If you are a police officer with a spouse and / or a family, you have probably thought a bit about how much life insurance you have.
After all, the profession you work in is more dangerous than most.
And for that reason, you probably also wondered what the complications of buying life insurance for police officers can be.
Is life insurance for police officers possible?
In a word, absolutely!
Although it is true that life insurance companies consider police work to be a high-risk job, it does not mean that your application will be rejected automatically. It's really higher risk than most professions, but it's actually not even on the list of the 1
You can buy a private life insurance policy, and the most likely thing to happen is that your premium may be increased slightly to cover the extra risk of your profession.
But exactly how much this will be – or whether it will even be assessed – depends on the insurance company you are applying for coverage with.
Is not coverage through the Police Department enough?
This is a common obstacle for many employees who have employer-sponsored life insurance plans, not just police officers. An employer plan can create the illusion of adequate coverage.
After all, it can be assumed that whatever life insurance your institution offers is sufficiently based on some form of mathematical calculation.
If only that were so. Like most employer life insurance plans, those offered by police departments are usually tied to your annual salary. You can be offered anywhere from 2-4 times your salary as a death benefit.
If your salary is $ 50,000, your death benefit will be $ 100,000 in the low-end, or $ 200,000 in the high-end. And the actual amount of the death benefit can vary depending on whether you die on or off the job.
However, it should be obvious that $ 100,000 – or even $ 200,000 – is insufficient coverage given today's cost of living, especially if you have a family with young children.
How much life insurance coverage do you need?
Most financial advisors recommend that you have a life insurance policy equal to 10 times your salary.
When you consider the impact on your family from the loss of your salary for a period of 10 years or longer, just under $ 500,000 seems to be exclusive.
While it may provide your family's survival until your children reach an emancipation age, it may not even be enough to cover tuition costs when the time comes.
That's why it's so important to have a private, supplementary life insurance policy.
The Common Deficiency in Employer-Friendly Life Insurance Most people never think about
There is another critical reason to have your own life insurance that is rarely considered.
If you ever leave the police department, with the exception of retirement, you will probably lose your employer-paid life insurance.
While you may be able to purchase private insurance at that time, you are getting older than you are now, which will make the policy more expensive.
Also, if you have developed any health conditions over the years, the policy will be even more expensive, or you may not be eligible.
The best time to buy life insurance is always right now. Sounds like an oversimplification? It is not.
You are younger right now than you will ever be at any time in the future, and if your health is good now you can get the cheapest policy possible. There is no way to know what your health will be at an unspecified time in the future.
How insurance companies consider life insurance for police officers
Each life insurance company has its own policy regarding police officers. But there are some basics that are common to all.
For example, all life insurance companies will consider the following factors to guarantee your policy and set your premium level:
- Your age.
- The condition of your health (all significant, chronic health conditions).
- Health history for your immediate family (mainly parents and siblings).
- Potentially dangerous behavior such as smoking, excessive alcohol consumption or illegal drug use.
- All high-risk hobbies such as skydiving, racing, deep sea diving or cross-country skiing, as a short list of potential examples.
- Your driving record: accidents in the event of errors, multiple traffic violations, license suspensions and especially the DUI / DWI section.
- Your credit history: significant credit problems may indicate a high stress / high risk lifestyle.
- Other factors that are unique to each individual insurance company.
Each of these factors will have a significant impact on both the approval of your policy and the premium you pay. If you are done with all of the above, you will have some trouble getting an affordable policy, even as a police officer.
Insurance Insurance Factors That Are Unique To Police Officers
As is the case with all risk professions, the insurance company wants to know the details of your job.
Obviously, policing is not a single job, but one with many variations. These variations can have an impact on your premium.
The insurance company will consider the following factors in connection with your profession:
- Do you work in the office or on patrol? If you work in the office, it is unlikely that your premium will be adjusted for your profession. But if you work with patrolling, your profession will be considered more risky, resulting in a slightly higher premium.
