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 who wanted to return home join 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.
Table of Contents
The Challenges of Securing Life Insurance for Armed Security Personnel
If you have a family to support and you don’t have any life insurance, that income essentially becomes a non-factor, but if you are in armed security forces working overseas, whether it is Iraq, Afghanistan, or any other country, 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 the $1,000,000 of coverage life insurance that he needed. With these policies, there is no medical exam.
The policies will be issued in about four business days, but getting 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.
Navigating Life Insurance for High-Risk Occupations
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 from.
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.
Guaranteed Issue Policy
For armed security guards, the guaranteed issue policy is often the most suitable choice. These policies are straightforward: if you can pay, you’re eligible. This ensures that virtually everyone, regardless of their background or situation, can secure coverage.
One of the nice advantages of these policies, apart from the valuable financial safeguard they offer, is the speed of their acquisition process. Traditional insurance plans often involve long periods of assessments, medical checks, and abundant paperwork. However, these guaranteed issue policies are tailored for quick access.
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, a guaranteed issue plan offers no medical exam, and they won’t ask any questions. The obvious disadvantage to these plans is the cost.
A notable drawback of some insurance plans is their limitation on policy sizes compared to traditional policies. This means you might not get as extensive a coverage as you would with conventional options. However, there’s still the possibility to find a plan that aligns well with your requirements and offers sufficient protection.
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.
Being an overseas contractor exposes you to heightened risks, especially if you’re stationed in volatile regions. Given the unpredictable nature of such environments, securing life insurance becomes paramount. For those with families relying on them, the decision to get life insurance should be immediate and unquestionable.
The Bottom Line – Life Insurance for Armed Security Guard Overseas
Navigating the complex world of life insurance for armed security personnel working overseas is no simple task. The challenges they face, given the high-risk nature of their jobs, can often deter many from securing the crucial coverage they need. Yet, as the experiences shared illustrate, it’s not an impossible endeavor.
With informed choices, understanding alternative options like guaranteed issue policies, and seeking expertise from specialized brokers, armed security guards can find suitable coverage to ensure their loved ones’ financial security. The disparities in income and risk between traditional military roles and private security details further underline the importance of such protection.
Every professional, regardless of their overseas occupation, should prioritize life insurance. It’s not merely about personal peace of mind but also about providing a safety net for one’s family in uncertain times. After all, life is unpredictable, especially in high-risk occupations.
