acts as an admin in the firefighting industry is quite different from one who is always on call. This means that they will not be treated equally by the insurer.
Why Should You Get Coverage Outside of Work?
As mentioned earlier, some people working in the firefighting industry think that workplace life insurance is enough and they need no other. This perception has caused great damage to the families of such firefighters. For instance, if they die in the line of duty, their families face a lot of financial difficulties since there is nothing to cater for the outstanding debts.
Life insurance through the workplace is not adequate for firefighters. As a firefighter, you are unable to keep your work life insurance policy when you retire or leave the job. This, therefore, means you are going to leave your family without life coverage.
With life insurance, it is important to ensure you have the right amount of coverage. Remember life insurance for the workplace is usually 2-3 times your annual salary, which may not be sufficient to protect your family. The coverage is not adequate at all, especially if you have a family that depends on the salary. For that reason, you should consider supplementing your coverage.
How Being a Firefighter Will Affect Your rates?
It is worth to note that a life insurer will not charge you more simply because you are a firefighter. Just like law enforcement, firefighting career is a risky job. Luckily, you will you not get rated up due to this risky nature and firefighters, get a break in this case. However, other aspects outside your work can determine your rates. Such factors include the following;
Your History- Before your application is approved, your background history has to be checked. They may want to know more about your family health history. Also, they may want to know if you have ever been charged with a felony or you have been abusing drugs. The information they get will have a positive or negative impact on your rate.
Your Current Health Status – Your overall health has to be checked thoroughly. This means they will have to carry out a medical examination. They will also check your medical records. If any serious illness is detected or the previous medical information is not that good, then this is likely going to make your premium go up.
Your Hobbies – The insurance company might increase your rate if you participate in any other risky activities.
Lifestyle – Your way of life is likely going to affect your rates. For instance, smoking or chewing tobacco will have a negative impact on your premium. If possible, try as much as possible to live positively, and this will increase your chances of getting a lower rate. For instance, doing things, such as exercising and regular medical check-ups can be of great help.
Your Build – Your body shape matters a lot when it comes to determining your life insurance rate. So, as a firefighter, it is prudent to maintain a good body shape. You need to be keen on diet and exercising to avoid losing body shape. Also, it is good to inform your agent about your true body build so they can stay informed.
What Life Insurance Options Do Firefighters Have?
Life insurance for firefighters is no different from the one for regular citizens. There are several life insurance options for firefighters, which include term life, whole life, and universal life insurance. Each of these options can be used in various circumstances. For instance, term life insurance can be used to cover firefighters during their working years. This is the most reasonably-priced type of life insurance. It has a death benefit, which has a certain period or term. This means the coverage holds as long as you continue paying your premiums. The term life insurance policy is a perfect choice for temporary needs, such as loans, school fees, and mortgage.
Guaranteed Universal Life is a good option. This one is ideal for permanent needs. It is a great option if you require coverage for a lifetime need.
You can also opt for simplified issue plans. These offer the convenience of bypassing the medical examination. Such plans are meant for individuals with excellent health. If your health is wanting, you may not qualify for these plans. The only bad side of the simplified issue plans is the cap attached to them. To get proper coverage, you need to choose your company very well. Always consider working with an experienced independent agent who has access to multiple insurance companies.
What are the Life Insurance Risks of being a Firefighter?
As a firefighter, the risk is obvious. Remember you will be risking your life by entering burning houses to help put off the burning fire. Regardless of how perfect your equipment is, your life will still be at great risk. Apart from the danger of the burning fire, you can also inhale smoke, which is health hazardous. Smoke from toxic substances can cause serious health problems when inhaled.
It is because of such repercussions that make insurance companies to charge a higher premium to offset the risk. In addition to such risks, the insurer will also consider other factors before deciding on your rate. That is why you should consider working with an independent life insurance agent to help you choose the best life insurance company. This is likely going to save you hundreds of dollars on your premium.
What is the Process Involved?
If you are anticipating getting a supplement for your workplace life insurance, then you need to dedicate your time well to find the right insurance company. Remember there is a procedure that needs to be followed before you can get an approval. The process is almost similar to the one used by regular citizens when obtaining life insurance.
To start with, you need to send your application to your preferred company. At this stage, you will have to answer some basic questions regarding your health. It is instrumental that you provide correct information about your health status. Also, a medical exam has to be scheduled if at all you did not apply for non-medical coverage. For the medical exam, a nurse will be sent to you to perform various medical tests.
After you have sent your application, it will be reviewed by the insurance company. They will have to check your medical exam results before making their final judgment. Also, they will have to check on your medical records. If all is well, your application will be approved immediately. But if there are any severe health issues or questionable past medical records, the application might be declined. If you have strong financial muscles, you can opt for no medical life insurance. With non-medical coverage, you will get quick approval since you will not undergo any medical examination.
For the application process to run smoothly, you need to consult with a seasoned independent agent. A great agency will not only research the leading insurance companies on your behalf but will also advise you on the best policy to choose. It is, therefore, good to exercise caution and be vigilance when scouting for the best firefighters life insurance policy.
How to Get the Best Rate
Finding an ideal life insurance policy can be overwhelming. Especially for the firefighters who are always on a call, getting time to shop around for a carrier with preferred rates can be a tough task. Also, insurance companies are never created the same, and you do not want to land the worst. That is the reason why it is highly recommended to work with an advisor who is experienced in getting life insurance for firefighters. You should consider using an independent agent with lots of experience in the field. Ask how many firefighters they have helped in the past few months. If you opt for the right advisor, you are no doubt going to get the best supplement for your workplace life insurance.
The good news is you’re at the right place! At CFA insure we shop around with all of the companies on the market to get you the lowest rate, at no extra cost to you! Give us a call today or use our life insurance quoter to compare rates and request a call. Welcome to CFAinsure!