This article has been written and submitted by:
Sharan Gill: 604-897-3397
Based on a study completed in 2016 (Census of Fatal Occupational Injuries). Truck driving is a dangerous job because of the weather, equipment malfunction and other careless drivers. This risk is present at any time and any place when a truck driver is on the road. To cover this risk, truck drivers need to have proper insurance coverages in place.
Understanding Truck Driver Insurance – Disability, Critical Illness & Life.
Drivers need full coverage disability insurance which includes accident and sickness and 24-hour coverage either at work or at home. WCB coverage for BC trucking companies is mandatory but limited to coverage for work related injury.
All 26 major illnesses are covered including cancer, heart attack and stroke. This is a lump sum benefit paid to the insured which they can use as they wish. This payment can help the insured obtain expensive medical treatment, nursing care or use the money for personal expenses if they have a long recovery time before going back to work.
Truck drivers should have full coverage (underwritten and guaranteed) life insurance approved at the time of application. This can be term insurance, permanent insurance and/or participating insurance. This is a tax free lump sum payment to the beneficiary of the insured. This coverage gives the family members peace of mind that they will be able to continue with their life plans (child’s education, keeping the family home and paying off any debts). The permanent life plans also assist the insured drivers with estate tax and final expense coverage at the time of death.
There are combo insurance plans available for truck drivers & owner operators that cover life, critical illness and disability risk. These plans are designed based on the financial need and affordability of each individual driver for them and their family’s protection.
Every driver, whether local or long haul, should review their plan to ensure that they have proper coverages in place.