Life Insurance for a Commercial Fisherman - A Guide to Best Rates
Did you know obtaining life insurance for a commercial fisherman is surprisingly easy and affordable, despite commercial and deep sea fishermen having the most dangerous occupation in the world?
Commercial fishing is statistically the most dangerous occupation in the United States as well. A commercial fisherman is subject to continuously changing weather conditions and currents while working with very heavy and dangerous fishing equipment.
The majority of fishing boats are not equipped for serious medical emergencies, and most boats are usually several hundred miles away from the nearest medical facility.
Despite these dangers, life insurance is available to commerical fisherman. We represent more than 50 top-rated life insurance providers, and we can help you find coverage, even when others have said “no”.
Here’s what we'll cover in this post:
Quick Guide to Affordable Life Insurance for A Commercial Fisherman
Here’s what we'll cover in this post:
We have all heard about the Discovery Channel’s hit TV show “Deadliest Catch” in which the daily lives of these brave men (and women) are depicted. The show is titled correctly considering that approximately one fisherman dies per week in Alaska alone due to constant dangers and lack of medical treatment.
Fishing, for the ever delicious and valuable King Crabs that are found off the coast of Alaska, is especially dangerous. Crab season takes place during the winter months, requiring fishermen to sail through the relentless Bering Sea at a treacherous time of the year.
Average seas in the Bering Sea have around 10- to 20-foot waves, but Arnold has witnessed massive 50-foot waves and the Rollo's captain, Eric Nyhammer, has witnessed 80-foot waves. Arnold rarely saw his captain get nervous, but when he does, the crew knows it's time to worry. The Dangerous and Unbelievable Lives of Fisherman on Alaska's Bering Sea, Harrison Jacobs, The Business InsiderAnnual fishing accidents account for about one third of the total deaths in Alaska. Despite the dangers of the job, commercial fishing still makes up about half of Alaska’s employment sector, and we can help you find affordable coverage.
How We Can Help Fishermen with Life Insurance
At JRC Insurance Group our agents are highly experienced in helping applicants who have “high risk” occupations. Although commercial fishing has a mortality rate two to five times higher than being a logger, there are some highly-rated life insurance companies that will still offer you an affordable life insurance policy.
Every life insurance company has its own set of underwriting guidelines and some companies offer more leniency for a commercial and deep sea fisherman than others.
Life insurance companies must assess the risk that you pose to them, so you’ll probably have to pay more than someone that is in excellent health and who is not a commercial fisherman. A handful of life insurance companies in the industry are able to offer their “standard rate” to commercial and deep sea fishermen in average or better health.
A “standard rate” is the most common rate class for someone in average health. To put this in prospective, most companies offer up to 16 rate classes. The “standard rate” class is ranked 4th of these 16 classes, the lower your rate class, the higher your price.
Depending on your day-to-day responsibilities, some commercial and deep sea fishermen may have to pay a “flat extra” for their life insurance coverage. Depending on how “dangerous” your job roles are, a “flat extra” can range from an additional $2.50-$5.00 per $1000.00 of life insurance coverage.
Let’s Do the Math:
If you were to purchase a $250,000 life insurance policy, the flat extra would raise your premiums an extra $625.00 per year, or about $50 bucks a month.
Last year I helped a gentleman named Mark from Alaska. Mark spent about half his time on the water fishing for crab and salmon depending on the season.
Mark has 2 young children, 4 and 6, and he wanted to make sure his wife and kids would have money to pay the bills if something happened to him. Mark was 35 at the time and he wanted to secure coverage until his youngest son was at least 18 years old.
After reviewing Mark’s finances and budget, we decided that $300,000 of life insurance coverage would be sufficient. Mark’s duties as a deckhand were considered to be dangerous and he was charged an extra $2.50 per $1,000.00 of coverage.
His yearly cost for a 15-year term life insurance policy was $1,021 per year or roughly $90.00 a month.
This doesn’t seem like a lot of money considering the average fisherman makes about $30,000 per season. For Mark, it was the best solution because his family is dependent on his income.
At JRC, we provide our clients with a free annual review to see if we can help them save money. Mark explained that he hopes to be promoted to first captain within a few years and when this happens, and his job duties become less dangerous, we can reapply him for a better rate.
This is a free service we provide and if we cannot find a better deal for Mark, or even if Mark decides to continue as a deckhand, he will have coverage guaranteed until his children are out of the house and he’s ready to retire from the fishing boats.
We shop over 50 life insurance companies to save you time and money, in just a few minute we’ll compare rates from all of the leading companies in the industry.
Why Should I Shop the Market for My Life Insurance?
Every single company has its own set of underwriting guidelines. Some life insurance companies have stricter weight guidelines than others, just like some life insurance companies focus more on your blood pressure than your cholesterol, etc. The same is true with occupations.
It’s also important to keep in mind that aside from the reports from the U.S. department of Statistics, insurance companies will also take into consideration their own statistics.
What this means is that if a life insurance company has insured a high number of fishermen without having to pay out a large number of claims, this life insurance company may be easier than most to obtain a life insurance policy from. In addition, the premiums from this company will likely be less expensive than other companies, another reason it pays to shop around.
At JRC Insurance Group our agents are licensed in 50 states and appointed by 63 life insurance companies. Give us a call, and in just a few minutes, we will be happy to do the shopping for you, giving you peace of mind and saving you money. Toll-Free 855-247-9555.
No time to talk now? Take advantage of a custom quote, and one of our agents will call you within 24-48 hours to explain your options. Our agents do not have sales quotas; we will provide you with a pressure-free consultation.
Managing Partner and Co-founder
Cliff is a licensed life insurance agent and one of the owners of JRC Insurance Group. He has helped thousands of families of businesses with their life insurance needs since 2012 and specializes with applicants who are less than perfect health. In his spare time he enjoys spending time with family, traveling, and the great outdoors.