Dream Job, Insurance saving

What’s the definition of a dream job? Many will say it’s a big paycheck to afford what they want. Others would say it’s the freedom to pursue their passion.

A dream job, however you choose to define it, can afford you perks, such as optimal insurance coverage.



This post will review health insurance plans, from what companies are required to provide to which ones go above and beyond for their employees. We’ll also cover life insurance.



A dream job can also affect the savings you get on personal life insurance. There are even car insurance discounts based on occupation. This post will also highlight the multiple ways you can save on your car insurance policy based on your dream job.



Your Occupation and Health Insurance

Of course, a dream job would include excellent health benefits. Here, we’ll explore the range of employee health insurance, covering what is required, what employers can offer, and who provides the best health insurance options.


Health Insurance Requirements

Technically, employers are not obligated to provide health insurance. However, if a company has over 50 full-time employees (FTEs), defined as those working 30 or more hours per week, they qualify as an applicable large employer (ALE) and are subject to financial penalties if they fail to offer coverage. Under the Patient Protection and Affordable Care Act (PPACA), this penalty amounts to $3,680 per employee.


While ALEs aren’t required to extend health insurance coverage to an employee’s spouse, they are required to do so to an employee’s dependents, as long as they’re the employee’s biological or adopted children up to age 26.


For companies with fewer than 50 FTEs, providing health insurance is voluntary, unless you’re in a state or city that has taken employee health insurance rules into their own hands, like Massachusetts, Maine, Vermont, and San Francisco.


Furthermore, employers are required to contribute at least 50 percent toward each employee’s health insurance premiums.



Health Insurance Benefits Employers Could Offer

Given that group health insurance is highly valued by employees, employers have the opportunity to enhance their health benefits package by covering more than 50 percent of the employee’s premium.


Most employers do cover a significant portion of medical premiums for family coverage plans. In March 2020, they paid an average of 67 percent, with an annual contribution averaging $13,717, according to data from the National Compensation Survey – Benefits program released by the Bureau of Labor Statistics (BLS).


Employers can also provide healthcare plans that cover medically-related expenses not included in traditional health plans, such as flexible spending accounts (FSAs) and health savings accounts (HSAs). Both offer tax-free funds individuals can use for out-of-pocket healthcare costs, though they differ in certain aspects.


FSA funds generally must be used within the plan year. Employers aren’t required to do so, but they can choose to provide a grace period of up to two-and-a-half extra months to use the money or allow a carryover of up to $550 per year for use in the following year. Since the account is employer-owned, if an employee leaves the company, they forfeit their remaining FSA funds.


HSA funds are more flexible. Employees can roll over their funds from year to year, and it doesn’t count toward their maximum contribution limit. And since they’re employee-owned, an employee who leaves the company can take their HSA with them.


The restriction on an HSA is that it’s only available if you have a High Deductible Health Plan (HDHP), which is a health plan that only covers preventative services before the deductible.



Providers Offering the Best Health Insurance Coverage

Health insurance costs are not only increasing for individuals but also for employers. Therefore, it’s not surprising that many companies are reducing the percentage of their contributions. While we observed that employers paid an average of 67 percent of medical premiums in 2020, they had paid an average of 70 percent just a year earlier.


Luckily, there are many industries with above-average health benefits packages. The top 10 are healthcare and social assistance; transportation and warehousing; technical, professional, and scientific services; wholesale trade; mining, quarrying, and gas and oil extraction; manufacturing; finance and insurance; information; management; and utilities.


Specifically, the list is at least in the double digits of companies that pay 100 percent of your health insurance premium.


If you work for these companies, you get high marks for being in a dream job; if you don’t, here are examples of where you can find and apply to a job: Arthrex, Bill and Melinda Gates Foundation, Boston Consulting Group, FactSet, Haver & Boecker, GoDaddy, Jiff, Kimley-Horn and Associates, Pacific Air Systems, Rubicon, SmartBrief, Twitter, Ultimate Software, and ZocDoc.



Your Occupation and Life Insurance

A dream job should also include free life insurance, shouldn’t it? Well, let’s see what’s required, what’s offered, who offers the best coverage, and whether it provides enough protection for you and your family.


Your Employer’s Life Insurance Plan

Similar to health insurance, life insurance is also not a requirement for employers to provide. Unlike health insurance, there’s no PPACA-equivalent penalizing companies who don’t offer it. Additionally, employers who do offer life insurance are not obligated to provide a minimum or maximum amount of coverage, cover any portion of the premium, or extend coverage to dependents or spouses.


But life insurance is a popular supplemental benefit employers offer: Sixty percent of employees had access to a life insurance plan in 2018, according to the BLS.


