Dear truckers,
I have two priorities this morning, and I’ll bet they’re the same as yours:
- Help you find a good deal on life insurance
- Help you understand your needs
I just read a blog post by a fellow named “Big Ken,” treating this very topic (life insurance for truck drivers), and I hope that I can take his instruction a step further.
Getting the best price
The thought of paying for life insurance is often enough to prevent a purchase, but with the right tools, even people with health issues may find it more affordable than other types of insurance.
Get the right coverage.
A significant part of getting the best price for your life insurance (trucker or no) is understanding how much and what sort of coverage you need. We’ll shed some light on that matter further down, so don’t just read the first half of this article and think you’ve got enough information.
Agent or no agent?
The term “sales agent” elicits a feeling of distrust and unease in the average American. There is reason to consider that you’ll find an untrustworthy agent (see our page on how to choose a life insurance agent), but there actually is no bypassing agents:
Whether you go to a life insurance company or a life insurance agency, you’re going to have to buy life insurance through a life insurance agent who is licensed by your state of residence.
Don’t worry about agent cost, though. They’re paid on commission, so no agent will charge you for his/her services. (The bad ones have an incentive to get you to buy an overpriced product, though, so read on.)
DIY: do it yourself
Even if you have to conduct your purchase through a licensed agent, you can do your shopping on your own in most cases. If you’re buying term life insurance (the ordinary kind of life insurance), you can compare life insurance rates online, then speak to an agent only after you’ve picked your policy and price.
At that point, the agent should just help you through the application process.
Captive vs. independent agents
“Captive” agents are what we call the agents who work for a particular life insurance company (e.g. MetLife, John Hancock, Prudential). All other agents are “independent.”
The reason to go with an independent agent is that they’re permitted to write business for more than just one life insurance company; they can sell policies from multiple competitors. Unfortunately, the rank and file of life insurance agents have a pretty small repertoire (5–20 life insurance companies), so do your homework. (Here at WholesaleInsurance.net, we do business with over 50 competitors.)
Understand your needs
Health issues
If you have health concerns like high blood pressure, a family history of heart disease, or even something more serious, don’t assume that you are excluded from affordable rate classes.
True, most life insurance companies out there will not be able to give you favorable rates if you have serious health issues, but individual life insurance companies have individual philosophies about individual illnesses. What’s more, their philosophies are constantly subject to change.
A given company might have a more lenient threshold for high cholesterol. Another might allow higher LDL cholesterol if HDL cholesterol is high. Yet another might tolerate more LDL cholesterol if it comes in large particles.
An experienced agent with a wide range of life insurance companies with which to do business can make a tremendous difference. Truck drivers shopping for life insurance are likely to have some of the same issues in common, one with another. You can ask your agent how much experience he/she has writing policies for truck drivers.
What kind of life insurance?
Most people require life insurance only while they’re drawing an income, so term life insurance is the way to go. For added security, there are several types of permanent life insurance available too. Our page on types of life insurance offers an unparalleled catalogue with useful explanations.
How much life insurance coverage?
In other words, how large a death benefit should one purchase? You should figure out this matter before shopping for the best price.
For a quick evaluation, use our life insurance calculator. For a detailed description of how to identify your financial needs and alternative methods of calculating a good death benefit, read our page on how to choose a death benefit. Items you’ll consider include your current income, existing debt, existing property, and goals for family members.
To give you a quick, ballpark (in case you really want to start comparing prices), a decent death benefit is often 8–12 times your current annual earnings.
What to do now
If you’re ready to see what kind of prices the market can offer you, start with our online quoter (click here). In under 3 minutes, you’ll have a list of policies and prices from the companies with which we contract business.
If you have concerns, health issues, or just want to work with a live person, can call us during normal work hours (PST) at 1-800-823-4852.
