The simple answer here is not so easy, but not impossible.
Under most circumstances relating to occupation, life insurance is always obtainable from one source, or another, but you might end up paying a hefty amount for it, due to your chosen profession.
For Deadliest Catch crew members, you first have to strip away the fact that all of those guys are probably receiving plenty of benefits from being on a highly popular television show; if not insurance, then they’re making plenty of money to invest by other means. Once you strip that away, what are they? Fishermen.
That’s right, they’re just fishermen; how dangerous could that really be?
Well, according to the U.S. Bureau of Labor Statistics… it’s very dangerous. Based off of the number of fatalities, and injuries that ultimately result in fatality, that are reported each year from this industry the USBLS ranked being a fishermen as the deadliest profession in the United States.
What Does This Mean in Terms of Life Insurance?
It means that a healthy-as-a-horse fishermen may have an incredibly difficult time obtaining life insurance through the typical means. Insurance companies either won’t take the risk, or they’ll take the risk, but at a very high cost to the policy holder.
Keep in mind that the insurance industry relies on profit, just like any other business. In the big picture, the structure of the premiums, their payouts, and their fine print all generates a service to you and a profit to them for offering it. Due to this, there are certain risks they won’t take as it’s simply not a sound financial business decision, or investment, unless they’re guaranteed a profit through higher premiums that will make up for any potential early loss.
How High of a Cost Are We Talkin’?
As is the case with every kind of insurance policy, for nearly every occasion, rates will greatly fluctuate from insurer to insurer, so it’s difficult to nail down an example price point. Typically, though, the absolutely cheapest, best case scenario for someone in a high-risk profession is at least $2.50 more on each $1,000 they purchase in coverage—it add up quick!
How Should Someone in a High-Risk Profession Go About Obtaining Life Insurance?
First, and foremost, it’s highly recommended that anyone in a high-risk occupation seek professional advice and assistance when it comes to navigating the muddy, high-risk, insurance seas. In fact, there are insurance professionals who are free agents in this category, who know the industry inside and out, and can find the best deal for your particular occupation.
Gary Dworkin, a Chairman of the National Independent Life Brokerage Agencies, says it best here, “The most important thing an individual can do is feel comfortable with their agent—that he or she represents more than one company and has resources to full shop and survey the market through the brokerage community.”
An insurance professional of this caliber will be able to walk you through obtaining some form of group life insurance, whether it be through your employer, a union, or some other means, and/or they’ll be able to present other options, like Guaranteed-Issue Policies or policies that have special exemption clauses for your profession.