Life insurance from employers is usually basic group-term life insurance and is also usually provided for free. But if there is a cost to the employee, it’s minimal.  


The coverage of employer-provided life insurance is usually an amount equal to one to two times the employee’s annual income.


Employees are also usually automatically covered, and policies are offered on a guaranteed issue basis, which means that no medical exam is required to be insured. So since there’s no medical underwriting, employer life insurance is a great advantage for people with pre-existing conditions.


Some employers offer the option of buying supplemental group life insurance. This extra coverage is usually an amount that is equal to three to four times the annual income, and it does include medical underwriting.


There are several hundred life insurance companies available to employers. However, if your company’s provider is Cigna, Lincoln Financial, Prudential, Sun Life Financial, or Unum, then you have access to some of the best options available.


Nevertheless, there are many other reputable providers, including Aetna, Aflac, Anthem, Brighthouse Financial (formerly MetLife), Chubb, Guardian, The Hartford, Liberty Mutual, Mutual of Omaha, Reliance Standard, Securian, and USAble Life.


Your Life Insurance Plan

If you have group life insurance through your employer, you may assume that you don’t need private life insurance. While it’s convenient to sign up for group life insurance through your workplace, even the best employer-provided life insurance has its limitations.


For instance, the payout is typically insufficient to cover your family’s needs.


So how much life insurance should you have? It’s recommended to have coverage equal to 10 times your annual income. This amount may seem excessive, but it ensures that those who depend on you will have the means to cover your funeral expenses, other immediate costs, and ongoing expenses and debts, especially during the grieving process.


And, by the way, if there has been any benefit of the coronavirus, it’s that many people have become more aware of the fragility of life and have realized the importance of getting financial protection for their loved ones. 


If you decide to take advantage of an employer’s offer of supplemental group life insurance and you’re in good health, you’ll usually pay a higher premium than for an individual policy. This is because the rate is determined for the group, meaning you’re also ‘paying’ for coworkers whose health may prevent them from qualifying for the best life insurance rates.


Secondly, the ‘term’ aspect of your group-term insurance means it ends when your term with the company ends. Therefore, any changes in your job situation could result in the loss of your coverage. For instance, if you switch jobs to another employer, you can only retain your benefits if your new employer offers group life insurance through the same company.


In addition to likely experiencing a gap in your coverage, you’ll need to apply for new coverage at your new job based on your current age and health status.


We should point out that there are exceptions to the term limit. A few insurance companies such as Lincoln Financial and Aetna offer what they term “portability,” meaning they let employees keep their coverage even if they leave their company. 


When exploring personal life insurance, it’s important to note that your occupation can also impact your insurance rate, with some dream jobs offering favorable rates.


Generally, and understandably, if your job exposes you to dangerous health risks, calls for extensive travel, or is defined as being high-stress, your premium will be higher than if you had a safer job because the insurance carrier is taking on more risk to insure you.


And so, having stated the above, occupations that are not dream jobs for great life insurance rate include construction worker, farmer/rancher, firefighter, electric power line installer, logger, mine worker, pilot, police officer, professional fisherman, roofer, sales positions that require a lot of driving, trash collector, and truck driver.


The better your rate is based on the other major factors that life insurance underwriters consider, the more you can offset the potential impact of your higher-risk occupation. These factors may include obtaining insurance at a younger age, maintaining good health, participating in non-dangerous hobbies, and maintaining a clean driving record.


If your job doesn’t require travel, doesn’t expose you to significant health risks, and doesn’t involve working in various weather conditions, then you may have what life insurance companies consider a ‘dream job.’ Occupations such as accountant, massage therapist, medical records technician, orthodontist, pharmacy technician, radiation therapist, statistician, or web developer often fall into this category.



Your Occupation and Car Insurance

If your ideal job is considered low-risk by car insurance companies, you’re in luck—both in terms of safety and potential savings. Let’s explore these low-risk occupations, as well as numerous other opportunities for saving on car insurance based on your occupation.


Car insurers determine premiums by assessing studies indicating that individuals in certain professions have lower accident rates compared to others.


In general, individuals in the public sector and hospitality occupations tend to pay the highest premiums for car insurance, while those with desk-bound professions typically pay the least.


The difference in car insurance rates between high-risk and low-risk occupations can be substantial, averaging around $105 per month. Car insurance premiums for high-risk occupations typically amount to $173 per month, while those for low-risk occupations are approximately $68 per month.



Low-Risk Occupations for Car Insurance

One might assume that firefighters, military personnel, and police officers would be considered high-risk for auto insurance. However, to auto insurance underwriters, these occupations are associated with safer driving habits, as are professions such as designers, doctors, engineers, financial analysts, homemakers, mechanics, nurses, psychiatrists, and teachers/professors.


