Life Insurance for Truck Drivers

Compare life insurance policies which may be suited to your needs as a truck driver through Savvy.

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, updated on July 19th, 2023       

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We’ve partnered with Compare Club to bring you a range of life insurance policies to help you compare them side by side.

As a truck driver, you’re aware of the risks associated with your job. While you may take every precaution to stay safe, accidents can still happen on the road. That's why having a life insurance policy can bring you greater peace of mind knowing that your family can be taken care of financially if you suffer a covered injury, illness or pass away.

It's easy to compare life insurance policies through Savvy. You’ll be able to consider a range of offers from some of Australia's leading insurers side-by-side, helping you find the most suitable coverage from our panel of insurers. So why wait? Start the process today by filling out our online form and get a quote for a life insurance policy through us today.

Can I buy life insurance as a truck driver?

You may be able to purchase a life insurance policy as a truck driver. However, in many cases, truck drivers are considered a higher risk for life insurance, which may mean you aren’t guaranteed of receiving cover. This won’t be the case across the board, with other insurers potentially able to cover you at a greater cost. This is due to a variety of risks, including:

  • Accidents: truck drivers spend long hours on the road, increasing their risk of being involved in an accident which can cause serious injuries or even death.
  • Fatigue: long hours on the road can lead to fatigue, increasing the risk of accidents. Fatigue can also lead to other health problems, such as high blood pressure, diabetes and heart disease.
  • Health issues: truck drivers may experience health problems due to a sedentary lifestyle, irregular eating habits and lack of exercise. Health issues such as obesity, sleep apnoea and back pain can impact your quality of life and ability to work.
  • Stress: truck drivers may experience stress due to long hours on the road, tight schedules and pressure to deliver goods on time. Stress can lead to mental health issues such as anxiety and depression.
  • Exposure to hazardous materials: some drivers transport hazardous materials such as chemicals, which can be dangerous if not handled properly.

The types of life insurance you may be able to purchase as a truck driver include:

  • Life cover: can provide a lump sum payment to your beneficiaries in the event of your death or diagnosis of a terminal illness.
  • Income protection: can provide a monthly benefit to cover a portion of your income if you’re unable to work for a certain period due to an injury or illness.
  • Total and permanent disability (TPD) cover: can pay a lump sum if you suffer an illness or injury that leaves you permanently unable to work in your current occupation or any occupation that you’re suited to based on your education, training or experience.
  • Trauma insurance: can pay a lump sum if you’re diagnosed with a critical illness or suffer a major injury.

All coverage is subject to the terms and conditions of your life insurance policy, so it’s important to read the fine print to help you determine which is the most suitable for your needs as a truck driver.

How much will my life insurance cost if I’m a truck driver?

The cost of life insurance for truck drivers can vary depending on several factors, including:

  • Age: the older you are, the more expensive your premiums are likely to be.
  • Health: any pre-existing medical conditions or even a family history of illness can increase your premiums.
  • Occupation: truck driving is often considered a high-risk occupation, as mentioned, which means you may have to pay higher premiums than someone in a lower-risk occupation.
  • Smoking: being a smoker can double the cost of your premiums in some cases. This can include other smoking products such as vapes, cigars, tobacco and nicotine patches.
  • Coverage amount: the greater the coverage amount you choose, the more you can expect to pay in premiums.
  • Type of policy: life cover policies tend to be more expensive than trauma cover, for instance.

Generally, life insurance premiums for truck drivers are likely to be higher than for someone in a lower-risk occupation. However, the cost per month will vary depending on your individual circumstances and the insurer you choose. To help find the most affordable policy, it’s important to compare quotes from different insurers and consider a range of factors, such as those listed above. You can compare policies through Savvy today to aid you in your search for the right coverage for your needs at a price which suits your budget.

Types of life insurance

Term life cover

Life cover can pay a nominated beneficiary a lump sum if you’re diagnosed with a terminal illness or pass away. This type of insurance can provide your immediate family or another loved one some financial assistance to cover funerals, medical costs and day-to-day expenses.

Income protection cover

If you’re injured or too sick to work for an extended period, income protection insurance is designed to help you focus on your recovery. You can be covered for up to 70% of your usual wage for a chosen period, such as five years or up to age 65, depending on the level of coverage you buy.

Total & permanent disability cover

This type of insurance is designed to offer cover to those who are permanently disabled by injury or illness and are no longer able to work. You can choose to take out cover for an inability to work in your current job or in any role suited to your qualifications.

Trauma cover

Trauma insurance is a type of policy which provides you with a lump sum payment in the event of a critical illness or major accident. The conditions eligible for claims will be outlined in your insurer's PDS, but can include cancer, heart disease, severe head trauma and cardiovascular disorders.

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Common questions about life insurance for truck drivers

If I change jobs and stop working as a truck driver, will my life insurance premiums change?

If you change jobs and are no longer working as a truck driver, your life insurance premiums may change depending on the policy and the insurer, as well as the job you’ve switched to. Some insurers will require you to provide evidence of your employment if you’ve switched jobs. Lower-risk positions may be rewarded with cheaper premiums, although if you decide to become a firefighter or enter another high-risk job, your provider may not be able to insure you due to the heightened risk.

How do I find the best life insurance policy for my needs as a truck driver?

It’s important to compare your options to help you find the best life insurance policy for your needs. Some of the factors to compare include:

  • The types of policy available
  • The cost of the policy
  • The inclusions and exclusions
  • The policy’s coverage limits
  • The waiting periods which may apply to your policy
Are all truck drivers deemed a high risk to insure?

While truck driving is generally considered a high-risk occupation for life insurance, not all truck drivers are guaranteed to be deemed high-risk. Factors such as driving record, age, health, and type of trucking can affect the level of risk associated with insuring a truck driver, with each application assessed on a case-by-case basis. There are other occupations, such as firefighting, which may be deemed too risky to insure.

What can I do to decrease my life insurance premiums?

There are several things you can do to decrease your life insurance premiums as a truck driver. These include maintaining a safe driving record, quitting smoking, improving your overall health (such as losing weight), choosing a policy with lower coverage limits and seeking out policies which offer discounts for safe driving or healthy lifestyles. You’ll be able to compare policies in each of these areas through Savvy.

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Disclaimer:

Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.

Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.

For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.