Most people do not consider their occupation when applying for life insurance, which is why construction workers and life insurance is a topic which is too often overlooked. On a construction site, many different jobs and positions exist, with varying degrees of danger. This is why it is important to be financially protected with life insurance for construction workers.
Workplace benefits are quite common for those in the construction industry. This could be through the company you work for, or the union you belong to. Many of these benefits would include health insurance, disability insurance, and possibly life insurance. The most overlooked of this bunch is most likely life insurance, because most people feel they are likely not to use it.
However, many people in the construction industry have a family who is dependent on their wages and need the protection of life insurance on you. The coverage offered through the workplace is often only equal to a few times multiplied by your salary. For the majority of people this is truly not enough coverage.
Not to mention, if you leave your company your coverage may not be portable which leaves you uninsured. Another aspect to consider is if you are even able to keep this life insurance in place when you retire. We are now seeing a trend towards people keeping their life insurance well into retirement years for reasons such as final needs.
Purchasing life insurance outside the workplace, life insurance which you actually own is a smart financial move.
On a life insurance application, one of the common questions carriers ask is about your occupation. This is to be sure they know of you work in a risky occupation. On a construction site many different jobs and duties exist, all with varying degrees of risk.
If you are someone who operates a high rise crane, or works in demolition the insurance carrier will most likely view you as a higher risk, which they could possibly charge higher premiums.
If you do not work in this capacity, you want to be sure to put your exact job description on the application so you are not grouped into the higher risk category and end up paying more than you should for coverage.
When working in any high risk occupation, and applying for life insurance, one of the most important things you can do in order to pay a competitive premium is to work with the right carrier.
Many people do not understand that all carriers have different applications, and underwriting requirements. This means you could have the same risk factors and pay significantly more with one company than another.
We understand the detailed nature of working in the construction industry, and also know the carriers who are known to return the most competitive rates for different job descriptions.
If you have life insurance through the workplace and you would like us to review the coverage, or compare your rates we would be happy to do so as well.