When I was deployed to Iraq, we would constantly run into armed security details driving around in their souped-up SUVs, carrying their tricked out weapons and we were constantly jealous of their beards and certain freedoms they had compared to the strictness of the US Army.
In fact, we had several of our soldiers that wanted to return home joined some of these organizations because they were making really good money doing the exact same details that we were doing.
How good? They were making three sometimes four times as much doing the exact same job as they were in the Army.
The one thing that I hoped they thought about if they did return was getting some type of life insurance.
Life Insurance is That More Crucial
If you have a family to support and you don’t have any life insurance and that income essentially becomes a non-factor, but if you are in armed security forces detail working overseas, whether it is Iraq, Afghanistan and or any other countries; getting life insurance can be extremely difficult.
None of the traditional life insurance companies will touch you. It doesn’t matter how healthy you are. It doesn’t matter that you have no preexisting conditions, they won’t write you, period.
We recently had a client that is gone roughly 300 days out of the year. He continually travels to various countries and he’s been anywhere from Iraq, Afghanistan, Turkey, and who knows where else. The specific job is that he is an armed escort providing security to high end officials. He also does risk assessment and surveillance.
In case you haven’t guessed it, he probably also carried a lot of heavy artillery. As mentioned, no traditional life insurance company would cover him. Luckily, through our independent brokerage, we have connections with Lloyd’s of London. We were able to get him $1,000,000 of coverage life insurance that he needed. With these policies, there is no medical exam.
The policies will issue in about four business days, but to get the coverage can be expensive. In this particular case, the one million dollar policy was roughly $5500 a year and all it covered was accidental death and disbursement. But once again, $5500 to make sure that they’ve got $1,000,000 of coverage to make sure his family is protected is a moot point.
The search for the perfect insurance policy can be long and tedious. Instead of spending hours on the phone and researching, let us do all the work for you.If you’ve ever been told that you can’t get life insurance because of your occupation, that’s not true. Sure, it isn’t going to be as easy, but you can still get life insurance coverage. Regardless of how dangerous your job is, we can help you find a company and policy to fit your needs.
Because of your occupation, you won’t be able to get a traditional underwritten life insurance policy, you’ll pose too much of a risk to the insurance company. There are several other options available to choose .One of the worst mistakes that you make when it comes to life insurance is to not buy any. Life insurance acts as a safety net that you hope to never use, but for some with a risky job, it’s a net that you can’t afford to not have.
If something were to happen to you, would your family be able to pay for all of the expenses that you left behind? Sit down and consider all of the debt that you would leave behind if something tragic were to happen. Your family would be left with mortgage payments, credit card bills, car payments, student loans, and much more. A grieving family that just lost a loved one, these bills can seem impossible to pay for.
Having loved ones overseas is a stressful situation without having added “what-ifs,” life insurance is one way to eliminate some of those questions. The best option for armed security guards is to get a guaranteed issue policy. These policies are exactly what they sound like, anyone and everyone can get them as long as they are willing to pay.
One of the nice advantages of these policies (aside from the financial coverage they give you) is how quickly you can purchase a policy. With a traditional insurance plan, the whole process can take several weeks, or even months. With a guaranteed issue policy, it’s much quicker and easier. Because there is very little information required, you can normally get coverage in a couple of days.
Unlike a traditional insurance policy, guaranteed issue plan offer a no medical exam and they won’t ask any questions. The obvious disadvantage to these plans is the cost.
Another disadvantage is that you may not have the ability to get as large or a policy as a traditional policy, but you can still get an adequate plan to fit your needs.
One significant factor that should be noted is the waiting period that most policies have for new plans. Because a lot of applicants of guaranteed issue policies are high-risk, most companies have a waiting period for the policy benefit.
If something tragic were to happen to you in the first two years after you bought the plan, the company would pay out the face value. Instead, they would return to premiums that you’ve paid. In most cases, this doesn’t cause any problems, but it is something you should be aware of before you purchase a plan.
You can’t put a price tag on the peace of mind that life insurance will bring. Every year there are thousands and thousands of families that suddenly find themselves with bills piling up because of the loss of a loved one. Don’t let your family become another one of these stories.
If you are an overseas contractor and around dangerous turf, don’t even think twice about not getting any life insurance. If you have a family, it shouldn’t even be a second thought.