Actually, it really isn’t – but, then again, no job is too dangerous for you to be able to obtain life insurance all together. There are some that are just too dangerous for you to be able to obtain life insurance at an affordable rate.
Being an armored car guard would definitely fall into that “danger zone” for an insurance company. Why do they care how dangerous your job is? Why does it matter? Well, let’s go ahead and dive into that.
What’s it to YOU, Insurance Company?!
Well, how dangerous your job is actually has a lot to do with your life insurance company and how big of a risk you are to them by insuring you. Think about it this way – what is a life insurance company? It’s a business, and all of the businesses in the world need to turn a profit. It’s just the way that it works.
Furthermore, all businesses need to make good investments. Now, for the life insurance company, they don’t always get to make risk-free investments; it’s just not the kind of business that they’re in. If they had to turn away all of the people in the United States who had dangerous jobs, they’d really lose more than they would if they just take a more calculated risk and insure them. You can get your own AAMI life insurance quote directly on their new site by following the previous link.
Calculated risk is the key thing there – they’ll take the risk on you if you have a dangerous job, but they’re going to weigh the risk and adjust their premiums accordingly.
How Does an Insurance Company “Weigh the Risk”?
First, they analyze your occupation and check it against two things:
- Previous Experience – If the insurance companies that you’re applying to have been burned previously by insuring someone in your line of work, they will definitely take that into full consideration. That’s just learning from experience. There’s only so many financial hits an insurance company can take before they simply can’t function as a business any longer and have to get shut down by their state’s insurance laws.
- United States Bureau of Labor Statistics – Every couple of years, the USBLS produces a report specifically to rank the most dangerous jobs in the United States. This ranking system is derived from statistics about each occupation which have to do with fatality and accidents rates. Typically, these rates are measured by how many fatalities there are per 100,000 workers within that profession. For over a decade now, the most dangerous job – as ranked by the USBLS – is being a fishermen. Between hurricanes, malfunctioning equipment, and – you know – SHARKS, it’s a rough gig apparently.
Once the insurance company looks into the archives and examines their previous experience and considers the report produced by the USBLS, they decide how much they would need to charge you in premiums to not suffer so much of a financial loss should you die from a work-related incident soon after you open the policy.
You see, that’s where the risk lies for the insurance company. When you purchase an insurance policy, you’re covered right away, but they’re just starting to collect the funds that need to be paid into the system to ultimately make sure it balances out.
If too many people kick the bucket early, and the life insurance company is having to pay out exponentially large sums all at once, without much recouped, then it becomes a struggle to stay in business and keep opening new accounts – which only results in them having to tighten the leash even more, or go out of business.
Is There ANY Way for an Armored Car Guard to Get Affordable Life Insurance?
There is when a union, association, or something similar, is present – most high-risk jobs have something like this that provides them with group life insurance. Fortunately, most employers of high-risk professions know that their profession is high-risk and take care of their workers accordingly.
However, this isn’t always the case – there are some jobs where employees simply have to bite the bullet and go commercial with their insurance. Hopefully, most of these people are being paid well enough to handle it!
One of the best things that you can do if you find yourself caught in this predicament, though, is to seek out professional and qualified help from a certified financial or insurance advisor. Preferably one that does not work for one specific agency, as they’ll – of course – want to sell you on their agency. It’s best to find someone who is a free agent within the industry – not only will they not be attached to an agency, but they have to work hard for what they get being on the outside and really have to know their industry backwards and forwards. That’s the kind of agent that you want, as they’ll have the connections and the know-how to find you the best possible deal for your situation.