Why delivery drivers need life insurance
Delivery drivers tend to contribute significantly to the financial stability of their households. If you die, your family could suffer financially. But getting a life insurance policy can help you protect your income and anyone who depends on you.
Delivery drivers have multiple reasons to consider life insurance.
Replacing income
Delivery drivers often contribute to the stability of their households through their income. If you die, life insurance can help replace your salary, easing or eliminating the financial burden on your family.
Covering debt
Many working professionals carry debt, whether through a mortgage, car loans, or other personal loans. Life insurance can help your beneficiaries pay back any debts you have if you pass away.
Employer insurance coverage
If you work full-time, your employer may offer some life insurance as part of your benefits package — but the coverage is typically only one to two times your annual salary. A private policy can supplement any group coverage you have and provide your loved ones with the financial safety net they need.
If you work as an independent contractor, it's unlikely that you'd have any life insurance coverage through work. An independent life insurance policy can give you the coverage you need.
While there’s nothing about being a delivery driver that will increase the insurance rates you’re eligible for, your occupation may impact how much life insurance you need and how long your coverage should last.
Working with a licensed agent through Policygenius is the best way to determine the amount of life insurance coverage that you need and get connected to the insurer that will be best for you. At Policygenius, our experts are licensed in all 50 states and can walk you through the entire life insurance buying process while offering transparent and unbiased advice.
→ Learn more about how your job affects your life insurance rates
Best life insurance companies for delivery drivers
There are a lot of factors to consider when choosing which life insurance company to apply with, including price, how easy it is to apply, how long the underwriting process is, and the maximum coverage you can apply for.
We used industry data, pricing from Policygenius carrier partners, and third-party ratings like A.M. Best and J.D. Power to pick the best insurers on the market. Our independent recommendations will help you get life insurance coverage with confidence.
A licensed agent at Policygenius can help you with these considerations and find the best insurer for you.
Best term life insurance: Legal & General America
Best whole life insurance: MassMutual
Most affordable life insurance: Legal & General America
Best instant decision life insurance: Brighthouse Financial
Best final expense life insurance: Mutual of Omaha
Methodology
Why you can trust our picks
Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.
Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.
Best term life insurance for delivery drivers
Legal & General America, which also does business as Banner life and William Penn, is consistently competitively priced and allows you to apply without taking the medical exam. With Legal & General America, many people are able to apply and receive an offer of insurance coverage in one phone call. This is a great option for people who want to get a policy in place quickly at a good price.
Best whole life insurance for delivery drivers
2024 Policygenius award winner
MassMutual
4.9
All 50 states
Why we chose it
MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.
Pros and cons
Pros
Strong financial stability ratings
Higher potential for dividends for whole life policyholders than many competitors
Good customer satisfaction ratings
Cons
High term life premiums
Term life not available through Policygenius
MassMutual’s whole life insurance policies offer lower premiums and higher dividends than other insurers. The company also maintains consistently high scores for financial stability and customer satisfaction.
Most affordable life insurance for delivery drivers
Legal & General America
Legal & General America has some of the most competitive premiums on the market — especially if you only have one or two minor and well-controlled health conditions. It also offers cheap rates for several pre-existing conditions, including diabetes and heart disease.
Best instant decision life insurance for delivery drivers
2024 Policygenius award winner
Brighthouse Financial
5.0
No-medical-exam option
Why we chose it
Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.
Pros and cons
Pros
Extremely affordable
Instant-decision applications
Best-in-class no-exam option
Cons
Traditional term life not available in CA, IL, LA, ME, or NY
Term life applicants limited to ages 25-50
If you’re eligible for instant decision life insurance, Brighthouse Financial may approve your application and put your policy in force on the same phone call.
Best final expense life insurance for delivery drivers
Mutual of Omaha
4.5
No-medical-exam option
Why we chose it
Mutual of Omaha is a reputable company that offers a variety of life insurance products — including a no-medical-exam option — so that you can select the type of life insurance that best suits your needs.
Pros and cons
Pros
No-medical-exam options for older applicants
Strong financial and customer ratings
Cons
Policies are more expensive than average
Slow turnaround time
Mutual of Omaha offers the most competitive rates when it comes to final expense insurance. For most people, approval is guaranteed and coverage lasts for life.
Best types of life insurance for delivery drivers
Two of the most common types of life insurance are term life insurance and permanent life insurance. For most working professionals, including delivery drivers, term life insurance will be the best option to cover your financial obligations.
If term life isn’t a good fit for you, whole life and final expense life insurance are two types of permanent life insurance you should consider.
Term life insurance
Term life insurance is almost always the most affordable type of insurance available, and the most practical type of insurance for protecting your income. The policy only lasts for a set term and comes with few rules and tax restrictions.
Term life is also the best option for most people looking to provide their family with a financial safety net to cover any debts. This includes a mortgage or any other types of personal loans your family will be left with if you die.
Most people get term life insurance long enough to cover them through retirement age. This will ensure that your beneficiaries will receive the financial support they need if your income is lost.
Whole life insurance
Aside from replacing your income, you may also have long-term financial obligations or coverage needs, like dependents who require lifelong care. In that case, whole life insurance might be a good fit.
Whole life never expires and comes with a cash value that earns interest in addition to the death benefit — but it’s also five to 15 times more expensive than term. Talk with a licensed agent or financial advisor to decide if whole life insurance works for you.
