If you’re a police officer, you may wonder if you can find life insurance without being penalized for your job. Although law enforcement may be considered a high risk occupation depending on the department you work within, you should have little to no more trouble finding life insurance than a civilian.
Life insurance for police officers is potentially more important than those who aren’t working to serve and protect, but it shouldn’t cost more.
It seems counter intuitive for someone who works to protect local citizens to have a harder time securing coverage, but there are dangers of the career, like in the case of a fatality or severe injury. We believe you shouldn’t have to worry about protecting your loved ones just because of your occupation, though it’s up to the carrier you apply to.
If you are a police officer who wants life insurance, we can help you navigate the process smoothly and help you find the best company who will offer you the most favorable premiums. We’ll help you sort through any confusing issues so you can obtain the best policy for you and your family quickly, and easily.
The Importance of Life Insurance for Police Officers
If you’re a police officer, you may put your life at risk on a daily basis to protect the public. You may put yourself in hazardous situations regularly, even if not intentionally. However, you may also have a family to protect. It’s normal to be concerned with your family’s financial security in the event of your passing.
The number of fatalities which affect police officers differs from year to year. Some statistics show law enforcement is not as dangerous as people often assume. However, a police officer still falls under the top ten most dangerous jobs almost every year.
More than 175 police officers died in the line of duty in 2011. The dangers to police officers may include:
Traffic accidents – Police officers are potentially involved in high-speed chases. Many spend much of their days on the highway in their patrol cars, as well, and more time on the road means more potential vehicular accidents.
Shootings – Firearms were the leading cause of death for police officers in 2014. Police officers are more likely to be murdered than people in other high risk occupations, adding an additional risk insurance companies need to consider.
Other felonious causes – Because police officers are often the first responders in criminal incidents, they are often placed in hazardous situations.
Because most police officers are offered life insurance as part of their benefits package, they may believe they don’t need to seek additional coverage.
However, the typical coverage only provides two to four years of salary for surviving family members. Most experts encourage you to have coverage which provides at least 10 times your annual salary, so it creates a gap in suitable financial protection. The death benefits may differ depending on whether the officer died on duty or off duty, too.
The life insurance which is offered as part of a police officer’s benefits plan may not stay in place if the officer leaves the job or retires, meaning it’s not portable. If you leave, you lose the benefit.
Many police officers are eligible to retire after 20 years of service. No matter how old you are when you retire, it’s important to have life insurance coverage which will bring you through the golden years.
The Process of Buying Life Insurance for Police Officers
You’ll have access to the same types of life insurance policies as other citizens if you’re a police officer. The most common types available are term, permanent and those which don’t require a medical exam.
If you’re looking for the most affordable coverage, you may wish to look into term life insurance coverage. This typically provides maximum protection at the lowest price per thousand. You will generally pay a fixed premium for the term for which you purchased the coverage, usually lasting 10 to 20 years in length.
Permanent life insurance plans give you a guaranteed fixed rate for lifetime coverage. This type of life insurance costs more than term policies per thousand, but never increases no matter how long you live. You won’t need to worry about renewing the policy, because it covers you for life.
If you are worried poor health may affect your life insurance coverage, you can look into a plan which doesn’t require you to take a medical exam. These plans may be more expensive, but they can allow you quick coverage while you seek out the best fully underwritten option. They might also limit the amount of coverage you can buy, or modify the payout terms.
Life insurance companies consider your risk of dying while performing the duties on the job. This varies from police officer to police officer. You may be asked questions such as the following to assess any additional risk:
- Do you carry a firearm?
- How often do you work in the field?
- What is your assigned territory?
- What safety measures do you follow?
- How many miles do you drive on the job?
- Do you work any high crime areas?
- What is your specialty or field (criminal, drug, traffic)?
Ratings You Could Expect
You may be aware your life insurance rates will decrease if your medical status is good and your lifestyle is relatively low risk. Your rate may not necessarily increase just because you’re a police officer. For most, they won’t see much, if any, of an increase in their premiums.
If your work as a police officer is considered to be risky, you may be assigned a table rating. This increases your premium based on the risk of fatality. The lowest table rating will increase your initial premium by 25%. The highest will increase it by 250%.
Instead of, or in addition to, the table rating, a flat extra fee may also be assessed. This fee is added to the basic premium for a specified duration. It may change if your duties change. It will also be altered if you retire.
In general, the table rating is related to your medical status, and the flat extra fee is based on your career or lifestyle risks. One or both may be used to determine your life insurance premiums.
Because your occupation does not prevent you from buying life insurance coverage on top of what you already get as a police officer, you can look into additional benefits. Using an independent insurance agent will ensure you have access to the most competitive plans.
Life insurance for a police officer is more likely to be based on your health than your occupation. If you are in excellent health, try to secure a plan which locks in your coverage now. If your health is below average, you may wish to seek a term policy or coverage which doesn’t require a medical exam.
If you’d like to begin comparing the best rates for life insurance for police officers, feel free to use the form on this page. We can help make sense of the different options available to you and give you peace of mind.