Another occupation considered a dream job by auto insurers is government employees. They are deemed low-risk not solely because of the nature of their job, but also due to their tendency to have fewer accidents and file fewer claims compared to individuals in other professions.


Scientists are also considered ideal candidates for auto insurance, despite working in laboratories. Auto insurance companies classify them as better drivers due to the care and attention to detail they exhibit in their profession, which translates into safer driving habits. Consequently, they tend to have fewer accidents.


And what do you know: Many of these professions are considered the 10 best jobs in the United States.


So, if you’re a chef, doctor, or lawyer, you won’t be considered to have a ‘dream job’ by auto insurers. Chefs are deemed high-risk due to their long, irregular hours and high-stress levels.


Similarly, occupations with high stress and potential distractions are also considered non-ideal for auto insurance. These include actors, athletes, bartenders, drivers (naturally), DJs, fitness instructors, hairdressers, restaurant hosts, social workers, travel agents, and waiters.


Even business executives, whose occupations may be perceived as dream jobs due to their high salaries and perks, aren’t favored by car insurance companies. This is because executives tend to use their cell phones more frequently while driving, a leading cause of accidents. Additionally, they often drive more expensive vehicles, resulting in pricier insurance claims.



Car Insurance Occupation Discounts

Hartford offers up to a 10 percent discount based on your occupation, while Nationwide offers up to 15 percent. Other major insurers offering occupation discounts include Allstate, Esurance, Farmers, Geico, The General, Liberty Mutual, MetLife, Progressive, Safeco, State Farm, and Travelers.


Therefore, it’s advisable to inquire with these carriers for specific details. Regarding specific dream job occupations that could lead to significant savings on car insurance, here are three


Car insurance for military personnel: USAA offers military members, veterans, and their families some of the best car insurance coverage in the country. Low-cost premiums are up to 30 percent lower than other major insurers, and special policies include a discount of up to 50 percent when actively deployed overseas.


Geico also offers military personnel and veterans a 15 percent discount, with an additional 15 percent for those on active duty. Furthermore, their deployment discount can reach up to 25 percent.


Car insurance for government employees:  Geico was originally established as an insurer exclusively for government employees, so it prioritizes their needs. Both active and retired federal and state government employees are eligible for an “eagle discount,” providing an additional 8 percent off their total premium. Additionally, Geico offers supplementary programs, such as scholarships for members’ spouses and children.


Car insurance for teachers: Horace Mann Insurance caters specifically to teachers, offering discounts of up to 30 percent on premiums. Additionally, they provide an Educator Advantage package, which includes value-added features and benefits at no extra cost.


Another option is California Casualty, a smaller company available in 45 states, which extends discounted insurance plans to teachers, firefighters, police officers, and nurses.


Plymouth Rock, albeit smaller, offers a special insurance plan for teachers with reduced rates and enhanced coverage, exclusively available to educators in New Jersey.


More Job-Related Car Insurance Savings

We’re not quite through yet. Here are three more ways your dream job could net you more green in your wallet.


Low mileage discount: You already know that driving less for your job can significantly impact your auto insurance rate. If you drive fewer miles than the average person—12,000 miles a year—you may qualify for a low-mileage discount.


On average, you could save 5 to 10 percent on your car insurance, but some companies offer even higher savings.


Insurers offering discounts for this include AAA, Allstate, Amica, Esurance (up to 15 percent), Farmers, Geico, The General, The Hartford, Liberty Mutual, MetLife, Nationwide, Progressive, State Farm (up to 30 percent), Safeco (up to 20 percent), Travelers, and USAA.


Membership/Group discount: Check with business groups or professional associations affiliated with your occupation. Your membership may entitle you to savings on car insurance.

Discount availability includes AAA (up to 7 percent), Allstate, Esurance, Geico, The Hartford (up to 20 percent), Liberty Mutual (up to 10 percent), MetLife, Nationwide (up to 7 percent), Safeco, and Travelers.


Alumni association discount: Since most auto insurers consider education in their underwriting (State Farm being one of the few exceptions), having post-secondary education related to your dream job can lead to a lower rate compared to clients without collegiate experience.


You can further improve your rate by joining an alumni association associated with your educational institution. Inquire with either the association or your car insurance company about potential discounts available to members. Geico and Liberty Mutual, for instance, offer such discounts, with Liberty Mutual providing up to a 10 percent discount to members of the alumni association of Penn State University.


We hope this information has helped you assess the quality of your job as a dream job, and provided insight into how you can enhance it by leveraging occupational discounts.

Tags: Dream job dream jobs Insurance saving

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