Life insurance of Truck Driver
There is no doubt that driving a truck is a profitable career, but alongside it has some side effects also. For that reason, it is necessary to have life insurance. The people who belong to the transportation sector, it is a good option for them to assist their families in case of any mishap.
On the other hand, due to state law, you will have to face severe results if you don’t get insurance while driving. It would help if you got life insurance, whether you have your truck or your truck is rented. We are going to elaborate on the life insurance or truck driver.
Need of Life Insurance for a Truck Driver
The insurance policy will be very helpful if you, your truck or your customer face some unpleasant incident. In condition if such incidents occur. The policy you get from the insurance company will cover the expenses of damages and medical treatment for everyone who suffered in the accident. But you must pay for every loss if you don’t have insurance. You may have to suffer an accident as well as money loss. So, the life insurance of a truck driver will save you from such loss.
Types of Life Insurance Available for Truckers
There is more than one type of life insurance for truckers; depending on your situation, you can go for relevant coverage, whether you are a truck owner or an employer for a trucking company.
Term Life Insurance
It is the least expensive policy type for the insurance of truck drivers. This insurance is for a fixed duration time that is about thirty years. The period can also be for five years. The number of years chosen for insurance will directly affect your premium and insurance coverage’s value. For instance, the cost of the year plan will be $500,000- and the 30-year plan will be $300,000.
Some plans will allow you to renew coverage, but you’ll be old then and therefore consider to insure at that moment. So, it is much better to purchase longer-term insurance. After that, you should purchase insurance again after your shorter term ends.
Permanent Life Insurance
Permanent life insurance is in contrast to long-term life insurance. It doesn’t expire after a certain period. It is for the people who want their loved one’s taken benefit of the insured policy after their life. It’s a lifetime policy. This type benefits from earning interest and taking loans during adverse financial conditions.
No Exam
In no exam policy, truck drivers have any history of a medical condition; then they should take this insurance policy. The truck driver doesn’t need to undergo a medical checkup. Usually, this insurance coverage is online and takes a short time, an ideal situation for most truckers. The insured policy provides plans that guarantee issues, meaning you can purchase life insurance in any condition. However, this plan is more expensive compared to other policies. So, if you are medically fit, you should buy another policy.
Simplified Issue
Mostly, simplified issue offer is more famous among older applicants who are 60 or more. It resembles an exam policy because there is no need for a medical examination rather than only needing to fill out a health questionnaire about any pre-medical condition and tobacco use. A complete phone interview is required with an underwriter.
Guaranteed Universal Life
It offers benefits after the truck drivers pass to their families. Cash didn’t offer to recipients. Just return the premium policy and pay for your final expenses on behalf of your family. Guaranteed universal life is affordable coverage. But its advantages are few as compared to other policies.
Whole Life or Universal Life
Whole and universal life insurance are two kinds of permanent life insurance. You’ll get an insurance feature and an investment choice, which makes this type of insurance more charming to purchasers as it has more profit than other choices.
As this life insurance policy for truck drivers has more gains, you must pay more insurance premiums with guaranteed cash values and saving premiums. You will get more death benefits in this; Every coverage plan has its benefits.
Life insurance can aid your beloved ones in managing the following expenses if you are no more to support your family:
Mortgage payoff
Income replacement
College tuition
Debt
Living expenses
Medical expenses
Final expenses, such as funeral costs
Financial Coverage in Case of the Unexpected
Life insurance coverage is for the loved ones you would leave behind if you passed away. It can help them avoid financial devastation in your untimely passing.
Difficulties Truckers Face in Getting Life Insurance
It’s quite a hard job. The truck driver is more liable to accidents all day on the road. Due to the continuity of their jobs, they find no time for rest, causing serious health conditions. So, it is better to have life insurance for truck driver safety. Truckers tend to purchase off-life insurance less. Another condition is why it is harder for truckers to acquire life insurance.
Health Class
Because of more Poor health conditions, insurance premiums will be high, and truckers will also e rejected due to being overweight because serious health conditions may cause diabetes, and heart issues, leading to early death. So, truck drivers could be rejected for the policy.
Driving History
If your driving history is not good, you may not get or are at risk of not getting insurance coverage. With good driving background, it is easier to get an insurance policy.
Use of Tobacco
If truck drivers are smokers, then insurance premiums could be increased.
Cholesterol Levels
When medical reports of truck drivers are evaluated, more cholesterol patients are found due to their eating habits. Thus, it causes high premiums concerning truck drivers’ medical conditions.
Some companies proposed advanced rates for truckers as compared to others.