If you're a truck driver, it’s important to consider life insurance so that your loved ones may continue to live comfortably in the event of your death.
This is especially important if you are the primary breadwinner in your household, as your death can have a devastating impact on your family's ability to make ends meet.
In this article, we'll explore more the ins-and-outs of life insurance for truck drivers.
Types of life insurance coverage for truck drivers
Your ideal life insurance coverage is determined by your specific needs. Let’s discuss a few different types of life insurance that you should consider.
Term Life Insurance
A term life insurance policy typically lasts for a fixed number of years, usually between 10 to 30 years. If you pass away while your term life insurance policy is active, your beneficiaries will receive a life insurance payout (the death benefit). If you don’t pass away during the term, there is no payout.
This type of life insurance is usually cheaper than whole life. As a result, it is the most common type of life insurance coverage for truck drivers.
No Medical Exam Life Insurance
Due to health reasons, some truck drivers may not be able to pass a medical exam.
No medical insurance is an alternative option. Though it's more expensive, no medical exam life insurance coverage is well worth it for the peace of mind it provides. Applying for insurance is simple and quick to provide protection.
Permanent Life Insurance
With permanent life insurance, you can be assured that your loved ones are covered no matter when you pass away.
You can also adjust your coverage or purchasing add-ons known as riders.
Permanent life insurance is different from term life insurance in that it provides coverage indefinitely, as long as make your monthly payments. Your policy also builds a cash value amount, which you can borrow money against at a low interest rate in the future.
Universal Life Insurance
Similar to permanent life insurance, universal life offers both death benefit and cash value accumulation features. However, this plan appeals to individuals who desire more from their life insurance policy by combining both insurance and investment features.
Universal life costs more than whole life, but it allows you flexibility in choosing how your life insurance premiums are invested. The premiums, savings potential, and death benefits of a universal life policy are all customizable to meet your needs.
Guaranteed Life Insurance
In contrast to whole life insurance, guaranteed universal life policies do not build up cash value. These policies are cheaper than universal life, but more expensive than permanent and term life. Most important, guaranteed life insurance "guarantees" your approval for life insurance coverage.
Difficulties Truckers Face Getting Life Insurance
For most insurers, truck driving is considered a high-risk profession. Truck drivers normally work long hours and don't get much time off. When they do, they're usually tired. The long hours and exhaustion may increase the risk of illnesses for truck drivers.
Furthermore, if a medical exam is needed for life insurance, it is human nature to put it off. Many truckers tend to hold off when it comes to purchasing a life insurance product.
These are some of the other reasons why it is more difficult for truckers to get life insurance.
Obesity, heart disease, and diabetes are just a few of the health issues associated with excessive sitting while driving. If you have a poor health history, your insurance company will charge higher monthly payments. Healthy applicants can expect to pay lower premiums than those with underlying medical conditions.
Insurers may also reject or charge you more for coverage if you're overweight or have other health issues that increase your risk of dying prematurely.
Insurance providers can easily identify if you're a safe driver or a risky one based on your driving record. They may review a history of accidents or fines as evidence of reckless driving, making it more difficult to obtain insurance coverage. Being a careful driver could help you save money on your life insurance premiums.
Use of Tobacco
Smoking causes numerous health issues, mainly in the respiratory and cardiovascular systems, so those who smoke are considered less healthy in general. This results in increased life insurance premiums for smokers.
When evaluating your medical records, this is one factor that insurance companies take into account. A higher cholesterol level increases a person's risk of illness, which results in a higher premium rate.
Many truck drivers have higher levels of cholesterol party due to eating out while on the road. As a result, keeping your cholesterol levels steady requires you to stick to a healthy exercise routine and diet. It helps if you can arrange your meals in advance. During your breaks, for instance, try to cook meals or even just getting in the habit of ordering some healthier food.
Work with a professional who specializes in high-risk life insurance
Getting life insurance as a truck driver may seem intimidating. But by working with a life insurance broker who specializes in insuring truck drivers, it doesn’t have to be.
When choosing a life insurance policy, it is important to analyze the benefits provided by various plans and choose which ones are necessary for your needs. Some companies offer preferred rates for truckers compared to others.
The majority of truck drivers would benefit from having life insurance.
In the event of an accident or natural death, it can protect your family financially. You should look into the many options for life insurance coverage to discover the one that suits your needs.
Dundas Life's insurance advisors specialize in helping truck drivers to shop around and get the best life insurance quotes available!