When Risk Life was first approached by a client interested in getting life insurance because they were going to Iraq as a translator, we had done a lot of high risk sports and high risk hobbies but we weren’t sure what to expect as far as what would be covered and what the pricing would be like. We had written travel policies and even kidnap, ransom and extortion policies for some of our life clients who worked in scary places.
We got pricing for accidental death and dismemberment through the same group we had used for some of the other policies and for $1,000,000 in coverage that would cover acts of war and terrorism it was about $18,000 annually. That group was having their insurance underwritten by AIG. We asked if that was the most competitive product that they knew of and when they answered no, that if we needed a competitive quote we could get it for about ¼ of the cost through Lloyds of London. That was the last day we did business with that group out of Nebraska. At Risk Life we aren’t in this business to find someone the second best rate and we sure aren’t going to suggest someone spend 4 times more than they need to, just because we don’t sense the need to be competitive.
So we got appointed with a Lloyds of London underwriter and now have access to the best, most competitively priced insurance for civilian contractors in war zones. They made it simple and quick to get proposals for potential clients, often having them by email within half an hour of requesting them. They offer a simple and quick process to put the product in force with just a one page application and a payment authorization that can be paid by check, eft or credit card. It can be done from your request for a quote to an in force policy within two days, whether you are still here or are already in Iraq or Afghanistan or some other dangerous location such as the North African countries where oil production work is plentiful, but so is danger.
One thing we always stress is the importance of looking at the coverage you already have in force. While there is a completely natural assumption that your current life insurance surely wouldn’t cover you if you take a job in harm’s way, that often isn’t true. We’ll go into this in more detail in future posts, but if you took out a policy that was in force before you ever considered taking on high risk work in a war zone, it’s very likely that your current policy will cover you.
Traditional life insurance underwriting doesn’t assume that people will lead a static life and that unknown quantity is spread over all who have insurance with a company. Life insurance companies assume that people with desk jobs could become construction superintendents in a war zone. They assume that those that smoke will quit and some who don’t will start. If you had life insurance before you started considering the possibility of war zone work, review your policy. In all likelihood there is no exclusion for war and terrorism or foreign travel and that is the sum of the risk. If it isn’t excluded, it’s covered. But just to be clear, if you were actively looking into your new line of work when you took the life insurance out, call the company and ask them if you will be covered or not.
P.S. Risk Life Insurance is constantly monitoring company’s products and pricing for this essential and somewhat extraordinary need. There is palpable relief when people find out that they can get coverage and even more when they find out that it is affordable and easy to obtain. If you have any questions or need quotes whether you’re already there or not, call or email us directly. We can help.
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