Life Insurance For Truck Drivers
Life insurance for truck drivers is essential protection for your family. Every day that you’re on the road hauling goods, you’re at risk of an accident. While you can take every safety precaution possible, there’s always a risk of something going wrong.
If you’re in an accident and the worst happens, life insurance will ensure that your family has financial security.
Types of Life Insurance for Truckers
Life insurance for owner-operators and truckers driving for other fleets is available. The right insurance for your needs will depend on your unique circumstances and is difficult to answer without additional information.
First, you must consider the types of life insurance available:
Term Life Insurance
A term life insurance policy will provide coverage during a specific timeframe. For example, if you’re 40, the policy may be for 15 or 20 years. During this time, your policy and all of its benefits will remain active.
If you do die during this period, the beneficiaries you list will receive the benefits in their entirety.
A few points to note:
- Longer terms are generally more expensive
- Premiums are often based on how much you feel comfortable paying
Most insurance companies recommend a term life insurance policy for truckers.
No Exam Insurance
Truckers are busy, and if you don’t have time for a medical exam, a no exam policy may be a good choice for you. These policies are rapid and cost more, but you don’t need to take time off to go to the office.
Permanent Life
Term life insurance may not be something you prefer, and there are other options available. Permanent life insurance has the benefit of not having an expiry date. If you pass 50 years from now, the policy will still make the payout that you agreed upon.
A few additional benefits of a permanent life insurance policy are:
- The money in your account will earn interest
- You can take a loan out on the policy
From a practical standpoint, these terms are often ideal and allow you to essentially save all of your payments and even take out loans against them. The main drawbacks are that some insurers aren’t offering these policies any longer or they require substantial monthly payments compared to a term policy.
Whole Life Insurance
Permanent life insurance may also have what is known as “whole life” insurance or universal insurance. These are policies that have two main components:
- Investments
- Insurance
However, the downside is that the policy is much higher for a whole life plan because the policy can make you money in the long-term.
Difficulties Truckers Have When Getting Life Insurance
Truckers work in one of the fields that make it a little more challenging to obtain life insurance. First, you’re always on the go and don’t even have time to make regular appointments with a doctor.
If you need to go to a medical exam to be approved for life insurance, it may be something that you push off.
However, there are other reasons that truckers may have a harder time getting the life insurance they need to protect their families.
Health Class
Sitting for long periods of time means that you’re at a higher risk of potential health issues, such as obesity, heart problems and diabetes. Your insurer will charge higher premiums to you based on your overall health.
If you’re obese or have health issues already that can lead to premature death, the insurer may not insure you or will demand a higher premium for coverage.
Driving History
Reckless drivers will also be a risk to the insurer. If you’re a trucker with a long list of violations or accidents, this will further make it difficult to get insurance.
Tobacco Use
Tobacco use can lead to a wide range of health complications, including heart and lung problems. Smoking will put you into a lower overall health classification, and as a result, you’ll pay more money for premiums because you smoke.
High-Risk Options
The right insurer will work with truckers to find a policy and price point that they can afford. Chances are, you are able to be insured, but if you do fall into one of these high-risk categories, a few things can happen:
- You may be denied by companies that do not specialize in offering life insurance to truckers.
- You’re likely to pay higher insurance premiums because you fall into these higher-risk categories.
Insurance companies help you mitigate risks, but they also don’t want to take on too much risk either. If you’re not in optimal health, the risk to the insurer is higher, meaning you’ll have to pay higher premiums or forgo insurance.
What Is the Best Life Insurance for Truck Drivers?
Life insurance for owner operators and truck drivers is offered by a lot of insurers, but there are a few things to consider:
- Are you in good health? If you know that you’re in good health, you may want to go through a medical exam and try to find ways to save some money each month on your premiums.
- Are you unsure of your health or have health issues? In either of these cases, a no-exam policy may be the better option for you. Not needing an exam saves you a ton of money and will ensure that you receive a policy as quickly as possible.
Oftentimes, a term life insurance policy is offered because it offers a lower overall cost while maximizing the policy.
Sproutt offers multiple insurance options to choose from to meet your specific needs, and the first step in the process is to get a quote. The quote is easy to obtain and will take you just a few minutes to get started.
Online Life Insurance Quote for Truckers
Sproutt makes it as easy as possible to get a quote for your life insurance and secure it in seconds. The process is simple:
- Fill in the quote form. The quote form from Sproutt will ask you a few questions to ensure that your quote is accurate and tailored to your unique situation.
- Fill in the application. If you agree with the quote, you can then fill in the application with more information about yourself and your career. Approval is in real-time, so you’ll know if the app is approved or not.
- Pay. Once approved, you’ll have the option to pay for the insurance policy and have coverage begin immediately upon payment.
The advanced quote form uses a chatbot-like interface to walk you through the application to learn what your payments may be. The quote takes less than two minutes to complete, and it starts with basic questions, such as your gender, height, weight, tobacco use and general health.
In less than two minutes, you’ll go through all of the questions and then have the option to choose if you prefer:
- Instant approval
- Lower cost with potential exam
Finally, you’ll find out if you’re eligible for a policy. The information I provided when filling out the quote form let me choose from three 20-year policies with no exam required. The policies offered included:
- $500,000 for $52/month
- $750,000 for $76/month
- $1,000,000 for $100/month
No Medical Exam Life Insurance by Sproutt
If you don’t want to go through the hassle of a medical exam, Sproutt offers a no-exam option that will provide you with fast approval. The example above allowed me the option of customizing the plan further or starting to use the plan.
The customization options walk you through a series of steps or questions that will help determine your options.
In total, the customization option takes about 12 minutes to complete.
Sproutt offers life insurance for truck drivers and owner-operators that provide their families with financial security if they die unexpectedly. The entire process takes around 15 minutes from start to payment if you want to customize coverage to better meet your needs.
Otherwise, you can secure your own life insurance policy in about five minutes if you don’t want to go through customizing the plan.
It’s a fast and easy way to ensure that if anything happens to you, your family will have financial peace of mind.