Firefighter Life Insurance- Police Life Insurance- How much do you need?
Firefighter life insurance and police officer life insurance are one in the same. In fact, firefighter life insurance and police life insurance are treated the same by most life insurance companies when it comes to pricing, options and approvals.
One fact is certain. It’s a dangerous occupation with a lot of risk and we greatly appreciate your service.
Life Insurance for police officers, other law enforcement officers and first responders can have a more significant meaning for several reasons compared to your typical life insurance consumer. This could hold true whether your a Chicago Firefighter or even a correctional officer in a small jail facility. 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. We aren’t trying to scare any of you. It’s just the truth and how it is.
The Outbreak in violence and increased Exposure and Danger for all Our heroes.
More frequent acts of violence against police officers and first responders including firefighters have led to a huge spikes 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 life insurance police and firefighters need is a completely task to tackle. It takes a little more special planning to determine.
The good news is we will touch on that as well. Your welcome.
Do you currently have enough life insurance to protect your family? Let’s first cover some of the basics.
What’s the best firefighter life insurance?
What’s the best life insurance for police officers?
What’s the best life insurance for police officers and firefighters? Well the short answer would be any and plenty of it would be the best life insurance for police officers and firefighters. We know that’s not the answer you were looking for however. It is almost that easy, however, we will go in depth for you.
Let’s start with looking at options for all first responders.
Term Life Insurance for Police Officers and Firefighters
This is your longer version of the answer. What’s the best life insurance for police officers and firefighters? Term Life insurance will suffice just fine for any first responders and law enforcement personnel. It’s going to provide for your family in the event something happens to you. It’s also easily affordable for duration’s 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 and firefighters should also carry no additional price tag even though you’re working a higher risk occupation. However it’s possible that it could if you select the wrong company or agency to work with. This is a huge mistake consumers make when working these dangerous occupations.
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 by the life insurance company. Let’s cover police officers first and than move into firefighter life insurance. Questions for police officers could look something like this.
Are you in a more dangerous sub field of the profession such as
If you are, the flat extra is possible. I know when I worked at New York Life, they accessed a flat extra charge for county jail correctional officers. It just depends on the company and your circumstances.
Term life insurance will typically allow you to pick from the following coverage durations.
Good Life Protections Suggestions to Life Insurance For Police and Firefighters
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. I know because I worked this field. For nearly 8 Years before founding Good Life Protection.
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.
Okay, now we need to cover everything about Firefighter life insurance and go in depth for a moment.
Firefighter Life Insurance And What To Expect
If your currently a firefighter, you are going to be in the same boat you just read about for life insurance for police officers. Most likely we can obtain the lowest possible rates for you but a chance is always present that you also get hit with the flat extra charge we discussed previously in this article.
They want to know when you are likely to die. I know it sounds terrible but again, the truth hurt.
Knowing when you are likely to die helps them build mortality tables and adjust rates not only for now but for the future. It’s how the entire life insurance industry was built and how it works. Plain and simple. Let’s look at what I’m referring to when it comes to firefighters and what could impact your life insurance application and overall prices that you will have to pay.
First thing to keep in mind is that fires, burns and injury aren’t the only possibilities for serious injury or death for firefighters. Nearly 100 firefighters passed away in 2017 due to sudden cardiac arrest and motor vehicle accidents. There is always more danger then it may seem at first glance. It’s also possible you work for one of the most dangerous cities to be a firefighter such as
Life insurance companies want to know this information because all this information is…to be honest, extremely important.
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 although this extremely rare.
Like we said before, most of the time we can get you life insurance at the same rates as a local plumber but that’s not a promise
Exclusion of Coverage Example
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.
I have coverage through work. I don’t need anymore!
Wrong. You do need it and more of it. 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 and firefighters is no different. It should be more priority and top of mind for police officers and firefighters to have plenty of life insurance coverage to cover the chances of something happening. It’s recommended an individual to have 7-10X your yearly income and last year the average salary for firefighters and police officers was very close to 50,000.00 Country wide.
That means we recommend an absolute minimum of 350,000.00 in life insurance coverage but ideally, 500,000.00 would be more ideal. This also needs to be considered based on
In wouldn’t take much for Good Life Protection to recommend 1,000,000 plus in life insurance coverage if the shoe fits.
Here’s how employer sponsored life insurance works.
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 or firefighting work left before retirement.
Therefore, we like to emphasis the answer to the question.
What’s the best life insurance for police officers and firefighters? 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, firefighter or even another form of a first responder. Do keep in mind that your health matters as well.
Items such as.
All of these items can ultimately determine your chances at great rates and overall approvals for life insurance.
Are you a police officer or firefighter looking for life insurance coverage?
For the most part, firefighter life insurance and life insurance for police officers is treated the exact same as most other professions if handled with care and expertise. Same goes for other first responders. Talk to an agent who can get you the best deal. That’s where Good Life Protections comes in.
Whether you’re a police officer, a firefighter or any other form of a first responder or any other profession within 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.
Current firefighter or police officers and have any comments for us? Did we miss anything? Share your story below. We would love to hear from you.
If your ready to protect your family fill out the form on the right to see if you’re life insurance rates with over 60 of the top life insurance companies. If you haven’t done so, be sure to sign up for our email newsletter for money saving tips and the latest news in the insurance industry.
Thanks for visiting. We appreciate you and we appreciate your service. Thank you from Good Life Protection.
See you next time.
FILED UNDER – LIFE INSURANCE FOR DANGEROUS JOBS
Josh Martin is the founder of Good Life Protection. He began his career as a captive Agent working for New York Life Insurance Company. After continued education and designations, Josh founded Good Life Protection to provide consumers with more options and insurance that truly fits into your budget and health classification.