Final expense life insurance
If you’re not eligible for standard coverage but need help to cover your end-of-life costs, like a funeral, final expense life insurance will be your best option.
Final expense is a type of permanent insurance that usually offers death benefit amounts between $10,000 and $40,000. You need to be at least 45 years old to apply for final expense insurance.
How much does life insurance cost for delivery drivers?
A 35-year-old delivery driver with one or two minor, well-managed health conditions can expect to pay about $28 per month for a 20-term life policy with a $500,000 death benefit payout.
The premiums you pay ultimately depend on several factors, including your gender, age, and health. If you have limited or well-maintained health issues, you’ll likely be able to get the coverage you need at an affordable rate.
It’s recommended that you get about 10 to 12 times your annual income in coverage and a term that will take you through retirement age.
Term life insurance rates for delivery drivers
The rates below offer an estimate for what a delivery driver can expect to pay for a 20-year term life insurance policy with a $500,000 death benefit payout.
Age | Gender | $500,000 coverage amount |
|---|---|---|
20 | Female | $22.21 |
Male | $29.02 | |
30 | Female | $22.37 |
Male | $27.97 | |
40 | Female | $34.31 |
Male | $41.17 | |
50 | Female | $74.37 |
Male | $95.91 | |
60 | Female | $194.23 |
Male | $268.22 |
Methodology: Average monthly estimated rates are calculated for male and female smokers and non-smokers in the Preferred health classification, obtaining a 20-year $500,000 term life insurance policy. Life insurance rates are based on policies offered by Policygenius from Brighthouse Financial, Corebridge Financial, Foresters Financial, Legal & General America, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, Symetra, and Transamerica, and may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 01/01/2024.
Whole life insurance rates for delivery drivers
The following is an estimate for what a delivery driver can expect to pay for a whole life insurance policy with a $500,000 death benefit payout.
Age | Gender | $500,000 coverage amount |
|---|---|---|
20 | Female | $287 |
Male | $334 | |
30 | Female | $408 |
Male | $472 | |
40 | Female | $588 |
Male | $706 | |
50 | Female | $920 |
Male | $1,081 | |
60 | Female | $1,540 |
Male | $1,802 | |
70 | Female | $2,797 |
Male | $3,114 |
Methodology: Average monthly estimated rates are calculated for male and female insureds obtaining a final expense life insurance policy of $500,000 from MassMutual. Life insurance rates are based on policies offered by Policygenius and may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 01/01/2024.
Final expense life insurance rates for delivery drivers
The following is an estimate for what a delivery driver can expect to pay for a $25,000 final expense life insurance policy.
Age | Gender | $25,000 coverage amount |
|---|---|---|
50 | Female | $74.47 |
Male | $98.96 | |
60 | Female | $105.21 |
Male | $140.69 | |
70 | Female | $158.19 |
Male | $215.16 |
Methodology: Average monthly estimated rates are calculated for male and female insureds obtaining a final expense life insurance policy of $25,000 from Mutual of Omaha. Life insurance rates are based on policies offered by Policygenius and may vary by insurer, term, coverage amount, health class, and state. Not all policies are available in all states. Rate illustration valid as of 01/01/2024.
→ Learn more about life insurance rates
When should delivery drivers purchase life insurance?
If you’re a delivery driver, you should get life insurance as soon as possible. The younger you are when you apply, the cheaper your life insurance rates will be. Later on, if you need more coverage, you can always ladder a supplemental policy.
The total amount of coverage you’re able to apply for is usually based on your income. You should aim to get coverage that is equal to about 10 to 12 times your current annual income.
A licensed agent can help you determine how much coverage you need and make sure you’re getting a policy that will protect your family financially within the means of your current budget.
→ Learn more about the life insurance ladder strategy
Benefits of life insurance for delivery drivers
The main benefit of life insurance is to protect your income. Income protection is key for anyone who has dependents or makes a significant financial contribution to their household, like many delivery drivers do.
Getting the right amount of life insurance will allow your family to replace your income, make sure your debts are paid off, and receive the financial support they will need even if you die unexpectedly.
Life insurance considerations for delivery drivers
While being a delivery driver alone won’t limit your options for life insurance coverage or increase your rates, some related activities might.
If you travel for work to some countries outside of the U.S., your eligibility for life insurance could be impacted.
If you deliver any dangerous or hazardous materials, this could potentially impact your ability to get competitive life insurance rates. These cases are rare and usually handled on a case-by-case basis with the life insurance company.
When you apply, be thorough with the agent you’re working with to make sure they consider any unique elements of your job so they can make sure you’re applying with the right company.
Life insurance for other occupations
Frequently asked questions
Should delivery drivers get life insurance?
For most professional delivery drivers, life insurance is crucial to their financial planning. If you earn an income, have large debts or any dependents, you should get life insurance. Term life insurance is the best option for most working people.
Do delivery drivers have life insurance?
If you’re an independent contractor, you probably won’t have the option to get life insurance coverage through your work. However, most employers offer a small amount of life insurance coverage to full-time employees as part of a standard benefits package. However, it’s usually a much lower amount than what financial advisors recommend, it’s not a guaranteed benefit, and you lose coverage when you leave that employer.
How much life insurance should a delivery driver get?
A delivery driver should get a life insurance policy equal to about 10 to 12 times your annual income.