- Type of cases you normally handle. If your job primarily involves traffic control and routine policing, your premium may be adjusted slightly or not at all. But if you are dealing with a high crime rate, you can expect to pay a higher premium.
- Use of safety equipment. If you routinely use protective equipment, such as bulletproof vests, your premium will be lower. It is similar to safety equipment in a vehicle when you buy car insurance.
- Carry a pistol. This may seem absurd on the surface, since most police officers have a gun. But it will be a factor in determining your insurance premium. Even if you are not involved in a job with high crime, the risk of armed confrontation to carry a gun increases. There is also the possibility of falling victim to a friendly fire, a firearms accident or even a shooting death as a result of a conflict between two police officers.
While some of these considerations may seem absurd, since carrying weapons with the potential for violent confrontations is part of a police job, it must be remembered that most professions do not include carrying or using firearms.
The insurance company will make a thorough analysis to determine the degree of risk that each of the above factors carries your specific position with the department.
Apart from the potential for confrontation or use of firearms, the potential risk of death from traffic accidents is also an important factor. This also applies to police officers who mainly work with traffic control.
The classification puts you on the road regularly, which is considered a risk in itself. It exposes you to a higher risk of death from a traffic accident (in your patrol car or on the street directing traffic), or from a high-speed chase.
How much will a police officer affect your premiums?  If you have excellent health, you have no family history with major health conditions before the age of 70, you have no bad behavioral habits and you have a clean driving record and good credit rating, you will be entitled to the best insurance premiums available to all .
If you have a low-risk position within the department, such as a desk job, there will usually be no extra premium based on your profession. But if you are on regular patrol, and especially if you are involved in high-crime activities, there will be a premium increase based on your job.
Some insurance companies may charge an additional fee for your profession. But this may change based on your specific job. For example, if you move from traffic management to a desktop job, that surcharge will be removed.
In some cases, for example when you are involved in a unit with high crime, with its attendant higher risks, you can get what is called a table valuation. This is when the insurance company awards a specially designed premium based on your specific risk factors. In other words, your premium will be based on prices that come out of the chart.
But in doing so, the insurance company will also take into account the normal factors that apply to guarantee an insurance. Again, if you are a qualified applicant apart from your job, all will work to your advantage, minimizing the effects of any premium increase.
One factor that you can take advantage of to help your cause on the premium side is to take a term life insurance policy, rather than some kind of permanent coverage, as a lifetime.
As a forward policy has a limited duration, the premium will be much lower than for permanent coverage. This is because the insurance companies are less likely to pay a claim within a ten-year period than a permanent police period.
As a police officer, term insurance should be your first consideration.
How to apply for life insurance for police officers
Applying for life insurance for police officers should not be taken lightly. It is a specialized profession that requires special handling for insurance purposes.
The best way to get coverage to the lowest possible premium level is by working with a life insurance broker, like us. As a broker, we work with dozens of different life insurance companies. This gives us the advantage of being able to submit your application to the company or companies that will probably have the most positive view of your status as a police officer.
Not drawn against the insurance providers that advertise the lowest possible premium rates. These are designed specifically for risk-free and low-risk applicants.
As a police officer, you may find that you pay a much higher premium than the one advertised, or even have your application rejected. After all, the only reason these providers can offer very low cost coverage is because they only accept the lowest risk applicants.
When you have a significant risk in your insurance profile, it is always best to work with a life insurance broker. We specialize in high-risk life insurance coverage and know exactly how to handle the process.
And do not worry that you will pay a higher premium just for using our services. Our compensation comes directly from the insurance companies and without extra cost to you.
If you are a police officer or if you work in another high-risk church, we are here to help you find the right insurance company that accommodates your career and charges the most reasonable premium. We work with dozens of companies and know in advance which ones work best for you.
* While we make every effort to keep our website up to date, you should be aware that "current" information on this site, e.g. relevant details about companies, may only be correct from the last edit date. Huntley Wealth & Insurance Services and its representatives do not provide legal or tax advice. Please contact your own legal or tax advisor.