Speak with an experienced advisor! 212-573-5563Why Do Mechanics Need Life Insurance?
When looking at the demographics of the mechanic profession the numbers are skewed heavily towards males. According to Zippia, 91.7% of all auto mechanics are men, while only 4.9% are women. Therefore, the vast majority of mechanics are men. In a traditional household, the male figure often responsible for keeping the family financially viable while the woman is usually in charge on taking care the family in other ways. While both parents working is becoming more and more popular, the average household depends on the male to make money currently. Ultimately, having a life insurance policy as the primary bread winner for a family is vital for the long term financial success for the family. Having the correct life insurance policy on yourself as a mechanic can be extremely important and should be reviewed after major family events occur.
What Does a Mechanic do?
Auto mechanics use computerized diagnostic tools to run tests, power tools, and several more common tools to do their job. He or she may choose to specialize in various areas of auto mechanics. Examples include brake repairs, air-conditioning (which requires knowledge of government regulations), transmissions, or front-end mechanics. In general an auto mechanic changes, rotates or repairs tires, fixes worn brake pads or wheel bearings, changes oil, gives tune-ups and completes inspections. They normally work full-time and often times work weekends plus overtime. They are mostly employed by private businesses or are self-employed. The risk of injury or illness is higher than average in this occupation due to heavy lifting, cuts, burns and other causes
An auto mechanic goes by several different names, including car mechanic, automotive technician, and service technician, and is primarily responsible for evaluating, fixing, and maintaining cars and trucks. Some of these mechanics may specialize in a particular area or system of the vehicle, such as a brake technician, transmission rebuilder, or automotive air-conditioning technician. These professionals are usually trained to use a wide range of tools on various kinds of vehicle models. Other job duties may include:
- Evaluating vehicles to identify any issues
- Creating a work plan for each vehicle
- Following procedures and examination lists
- Conducting routine maintenance on vehicles
- Performing any necessary repairs
- Replacing old or broken parts
- Discussing repairs and options with customers
Types of Life Insurance for Mechanics
There are two main types of life insurance that you can purchase to protect your family as a mechanic, term life insurance and permanent life insurance. Term life insurance is a great, cost-efficient way to protect your loved ones from the worst case scenario. Even though term life insurance won’t give you as many options as permanent life insurance, it is a budget-friendly alternative. Term life insurance is a promise from the insurance company to pay your beneficiary or beneficiaries the death benefit state in the policy if anything were to happen to you. This pact for compensation is essential for protecting your family’s livelihood, and it pays for you to know how term life insurance policies are constructed.
These two types of life insurance both fall into the category of permanent life insurance. Unlike term insurance, which guarantees a death benefit payout during a specified period, permanent policies provide lifetime coverage. If you cancel your permanent life policy, you will receive the policy’s cash value. These types of life insurance policies are both typically comprised of two parts: a savings or investment portion and an insurance portion. This makes the premiums higher than those for term policies. Policyholders can also borrow against the cash value of the policy. For this reason, permanent life insurance is also known as cash-value insurance.
While similar in some respects, whole life and universal life insurance policies have some key differences. Whole life insurance offers consistency, with fixed premiums and guaranteed cash value accumulation. Universal life insurance gives consumers flexibility in the premium payments, death benefits, and the savings element of their policies.
What You Can Do
If you have any questions regarding your financial situation or what type of life insurance policy is correct for you and your family please reach out to a financial profession to get tailored advice to your unique situation.
