Police Life Insurance: Discover Everything You Need to Know in [2024] + YouTube Video
Applying for Police Life Insurance is simple due to today’s relaxed underwriting. As a police officer, ensuring your peace of mind is our top priority. We recognize the distinct challenges and
risks you face daily.
We partner with more than 40 top-rated life insurance companies. These are carriers that guarantee access to the most competitive rates for the best police life insurance policies.
Applying for a life insurance policy is now more convenient than ever. Our streamlined and easy-to-follow process guarantees a seamless application experience, complete with 20-minute telephone applications.
If you have any pre-existing health conditions, the companies we work with are exceptionally accommodating to their underwriting criteria.
Keep in mind that police officers do not pay any more for their life insurance than any other occupation. Applying for the best police life insurance is both quick and simple.
Table of Contents
Can Police Officers Obtain Life Insurance Coverage?
The question of whether police officers can obtain life insurance coverage is a common one. Police officers can apply for the best life insurance plans and may qualify for preferred rates if they maintain good health.
The life insurance industry expresses gratitude towards police officers by maintaining their premiums at standard levels. This is despite police officers’ occupation being more perilous than average.
It is not difficult at all to purchase life insurance for police along with several other types of first responders such as fire fighters and members of the armed forces.
Law enforcement officers know that when they put on their uniform to begin a day’s work, anything is liable to happen but they still go out and protect the public.
The life insurance industry realizes this and does not penalize them in any way from securing the best life insurance rates. Securing the best life insurance for police officers is simple and can be applied for and approved within 24-48 hours with a no-medical-exam policy.
How to Secure the Lowest Term Life Insurance Rates in 2024: YouTube Video
Benefits of Life Insurance for Police Officers
Life insurance provides many significant benefits for police officers, which would include the hazardous risks stemming from their occupation and also their financial goals at the same time. The information below with reflect some of the benefits life insurance holds for members of law enforcement:
Financial Protection for Family Members:
Income Replacement:
If a police officer is killed on the job, or by natural causes for that matter, their life insurance policy will replace lost income which will provide the financial protection their family members desperately need.
Debt Coverage:
A life insurance policy will cover the family’s existing debts, such as home mortgages, which are the number one expense to be concerned with. New car loans, credit card balances, and the usual expenses that continue to hover over people’s heads today.
Children’s Education:
Life insurance can fund future tuition expenses for their children. Especially with annual college tuition easily costing over forty thousand dollars a year.
Coverage for Occupational Risks:
Needless to say, law enforcement officers face much higher occupational risks when compared to other professions which would include not only the physical dangers but extreme stress-related illnesses such as PTSD. A simple term life insurance policy will provide a beneficial safety barrier in case of an untimely death related to their occupation’s dangers.
Supplemental Benefits:
Accidental Death Coverage:
Many policies offer additional payouts for deaths resulting from accidents, which is particularly relevant for police officers given their exposure to risk.
Critical Illness Riders:
Life insurance policies can be written to include an option for critical illness coverage, known as a critical illness rider, providing financial protection if the officer becomes seriously ill and is unable to continue to work.
Employer-Provided Life Insurance:
Many police departments today offer some basic life insurance coverage as part of a law enforcement officer’s benefit package. The face amounts of these policies usually fall short of what the officer really needs and most have to supplement this with an individual policy for more comprehensive coverage specifically tailored to their family’s actual needs.
Peace of Mind:
Having the peace of mind knowing that their family members are properly protected financially will allow a police officer to be able to focus on their actual duties without having to worry about their family’s financial future if the unexpected occurs.
Tax-Free Death Benefits:
One of the best aspects about a life insurance payout is the fact that they are not subjected to any type of tax. This provides the beneficiaries with the full amount of the policy without the side-effects of having to pay a tax on the death benefit.
Options for Living Benefits:
Some life insurance policies that we insure police officers with have an arsenal of benefits known as living benefits which are available from a number of excellent carriers. These policies have coverage for chronic and critical illness benefits.
Estate Planning:
Life insurance can be very beneficial for estate planning, helping cover estate taxes or leaving a legacy for family members.
