Life Insurance For Electricians
Electricity powers the world around us. Electricians make sure the electric grid is up and running so we can get the most out of life with the use of electricity. Electricians make sure the power runs correctly for all facets of your life including when you need it the most whether that be making sure you have internet connection for that big zoom interview, charging your phone to stay in touch with loved ones, or making sure your doctor has the right technology working in order to save your life. But are electricians doing anything to protect themselves and their family? Life insurance for electricians is a good way to start!
What do Electricians do?
Electricians are more than just the modern superheroes of electricity. In between power outages, they constantly work on other projects such as rewiring equipment or fixtures, inspecting electrical components for safety, installing wiring and lighting, and troubleshooting electrical problems.
Typically, every electrician performs the following tasks as a part of their daily responsibilities:
- Read and interpret architect blueprints, circuit diagrams, and other technical documents.
- Plan layouts for electrical wiring for new buildings (including positioning electrical outlets, lighting fixtures, heating outlets, and ventilation systems)
- Install and maintain motors, switchboards as well as automated and electrical controls according to state and municipal codes
- Identify the proper electrical equipment for new and existing buildings.
- Test, repair, and maintain electrical equipment
- Connect electrical equipment and appliances
- Apply electrical specifications and electrical theory to determine job requirements
- Perform fault-finding by inspecting circuit breakers, transformers, and other electrical components
- Learn and abide by state and local regulations based on the national electrical code and building codes
- Train other electricians in specific tasks
- Explain electrical work and requirements to clients in layman’s terms
Who are Electricians?
In the United States of America, there were 902,000 electricians in 2019. That number grew at an about 15.2% rate compared to the prior year of 2018. In 2018 there were about 782,000 electricians living in the United States. Of the employed electricians about 97.8% of electricians are male, making them the more common sex in the occupation. Females make up the remaining 2.2% of electricians.
Are there Electricians Unions?
Yes, there are unions for electricians. One of the biggest of such unions is The International Brotherhood of Electrical Workers (IBEW). The IBEW is a union of 750,000 members, the IBEW is the largest organization of electrical workers in North America. Our members work in nearly every part of the economy: construction, utilities, telecommunications, broadcasting, manufacturing, railroad and government. Formed in 1891, we have earned our reputation as the oldest, largest and most professional electrical union in the world. We are on the job at construction sites, power plants, factories, offices, shipyards, TV studios and rail yards.
Group vs Individual life insurance for Electricians?
Group life insurance for electricians can be beneficial because it features: Income tax-free death benefit, minimal or no medical underwriting, and the potential to add additional coverage for dependents. Though, it can be a one-size-fits-all type of policy. Subject to the specific plan, the total amount of coverage one might be able to obtain may be fixed, one most likely can’t choose the insurer and the type of life insurance policy is restricted. One can typically get the same policy as any co-worker in your company. Working with your financial professional, you can apply for individual life insurance for electricians gives you the amount of coverage necessary to help protect your family.
Group life insurance for electricians might not be ideal because coverage is tied to your job. If you leave your job, you may not be able to take the policy with you. This is frequently referred to as the policy’s portability. You might be able to convert your group policy to individual life insurance if you leave, but the cost most likely will increase drastically. If your next job doesn’t offer group life insurance, you could buy an individual policy from the open market. However, the cost of life insurance typically increases as you age, and you never know if you might develop a medical condition that could seriously raise your rates or disqualify you from obtaining coverage at all.
Coverage through work tends to be a type of term life insurance, and employers typically only work with one carrier. Therefore, you won’t find the range of policy options that you might find outside of work. If you’re looking for a more complex product like whole life or universal life, you should consult a financial advisor. You might not be able to buy as much life insurance as you need through your employer, as coverage amounts vary and can be low. If you need more coverage, you might want to buy an individual term life insurance policy instead of — or in addition to — your basic group life policy.
Individual Life insurance for Electricians
In contrast, individual life insurance for electricians may be the better option for those looking for an individual policy that is owned by you, has unmatched rate stability, life insurance that lasts into retirement and up to age 121, death benefit that does not reduce due to age, coverage on children and grandchildren without having a policy on yourself, can be continued even if you leave your employer
Does Being an Electrician Affect your Rates?
While working as an electrician is potentially risky, there are many insurers who’ll cover electricians on standard terms. You won’t necessarily find it any more expensive to get life insurance based on your job alone, though it depends what you disclose about your job during the application process. Therefore when applying for life insurance for electricians the main factors that will determine the rate of your life insurance will be your age, your health, the amount of life insurance coverage, and the type of life insurance coverage.
How do you start?
Getting life insurance for electricians may seem like a daunting task but if you break it down step by step it is manageable. First, you should take an inventory of your financial life to see what you are going to need to protect now and in the future. Once you have an idea of how much coverage you would like I would suggest consulting with a life insurance professional to help you through the process. When selecting the professional you would like to work with you should ask if they are independent agents. If a life insurance professional is an independent agent that means that they will have access to multiple life insurance companies to shop your rate around to get you the best rate and will not be pushing one company in particular because of the compensation they receive, instead of looking for the best deal for you.
If you are thinking about purchasing life insurance, want more information or want to apply for a life policy, contact NextGen Life Insurance. Get your free quote today or call us at 646-216-4199 to get started.