Do you work in a dangerous occupation? According to the Bureau of Labor Statistics, a job is considered dangerous based on the fatality rate, which is a ratio between deaths and the total number of people employed in the profession. The top 10 most dangerous jobs (by fatality rate) in 2007 were:
This list does not reflect the actual number of deaths-"for example, the occupation with the highest actual number of fatalities was "Drivers/sales workers and truck drivers" with 908 deaths in 2007.
Do you have the life insurance protection you need?
It's a fact that some occupations are riskier than others. But no matter what you do for a living, take a look at your life insurance needs. Life insurance can help you financially protect your loved ones after you die. If you're single, and no one is depending upon your income for support, you may not need life insurance. But if any of the following is true, consider buying life insurance:
Calculators and worksheets are available to help you determine how much life insurance you need. You may want to contact an insurance agent or broker who can help you determine what type of life insurance is best for you and the amount of coverage you need.
Do you have the disability insurance you need?
If you work in a high-risk occupation, you probably know how important it is to have disability insurance coverage. But don't rely on government programs such as Social Security and workers compensation as your main source of protection. In reality, government programs pay only limited benefits under restrictive terms (e.g. you must meet a strict definition of disability to qualify).
Your employer may offer group disability insurance at low or no cost to you. This coverage is called Accidental Death & Dismemberment Coverage. But you may also want to consider purchasing an individual disability insurance policy. Although you'll pay more for individual coverage than for a group policy, you often get more benefits. And keep in mind that if you leave your job or otherwise terminate your relationship with a group, you can't take your disability policy with you, and you usually can't convert it to an individual disability policy. This means that you may be left without disability coverage when you need it most.
Shop around for coverage
Since many different types of life and disability policies are available, it's important to shop around for coverage to find a life insurance policy that meets your individual needs. Since premium costs vary widely, get quotes from several insurance companies. Just make sure you're comparing policies that offer similar benefits.
Do you have any questions or comments? Please let us know.
Originally posted August 11, 2004.
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