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Most likely you’re reading this article today because you’re interested in life insurance options for yourself or your loved one because of the inherent risks involved with driving a truck for extended periods of time.
Perhaps your wondering if you will even be insurable or you’re worried that you will face potentially higher rates due to your profession. Either way, if your goal here today is to gather accurate, relevant information to determine what your life insurance options may be as a truck driver, as well as better understand the variables that make a difference regarding better rates, then you are in the right place.
NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation on How to Get Life Insurance for Truck Drivers. Enjoy!
My objective here today is to not only give you all the facts necessary so that you can figure out what kind of life insurance is best for you, but also help you find great coverage at an even better price.
The topics we’ll discuss are as follows:
- Why should truck drivers have insurance?
- What factors truck drivers should consider to get the best deal on life insurance
- Types of life insurance coverage
- Do I have to have a physical exam?
Why should truck drivers have insurance?
So let’s get started. Why get life insurance if you are a truck driver? There’s a variety of reasons why a truck driver should seriously consider owning some sort of life insurance. In the following section I’m going to detail the most common reasons why truck drivers should take out an insurance plan.
This is probably the biggest reason that motivates truck drivers to make the decision to buy life insurance. It’s only a matter of time before people in the truck driving profession recognize that truck driving accidents happen. Maybe you’ve known somebody in your field that has unfortunately passed away due to a horrendous truck accident.
The chances of passing away are much higher in the truck driving profession. The truth is sometimes it takes the loss of a friend or a comrade in the business before you realize the necessity and importance of life insurance. Also, if you’re the spouse of a truck driver, you’ve probably recognize this reality for quite some time and are anxious to get something in place to protect your family as much as possible.
Truck driving takes a toll
One of the things that is a natural part of truck driving is that it is much more grueling and difficult than many people realize. I have known many truck drivers in my time as a life insurance agent and many of them have struggled with weight gain problems, eating bad food, and many other life altering events that are the outcome of a lifestyle of staying seated for many hours at a time, and then being required to hall and move sometimes very heavy and difficult to maneuver stock and inventory.
The reason this is a big deal is because the combination of the risk involved with driving a truck along with the implications of a lifetime in this profession typically creates more scrutiny from life insurance underwriters when they look at your case.
If you’re in otherwise good shape, it’s extremely important to take advantage of getting a life insurance plan while your health is good. You can select a quote to the left from Buy Life Insurance for Burial to look more thoroughly at options available to you or call 888-626-0439 for a free quote that takes less than 10 minutes.
Protection for your family
As with all people, truck drivers have families too and have income and financial goals related to their retirement. They also have financial obligations. Have you ever imaged what would happen if you passed away today? What would happen to the people you love? How will you take care of them when your gone? Your financial obligations can be overwhelming without an income. Imagine if you bring home $60,000 a year and then all of the sudden that income is no longer available.
Maybe your spouse works but doesn’t make as much money or maybe he or she doesn’t work at all. What kind of impact do you think that would have on your family members? Would your wife or husband have to go back to work? Would your children have to change their lifestyles? Maybe not be involved in the same activities that they’re used to because money is a concern.
These are all what we call in the life insurance profession “disturbing questions”. They are questions that nobody wants to ask,, including myself. But they are questions that we must asked because if we don’t and a loved one dies unexpectedly, we will be faced with the reality of whether or not we chose to put life insurance in place as a safeguard.
If any of these questions have you concerned over what would happen upon your demise, then life insurance is the perfect solution to ease your worry. While I can’t replace you, you can replace your economic value to make things easier on your grieving family.
One of the primary motivators behind truck drivers ultimately deciding to buy a life insurance policy is the thought of what would happen to their family’s income if they were to pass away. Consider your family’s current lifestyle and the things that they enjoy because of your hard work. Now imagine if all of those things were suddenly taken away in an instant. That’s why life insurance is the perfect solution.
Here’s how life insurance could supplement your income:
Let’s say you purchase a life insurance plan that’s 10 times your annual income and you make $60,000 a year. This is a typical number that financial advisers use to estimate a good amount of life insurance protection in order to cover final expenses and protect income for the long term.
If you were to pass away from natural or accidental death with this plan, you would qualify for a $600,000 life insurance claim that would be paid in a lump sum to your surviving beneficiaries. They would then be able to decide how to use this claim to cover expenses.
With this kind of income, your family wouldn’t have to worry about bills or covering funeral expenses. Everything would be taken care of. A lot of that money could also be put into a retirement that you otherwise could not have funded.
Another big reason why people buy life insurance is because they want to make sure that their death is not a burden to someone else. The biggest debt most Americans owe is their mortgage, which is usually a six figure sum and is paid off over a 20 to 30 year period of time. Many people buy life insurance because they imagine what would happen if they passed away. Their family would not only lose their income, but also their house, something that they worked so hard to purchase.
All within an instant a home can be lost and your family can be without any income. That’s why a life insurance plan is so important. It’s designed to help those left behind either make payments for a period of time or completely pay off your mortgage debt. This allows your family to stay in the home longer, if not completely pay it off, and not worry about having to satisfy mortgage payments in order to keep the home.
What factors truck drivers should consider to get the best deal on life insurance
There are primarily three different factors to consider when a truck driver is searching for life insurance and wants to get the best overall deal:
- Work with a broker
- Health and lifestyle
Let’s discuss each of these factors in more detail so you understand what your options may be.
Work with a broker
The first factor above all else is to make sure you’re working with a reputable broker. A broker is somebody who represents a variety of different life insurance companies and can shop the most competitive rates to give you the best overall package. What you’ll find is that even though life insurance companies may offer similar types of life insurance coverage, their underwriting requirements may differ dramatically.
