Life Insurance for police officers can have a more significant meaning for several reasons compared to your typical life insurance consumer. The same can be said for all first responders. Life Insurance for firefighters, police officers or even military personnel needs a little bit of extra TLC through the planning process.
Police officers take the chance each day of something undesired happening in the line of duty. Especially in the ever-changing society we are living in today. It seems these professions have only gained more exposure to risk and uncertainty if you will be finishing your tour of duty for the evening.
More frequent acts of violence against police officers and first responders have led to a huge spike in violence across the country. More shootings, more ambushes and more chances of this profession being the reason you ultimately lose your life.
We are however frequently asked, how much life insurance do I really need? Do things change because you’re a police office or firefighter or any other form of a first responder? Well, it’s very possible.
We will get to that. That main point is that out of the thousands of possible job fields your everyday consumer works, life insurance in these fields of work is an absolute must. No argument about it. How much exactly takes a little more special planning to determine.
Do you currently have enough life insurance to protect your family? Let’s first cover some of the basics.
What’s the best life insurance for police officers?
What’s the best life insurance for police officers? Well the short answer would be any and plenty of it would be the best life insurance for police officers. We know that’s not the answer you were looking for however.
This is your longer version of the answer. What’s the best life insurance for police officers? Term Life insurance will suffice just fine for law enforcement. It’s going to provide for your family in the event something happens to you. It’s also easily affordable for durations that will take you until at least retirement age.
You should however always consider running your term life insurance policy well past retirement when possible and when it’s affordable for your budget.
Term life insurance for police officers should also carry no additional price tag even though you’re working a higher risk occupation.
A lot of occupations could potentially land you into a higher risk class that’s assessed what’s known as a “flat extra charge” on your life insurance policy. Occupations such as
Could easily land you into the category of “higher premiums” for your life insurance. The trend we have seen however is life insurance for police officers or even firefighter life insurance does not add these charges except in very limited circumstances. It is possible that you are asked additional questions regarding your occupation such as
Term life insurance will typically allow you to pick from the following coverage durations.
We always recommend locking in a level premium term policy and considering your needs from every angle.
If you are in your twenties, consider locking up a term life insurance policy for 30 years. Most likely with how young police officers retire, this will take you to your last tour of duty or very close to it.
If you are already close to that retirement age, consider trying a shorter-term duration. However, keep in mind that just because you are retired does not mean that your need for life insurance disappears.
You most likely just got your more mortgage down into its final years, and possibly squared up everything for a clean easy break into retirement. Your family still most likely depends on you for some form of financial support.
This holds true even more with police officers or firefighters. These are two of the highest demanding careers due to bad shift work and long hours. Often, the spouse is a homemaker or stayed home with the children throughout your working years.
If that’s the case than the need for coverage extends well into retirement because your spouse could potentially have no marketable traits for a career that could replace the income she or he has grown accustomed to once you meet your maker.
Why do the life insurance carriers need to ask all this information? Well, to put it simply for you.
They want to know when you are likely to die. It helps them build mortality tables and adjust rates not only for now but for the future.
We as the life insurance agent have absolutely zero control of the life insurance rates you get. The rates are pre-set by the carrier and are locked in all 50 states. The rates are approved by the insurance commissioner in each state as well.
Long story short, the more information they know up front, the easier they can decide on your life insurance rating or whether to provide coverage at all. You may even be looking at a life insurance policy that excludes the coverage if you expire due to your profession.
An example of this could be for pilots. Instead of paying that flat extra charge, you may just have the life insurance coverage for any form of death except when operating a form of aircraft.
Wrong. You do need more. Life insurance coverage through work or your employer essentially adds up to nothing. It’s a nice bonus if something happens to you while the coverage is active. Outside of that perk, it should never be used as a primary planning tool for protecting your family. Life insurance for police officers is no different. It should be more priority and top of mind for police officers to have plenty of life insurance coverage to cover the chances of something happening.
You have zero control of the coverage. Yes, you sign up for it. Yes, you often pick the coverage amount you would like up to a maximum. Often a very small maximum. You pay the premiums. Most likely they are deducted straight from your paycheck.
Outside of that, you can’t really control when the employer decides to terminate the life insurance and it’s often not portable. What does portable life insurance mean? It simply means when you retire or leave, it’s not coming with you.
This will typically leave you several years older, most likely with more health conditions developed and no coverage to protect your family. You may even have 5-10 years of police work left before retirement.
Therefore, we like to emphasis the answer to the question.
What’s the best life insurance for police officers? Plenty and coverage outside of your employer is a great start. It shouldn’t require you to drain your savings to find affordable term life insurance as a police officer or even another form of a first responder.
Whether you’re a police officer, a firefighter or any other form of a first responder or law enforcement, life insurance is an absolute must. Your exposed to heavy risk every day. Your family depends on you heavily financially in most circumstances. You most likely retire younger than most other professions which can lead you to believe some of the outside financial planning is coming to an end. It’s typically not and we are here to help. Reach out to Good Life Protection and allow us to find a plan that fits you and your family needs.