Oilfield Fatalities Stress Importance of Life Insurance 2/26/14
CBS 7 News
February 26, 2014
PERMIAN BASIN-Oilfield fatalities in Texas are on the rise and while we may not think to prepare for the worst, insurance companies say many in the basin are going without life insurance policies.
It could leave families in a dire situation in the event of a death.
For some it's just too expensive, others are superstitious, but after 65 deaths in Texas in 2012 alone, it may be time to prepare.
It’s a dangerous job and for many reasons, some people right here in the basin choose not to purchase life insurance policies.
"It's too expensive,” said one oilfield services worker in Odessa.
“Sometimes it just costs more and people just have different priorities,” said another man, who works for a pipeline service company.
The Garriga Law Firm has worked hundreds of oilfield accidents and fatalities. They say victims who don't have life insurance are often left with nothing.
"The reality of the world, particularly in the oilfield is that you can get involved with accidents that cause death,” said Attorney Jose Garriga. “The wives and children are left with all the things this worker was paying for with no way to pay it. I know some people are superstitious and they think it might jinx them, but really, if you have a family it’s well worth the investment.”
Life insurance can cost as little as $10 to 15 a month and comes in term and whole life insurance plans. Some people say it is well worth it—People like Jason, who got a policy to payout for his wife and kids.
"More than any other industry it’s dangerous out here, so you need life insurance, said Oilfield Worker Jason Valliant. “If you have a family, without a doubt get it."
Insurance agents we spoke with say if your company will sponsor your policy, go for it. They also recommend as a baseline that your policy is worth eight to 10 times your annual salary.
Here are a few companies to choose from:
-Tara Simmons Insurance (432) 580-7979
-Art Leal, Primerica, (432) 349-1280
-CNN : Types of Life Insurance Policies