We see this with other professions that are high risk or hobbies that are somewhat extreme or abnormal. There are certain companies that are more lenient towards truck driving while others may require you pay more than you necessarily would with another carrier. We understand how to determine which companies are going to give truck drivers the best rates because we here at Buy Life Insurance for Burial have the ability to competitively shop all of these companies to give you the best combination of value.
So be sure to work with a broker when you’re looking for life insurance in order to get the best overall deal.
Obviously, as with all life insurance, age is a direct component of how your life insurance coverage will be priced. The older you are, the more you’ll pay. Whereas the younger you are, the less you’ll pay, on average. Either way, make sure you deal with a broker because different companies charge different rates for different ages. Be sure to work with brokers like us that can provide a rate that’s more competitive for your age, especially if you are older.
Health and lifestyle
Health and lifestyle have the biggest immediate impact on your ability to become insured for life insurance. A truck driver will be asked a number of questions by the life insurance company including:
- Do you have lung problems like COPD or emphysema?
- Are you diabetic? If so, type one or type two? Are you insulin dependent? Do you have health complications due to diabetes?
- Do you or a relative have a history of cancer?
- Do you have any sort of liver or kidney problems?
- Do you have heart or circulatory problems such as heart attacks or strokes?
- Any sort of neurological issues like lupus, multiple sclerosis, Parkinson’s, Lou Gehrig’s disease?
- Do you have mental health challenges such as PTSD, depression, anxiety, bipolar disease, schizophrenia?
- What medications do you take on a regular basis?
- Have you been hospitalized for any reason in the past seven years?
- What’s your driving record like? Any DUIs or accidents?
Types of life insurance coverage
Now that you know what factors you should be concerned with as a truck driver looking for life insurance regarding underwriting, the next thing you need to know is what kind of life insurance coverage would work best for your personal life goals. There are primarily three different types of life insurance products available. We’re going to discuss each in depth to give you an idea of which product you want to go with.
Term life insurance
Term Life Insurance is the most popular form of life insurance coverage available. Approximately 80 percent or more of the population in America buys term life insurance. Why is this the case? Because it’s typically the least expensive option for coverage that grants the most amount of coverage.
The downside to term insurance is that it’s what’s known as temporary insurance. It only pays if you die within the term period, which typically is between 10, 20, or 30 years depending on what kind of plan you select. However, despite this limitation, term insurance makes perfect sense for what we call temporary obligations.
This will include things such as replacing your income that you would have otherwise earned throughout your career, taking care of your retirement or 401k plan, and also covering debts and obligations, such as a mortgage, that ultimately would be paid off if you had lived long enough to do so.
Term insurance makes sense despite its shortcomings, because your ultimate financial goals are achieved whether you live to fulfill them and no longer need the insurance or if you die before fulfilling them and your family benefits from the policy.
Term Life Insurance Coverage – 10 Year Term – $100,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $250,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $500,000 in Coverage
Term Life Insurance Coverage – 10 year Term – $1,000,000 in Coverage
Permanent insurance is designed never to cancel due to age or health. The neat thing about permanent insurance is that essentially the company is guaranteeing that a death benefit will be paid out as long as you make the payments and satisfy the requirements that most permanent life insurance products have in place.
There’s no ending period in which you can outlive this kind of insurance. That’s not necessarily the case with products known as universal life insurance, which may or may not be permanent depending upon how they’re designed. With permanent insurance, you have peace of mind knowing as long as you pay and do what you’re told regarding premium prices, you’ll always have coverage.
The reason most people don’t buy permanent or whole insurance is that it cost five to 10 times as much as term life insurance. Paying your mortgage and replacing your income are the primary drivers and reasons why people buy life insurance, so opting for sub-maximal coverage with a whole life insurance plan doesn’t make nearly as much sense as going with a term insurance product.
Rates For $10,000 In Burial Insurance
Rates For $25,000 In Burial Insurance
$150,000 Whole Life Insurance, Life Pay
$250,000 Whole Life Insurance, Life Pay
Simplified whole life and guaranteed issue products
I mentioned these products because there may be circumstances where a truck driver has experienced considerable health problems and may not be able to qualify for a traditional life insurance policy, such as those mentioned above. Simplified whole life and guaranteed issue plans are designed to give you easier underwriting terms that would otherwise be declined. Sometimes it can get a truck driver life insurance coverage if they’d been declined through other means with one of these products.
The upside of these plans is that they are designed to never have premium increases and never canceled due to age or health. The downside is you’re going to pay a bit more for this kind of coverage because of the leniency in the underwriting qualifications. Either way, I look at this as a trump card when obtaining life insurance coverage for my clients. I only go to this option if there is no other way to get them coverage.
Do I have to have a physical exam?
One question a lot of truckers asked is if it is wise to take an examination in the process of getting life insurance or if they have to even consider it? The good news is that it’s optional, although I’ll give you my personal preference. I think if your health is in good shape and you’re otherwise taking care of yourself, taking an exam is a good idea.
Why is this the case? When you take an exam, the life insurance company has to update all of your health information which is an important component in the final decision on your life insurance coverage amount and rates. When you do a non-medical exam, they don’t get this information and may charge you more.
The information they base your rate information on may not necessarily be up to date. If it has been a while since your last physical there’s a chance you might pay a much higher rate with a non-medical application. That’s why I recommend opting for an exam. The exam is a fairly easy process and it can be rescheduled for a time convenient for you. If you’re not in great health, a non-medical application would probably be better.
Whichever type of application you decide to go with, Buy Life Insurance for Burial would be happy to discuss your options with you. We work on a case by case basis, custom tailoring each package to meet your specific needs and goals. Give us a call today at 888-626-0439