Key Considerations:
Risk Assessment:
Due to the hazards of their profession, police officers may need to provide additional details about their job and health during the underwriting process.
Policy Types:
Term life insurance can offer high coverage at lower premiums, while whole life and universal life insurance can provide lifelong coverage and also build a cash value that grows. For the majority of time, term life insurance will be the best plan design by far for police officers.
Coverage Amount:
Members of law enforcement should calculate their coverage needs based on their specific family’s expenses, debts, and future financial goals. By carefully addressing all these these considerations, a life insurance policy will quickly become a necessary component of any police officer’s financial plan.
The application process will be the same for law enforcement life insurance regardless of whether you are a state trooper, deputy sheriff, or police officer.
How Much Life Insurance Should a Police Officer Apply For?
There is no specific face amount, this will always vary from one applicant to another based on his or her financial liabilities and what their budget will allow.
Most financial experts will say you should have approximately 6 to 10 times your annual salary saved to be safe.
With today’s standards and high inflation, the face amount will always depend on how much the applicant can simply afford.
There are many other significant financial obligations that you may have outstanding at the time of your death, such as:
Home Mortgage:
Virtually all mortgages today can be a very costly monthly expense for anyone, even if your income is still coming in, much less terminated. This is the first and most intense financial burden dependents have, even with life insurance.
You should base your death benefit on your most significant expense: your mortgage payments. The average mortgage rate today has risen to over $410,000.
Car Payments:
Most car payments today equal what mortgages were years ago. You have two or more outstanding car payments to pay each and every month. Today, many people have car payments that will last for 60 and even 72 months to help reduce the payment amount.
This can be a substantial financial burden for a police officer’s family. The average new car payment statistic in America is $818.00 per month which is like a home mortgage years ago.
College Tuition:
College tuition for one dependent can easily amount to over $40,000 a year. The expense can be staggering if you multiply this based on multiple children going to college simultaneously.
Final Expenses:
Your final expenses can also add up fast, but they are usually the least of your worries compared to today’s average mortgage payment. However, your final costs still have to be taken into consideration.
The Main Causes of Death for Law Enforcement Officers
Highway Traffic Accidents:
Since police officers are the first ones on the scene of any traffic incident, they walk right into the life-threatening confusion of other drivers trying to avoid the vehicles that were just involved in a collision.
Sometimes a pile-up can cause many people to be killed or injured, primarily due to ice and snow. Also, being involved in a high-speed chase is extremely dangerous, where officers may be killed or severely injured.
Death by Suicide:
Most people would not believe that police officer deaths by suicide is a very common cause of death with an average of over 180 suicide related deaths each year. These startling statistics come from a recently released report by First Responders First Link, an organization that tracks first responder suicides.
Firearm-Related Violence:
The likelihood of police officers being mortally wounded by gunshot wounds in the line of duty has always been the most significant concern and peril for law enforcement agents. Virtually any police call an officer is assigned can lead to a firearm-related experience.
It is not uncommon for police officers to be gunned down while sitting in their patrol cars for no reason.
Fires & Explosions:
Law enforcement officers are usually the first responders to fires and explosions. Often they arrive at the scene before the firefighters do.
Unfortunately, this puts them at risk of inhaling the dangerous toxins released from fires, fuel and chemical tank explosions. Sometimes just a short period of inhaling these fumes can cause death or injury.
Disease (COVID-19):
The year 2021 was a record-breaking year for law enforcement deaths related to disease; in this case, it was the pandemic of COVID-19. The statistics show that over 65% of police-related deaths were related to COVID-19.
This is because the police have very high contact with the public and many people with substandard hygiene.
Best Police Life Insurance for Female Officers
Being able to qualify for the best life insurance rates for policewomen works the same as their male counterparts. The
only difference is that life insurance rates for women are approximately 15% less because they naturally live longer and typically take better care of themselves.
Female police officers go through the same type of underwriting requirements as men. If you want to compare police life insurance quotes for women, don’t forget to choose female in the gender drop-down menu on our quoting form because the default setting is set to male.
