Life Insurance for Private Security Contractors in Dangerous Places: Private contractors often work for six figure incomes and tax benefits from overseas contract work. For many Americans looking for employment, it’s a great opportunity. This is especially true for ex-military. Ex-Military private security contractors can make significantly more money working for private military contracts then they did for the military. However, securing life insurance is really tough. Even the best life insurance companies in the USA are hesitant to offer coverage.
The good news is that there are a few ways to get coverage. Private military security contracts are just one of the opportunities overseas, but they’re not the only ones who have a hard time getting a policy. We’ve helped with overseas firefighters, ex police officers, teachers, programmers and more! Keep reading how we help overseas contractors secure coverage.
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Life Insurance for Overseas Contractors
Private contractors can work in a variety of settings. These include health centers, physical therapy clinics, and schools. There are over 17,000 contractors just in Iraq and Afghanistan.
Note: this post has been updated in September 2019.
High Risk Life Insurance Countries
One of the challenges that private contractors face is getting life insurance. Life insurance underwriters look at many factors when you apply for life insurance. Where you work and live are two important factors. Your occupation is another one. Not all occupations and travel locations are looked at equally.
Traveling to places like Australia, Japan, or Canada? No problem. Traveling to Iraq? That’s going to be a problem. There are a significant number of countries that are too risky for life insurance companies.
Below is list of countries that are considered a high risk to the majority of life insurance companies:
- CENTRAL AFRICAN REPUBLIC
- CONGO REPUBLIC
- COTE D’IVOIRE (IVORY COAST)
- DEMOCRATIC REPUBLIC OF CONGO
- GEORGIA (FORMER USSR)
- IRAQ (incl. KURDISTAN)
- WEST BANK (ISRAEL)
- GAZA STRIP (ISRAEL)
- JAMMU (INDIA)
- KASHMIR (INDIA)
- RUSSIA -CHECHNYA
- SAUDI ARABIA
- SIERRA LEONE
- SRI LANKA NORTH & EASTERN PROVINCES
Why Am I Denied Life Insurance?
Many private overseas private security contractors will have a small group life insurance policy that their employer will provide as a benefit. This benefit typically isn’t enough to protect your beneficiary or family for the long term. An additional policy is usually needed to cover your family’s future.
“Why was I denied life insurance? I’m young & healthy as a horse. I should be able to qualify for any life insurance policy easily.”
Health is a major factor when qualifying for life insurance, but it’s just one underwriting factor.
Underwriting Life Insurance for Contractors
There are other factors such as family history, lifestyle, travel, and occupation. Overseas contractors may have a low risk job. The work itself doesn’t have to include risky job responsibilities in order to be denied life insurance. Now it makes sense that private security jobs in Iraq and Afghanistan may be too risky for life insurance companies due to the job responsibilities.
Their job is extremely dangerous. Unfortunately, if you are working in any of these countries you’ll be denied. It doesn’t matter if you work in a clinic or school.
All contract work in these countries are too risky in the eyes of the life insurance underwriters. They’re all labeled high risk contractor jobs simply because of the location of the work. A major factor for denial is that these jobs are usually in areas of war or violent conflict.
It doesn’t matter how healthy you are. It doesn’t matter if you are the perfect height and weight. Even the best life insurance companies can deny coverage for anyone who travels or works in dangerous countries. They won’t touch you if you’re traveling to the countries listed above.
You can be the healthiest person on earth. It won’t matter because those locations are too risky in the eyes of the life insurance companies.
Overseas contractors can now get life insurance
How do I help find life insurance for private security contractors in dangerous places?
Finding niche companies is how I help my clients. There are over a 100 life insurance companies in the marketplace. Some companies are great for certain niches. For example, some companies offer great rates for smokers and some don’t. Some companies offer great rates for underweight people and some will rate them as a risk.
Now I’ve found two life insurance companies that offer life insurance to people who travel and work in high risk countries. These 2 companies offer coverage for overseas contractors. If you’re a private military contractor or are working in high risk countries, you can now get life insurance.
Peterson International Underwriters
Life Insurance Blog frequently uses Peterson International for many risks and life insurance situations.
Peterson International is a great provider of disability, life insurance and other insurance solutions. Peterson provides excellent underwriting that will allow them to cover certain risks that almost all other insurance carriers won’t or can’t provide insurance.
Peterson International is our go to carrier for our clients working overseas in dangerous locations because they’re by far the best underwriters for specialized risk plans.
Another strength with Peterson International is that they’re a coverholder and registered insurance administrator at Lloyd’s of London. The distribution of their insurance products is accomplished through agents and brokers like Life Insurance Blog.
Lloyd’s of London
Lloyd’s of London provides a great opportunity for insurance products to overseas contractors.
Their life insurance is not issued as quickly as 5Star, but it is not as long as a typical life insurance policy. Issue times vary, but typically it is issued in approximately 4 days. Lloyd’s maximum death benefit amount is higher than 5Star’s. In fact, they have a maximum benefit of $1,000,000.
Lloyd’s of London offer 2 different options that you may qualify for.
- Coverage for Natural Causes only.
- High Limit Accident Insurance.
The High Limit Accident Insurance provides the type of coverage that most are seeking when employed overseas. Most aren’t looking for coverage for natural causes, but that is available if you are interested.
Lloyd’s High Limit Accident Insurance is broken up into 3 Benefit Options:
- Accidental Death Only
- Accidental Death & Dismemberment
- Accidental Death, Dismemberment & Accidental Permanent Total Disability
These benefits include coverage for War and Terrorism.
About Lloyd’s of London
Lloyd’s of London is actually not an insurance company like their typical competitors. They are an insurance market or a “corporate body” that is governed by the Lloyd’s Act. Lloyd’s of London pools and spreads their financial risk with grouped syndicates and a variety of financial backers. They operate as a partially mutualized marketplace.
These members of Lloyd’s (or underwriters) are simply a collectin of private individuals and corporations.
HOW TO GET A LLOYD’S OF LONDON QUOTE
Contact us directly or complete our quote form below. We’ll provide you a personalized quote based on the details below.
Lloyd’s of London does not provide quotes via online quoters and needs to be attained by a life insurance broker like Life Insurance Blog.
Which life insurance company should I consider?
5Star used to be an excellent choice if you were looking for instant coverage and need up to $100,000… however they have reduced their max coverage to $50,000. If you need more coverage, Lloyd’s of London would be the company to choose as their maximum is $1,000,000. Your cost for life insurance will greatly depend on the amount you select.
Life Insurance Case Study
I recently helped a man who contacted me by filling out a quote request on my website. He stated he was 35 years old and was going to be traveling to Iraq at the end of the month. He explained that his contract was for several months of security work in Iraq. He went on to explain that he had a young family and wanted more coverage than what was provided by his employer.
He was unsuccessful prior to contacting me.
I explained to him that most companies won’t provide life insurance to anyone in his situation. I told him about the 2 companies that would and provided him quotes from 5Star and Lloyd’s of London.
He contacted me again a few weeks later and was ready to move forward with 5Star. We completed the application over the phone in less than 10 minutes. During the phone call, I had him join me in a screen-share meeting. This allowed him to see the online application on my computer screen from his home computer. This is a great tool because my clients can make sure that the correct information is inputted into the application. Once the application was submitted, he was approved instantly!
Life insurance for private security contractors in dangerous places
If you’re overseas or will be deployed shortly, please contact us. Whether you’re a private security contractor or working in a high risk country, please give us a call. We will work with you to secure coverage quickly and easily.
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