When we think about police officers, we think of the people that keep us safe. What we tend to forget is how these people keep themselves safe.
A career in law enforcement can be dangerous and that is why these individuals need life insurance, so they can be protected too. Also, so their families can be protected.
Table of Contents
- Can a Police Officer Get Life Insurance?
- Finding Life Insurance Coverage
- How Dangerous is it to be a Police Officer?
- How Will My Risk Be Assessed?
- Is Life Insurance More Expensive for Police Officers?
Can A Police Officer Get Life Insurance?
Working as a police officer, your life is put at risk every time you clock in. And, although we may not like to think about it, accidents can happen with such a high-risk profession.
This is why police officers need to think long-term about their family and financial situation.
Doesn’t my job provide me with life insurance?
The answer is typically yes, working in law enforcement you do have life insurance as a part of your benefits package.
Is my life insurance policy enough to take care of my family?
In most cases, it is NOT enough. The average life insurance plan offered to police officers gives 2 to 4 years of salary for surviving family members.
In most households where there is a house full of children, a mortgage to pay off, and a future college fund to save for, its not enough.
Two to four years’ worth of salary can seem like a lot at first, but when you consider living expenses for your financial dependents in the long term, you begin to see it may not really be much at all.
How much life insurance do I need?
Experts recommend a life insurance policy with a face amount equal to 10 times your annual salary so it gives you more of a cushion if such a tragic event were to occur.
This is why law enforcement employees should be purchasing an additional life insurance policy, and yes, police officers can get additional life insurance.
Finding Life Insurance Coverage
Since you already have coverage through work you may not know where to start or what to look for when purchasing a life insurance policy.
There are a lot of life insurance companies on the market that have a lot to offer. In fact, for a lot of people looking to purchase life insurance, the number of companies and policies can be overwhelming.
That is why we strongly recommend anyone looking for a life insurance policy for law enforcement officers compare quotes from multiple companies for the best rates.
We’ve got you covered.
How Dangerous is it to Be a Police Officer?
As we mentioned briefly earlier, law enforcement officers are an inherently higher risk than someone who works at the post office for example.
But just how high risk are law enforcement officers considered to be because of their profession?
Last year, 72 police officers were killed in the line of duty. A moment of silence. When considering there are over 900,000 enlisted police officers in the United States, this yields a 1 in 12,500 chance of being killed in the line of duty.
These are all scary statistics to read. But the depth of these situations cannot be avoided, as gruesome as they may seem.
Nonetheless, they bring back to mind why police officers need life insurance.
How Will My Risk Be Assessed?
Since police officers can be considered a high-risk occupation, a life insurance company, insurance agent, or underwriter, will ask you questions to see how great of a risk you are while on the job.
Common questions life insurance companies ask police officers:
- Do you work in high crime areas?
- How often do you work in the field and out of the office?
- Do you have a specialty that is dangerous?
The more dangerous your career is, the higher some premiums will be for some life insurance policies because of the high-risk environment.
For instance, if you are a police officer who works in an area with a high crime rate you may have to pay extra for life insurance. This puts you at a higher risk because police officers spend a lot of their days in vehicles which increases the possibility of accidents.
They pull people over on the side of the road leaving themselves exposed in a vulnerable position. They are the first responders to vehicle accidents and active crime scenes.
Is Life Insurance More Expensive for Police Officers?
Getting life insurance if you work in a high crime rate area may be at a higher premium but it is necessary in order to keep your family financially stable in case of an emergency.
Typically, not all life insurance companies increase your premiums based on your profession. The policyholder’s health is the main contributing factor. If your job is considered to be relatively high risk, life insurance companies may add a flat extra fee. This fee is added to the basic premium for a duration of time but changes as your duties on the job change.
The chart below displays life insurance rates for a police officer in the state of Massachusetts. These quotes are based on a 35-year-old male who is in excellent health. The policy is a 25-year policy that covers up to $1 million.
25 Yr Term Policy For a 35 Year Old Male Police Officer in Excellent Health
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As you probably noticed from this chart, the price is increased if you are making monthly payments as opposed to paying one annual payment each year. Clearly, AIG has the best option because it is the lowest price across the board for the policy.
However, this may change based on your personal criteria. The quotes above are for a man in excellent health, who is a non-smoker. If you look at the chart below, we ran a test with all of the same attributes in the previous chart, except that this man is a smoker.
25 Yr Term Policy For a 35 Year Old Male Police Officer in Excellent Health + Smoker
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This one simple change in a person’s health can make the rates skyrocket. These life insurance plans are almost 5 times the amount they were quoted before just because they are a smoker.
Health is a huge factor when purchasing life insurance so make sure you are in excellent health while searching for a plan. If you are a smoker, it may be smarter to go with a plan that does not require a medical exam until you are capable of quitting so your premium will drop.