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When it comes to life insurance, various factors are considered by insurers before providing a premium quote to an applicant. The cost of life insurance is often influenced by factors such as age, income, profession, location, health condition, smoking habits, etc. Here, the risk factor associated with an individual’s job can also influence the premium of a life insurance policy. The classification of these professions may differ from one company to another. Also, the premium calculation metrics may also differ among insurers in the market. However, the general guideline is that the cost of insurance will increase based on the level of risk associated with a job.
Oftentimes, people may not even realize that their profession is a high-risk one. For instance, a regular construction worker may not realize that his profession is a high-risk one until he applies for a life insurance cover. The same applies for many other professions. However, there is no specific measure used for determining the risk level associated with a job. The premium calculation used for assessing professional risk many differ from one life insurance company to another. Moreover, a particular profession may not be deemed risky by all companies in the market.
In general, a high-risk job is one where the possibility of injury or death is significantly high. Some jobs, by nature, have a high level of exposure to dangerous situations. There are some jobs where the health of an individual is significantly affected due to chemicals or other hazardous materials. Any unforeseen accidents in these situations may lead to death or permanent disabilities. If these risks are significantly high in a particular job, an insurer may classify it as a high-risk profession.
The professions listed here are typically considered to be of high risk because of their exposure to various occupational hazards:
The professions mentioned above are some of the high-risk jobs that make it difficult for a person to get life insurance coverage. All the top life insurers in the market have a clear list of exclusions for which no coverage will be provided. The policy document will have full details about these exclusions. If you are someone whose profession falls under the high-risk category, you need to check the insurer’s policy document information before applying for coverage. Also, it is better to get quotes from multiple insurers in order to avail the best possible discount on life insurance coverage.
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