Compare the Best Police Life Insurance Rates
Finding the best rates is a streamlined and straightforward process. The first step is to save time, connect with an independent agent such as us and let him do all the leg work. This is the agent’s job, and there is no cost or obligation for the assistance.
We can provide a quick medical assessment which takes about five minutes if you have any medical conditions to help choose the appropriate carrier to apply with for your needs.
The most important step is to apply with the correct life insurance company that will be the most competitive with their rates specifically for you.
Achieving the best health classification will allow you to receive the best rates. All insurers underwrite their applications differently, so using the correct insurer is essential.
Your rates will be based on your health history, whether you use tobacco products and whether or not you use your occupation in law enforcement.
What Kind of Police Life Insurance Policy Should I Consider?
The best type of life insurance for police will be the one that offers the most protection for the least amount
of money, and that would be term life insurance.
All the carriers provide affordable term life insurance, and you can apply for it based on how long you need it.
Term policies are typically purchased within term periods of 10, 15, 20, 25, 30, and recently with 35 or even 40-year term periods with Banner Life Insurance.
On the other hand, you also have the option of Universal Life Insurance, a permanent form of coverage that will last indefinitely. The only side effect of universal life is the additional cost factor.
The plan’s design will cost at least three times the price of low-cost term insurance. Therefore universal life insurance is not a good choice in all cases due to the higher cost.
Term products will still be the best choice 90% of the time for a police officer’s family. Especially if the officer has multiple children and needs a higher face amount.
You can always combine term and universal life by applying for a term policy for the most costly time, such as when mortgages and college tuition are on your list of financial liabilities.
Universal life can be used with a smaller face amount to pick up where the term left off for an excellent portfolio of these two products.
Use our quoting form on the right to compare life insurance quotes for police officers from over 40 companies.
Is Group Life Insurance Through Your Employer Enough?
All police officers receive life insurance through their police department’s benefit plan. Many police officers think it will be enough, but it usually never is unless you are single and still living with your parents.
This is due to the fact that the face amounts are usually not sufficient. Here are three critical questions about your employer’s group plan that you need answers to.
Portability:
An essential question to ask is whether your employer-provided life insurance is portable. If you decide to leave your job as a police officer, can you continue to keep your life insurance benefits?
If you choose to retire, can you still maintain your current coverage? Many law enforcement officers retire after 20 years of service. In addition, there is a difference between group benefits from one department to another.
On Duty/Off Duty:
Your police officer life insurance group policy will depend on whether you are killed while on or off duty. An off-the-job case would usually be from natural causes or an accident. There could easily be a considerable difference in the face amount for each situation. You are going to need to know this, and it is essential.
Face Amount:
The face amount (death benefit) on your department’s policy will make all the difference in the world. Your face amount may be based on your salary. This means a young or new officer will have less coverage than a police officer with a higher rank and income.
The FBI, DEA and the BATF may also qualify for preferred rates, the same as police officers.
What Is the Process for Applying for Coverage?
The easiest and most effective way to apply for life insurance is over the phone. You typically always have three ways to apply for
coverage. The first way is the paper application which I believe is obsolete due to its time consumption.
The second way to apply is with an online application. This uses software, and a computer is required with an internet connection.
Unfortunately, some people do not have a computer. If they do, they sometimes get confused with the software application that powers the online application system.
The best way is the telephone application, which only takes about 15 minutes. You simply listen to the questions from one of the gals in the application department. All you have to do next is verbally answer the questions. It does not get any easier or quicker than this.
Our Final Thoughts
Thank you very much for reading this blog post. I hope you have a much better understanding of how to purchase police life insurance. As you can see, purchasing your new policy is quick and straightforward, with no additional cost because of your occupation.
If you have any questions, do not hesitate to contact us. We will be more than happy to answer all your questions 7 days a week. Stay safe out there; America needs you more than ever!
All the best,
Jack Venturi
Should you have any questions or need further assistance, please don’t hesitate to call us at 815-390-7545 for an immediate response.
