Life insurance and dangerous work

Hey there I work in the trades and as part of the job there are some dangerous things that im exposed to. I was wondering what the best kind of life insurance policy (term, ect…) would be best to get as a just incase to not making it to retirement. Im in my early 30’s so I have a long time till I can get to that point and I want to make sure if the worst might happen how can I make sure my wife and kids will have something to help them just incase.

Also what if any companies should i stay away from like ones that are impossible for the beneficiaries to actually get anything from once the policy holder has gone.

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I would choose a 25-year term. When deciding how much coverage you need, make sure to consider mortgages, bills, and your children’s college costs. I’m a life insurance agent, and I just got a $250,000 term policy for each of us for 20 years while the kids are young. I also have a $25,000 whole life policy for final expenses. For my husband and me, I’m paying $77 per month. This will secure our three children.

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OP, I’d give the same advice. Layer the policies—term for the years your child and mortgage need coverage, and whole life for burial funds. Add some $10k burial riders for the children. Do the same for your wife.

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Good question, and it’s great that you’re looking out for your family. Many people assume nothing unexpected will happen, but I’ve seen some really sad financial situations that could have been avoided. I recently helped get a Mutual of Omaha policy approved for a trade worker in a similar construction job with no issues.

Term insurance is great for higher coverage amounts at a lower monthly premium, which can cover big financial responsibilities like your mortgage and provide for your family long after you’re gone. A good rule of thumb is to get term coverage equal to 5-10 years of your annual income, depending on what you can afford. For example, if you make $50k a year, calculate how much coverage that would give you, then adjust based on the cost. If you’re in good health with no chronic issues, your chances of qualifying for term are good based on the medical underwriting results I’ve seen from major insurance companies.

If something unexpected happens and you have a policy, your spouse could work with a financial planner to help make the death benefit last. Remember, many life insurance policies include chronic, critical, or terminal illness riders at no extra cost. These allow you to draw from the policy’s face value if you fit one of these conditions. Make sure to ask about this with any policy. Keep in mind that using these riders will reduce your overall death benefit.

You might also want to consider a permanent policy, like “universal” or “whole life,” before you get much older. As an agent, I prefer selling whole life for reasons I won’t get into here. Permanent policies cost more but are meant to last your entire life, providing for your family when they need it most, unlike a term policy that will eventually end and may become unaffordable. Be cautious with “cash value” universal life policies that sound too good to be true. There’s really only one company I’d trust for a universal life policy, and while it can build cash value, it won’t be at the high rates some companies claim.

I hope this helps. There are many factors to consider when choosing a policy—cost, income replacement, mortgage, debts, number of kids, their ages, current financial assets, equity in your home, and what your family would do if you died, like selling the house or moving closer to family. Talk these things over with your wife now while you can. Feel free to ask more questions if you have them.

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What exactly is your occupation? Makes a huge difference.

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I get where you’re coming from. I work in a risky job too and thought a lot about life insurance. It’s smart to plan for your family’s future. It can feel overwhelming, but you’re on the right track.

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Oh ok thats great to know. Thank you!

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Also, research companies with the best customer satisfaction. When your family files a death claim, it can take a few days to several weeks for the insurance company to release the death benefit. Some companies are much quicker at processing death claims than others, which can make a big difference during a tough time.