Life Insurance for Police Officers

No one would dispute the fact that police officers have high-risk jobs. Law enforcement officers risk their lives every day to serve and protect their communities. Thus, police should have above-average life insurance to protect them and their families.

Some professions, according to insurers, are at higher risk than others. Fortunately, police service is not on most insurers’ high-risk lists. If you are a police officer, you should not think that taking out life insurance is harder or more expensive than just your job.

One thing to keep in mind is whether you are already taking protective measures through your employer, and if so, whether that is sufficient in your situation. Since life insurance ensures that your deceased loved ones can economically get by without you, it’s important to get the right level of coverage for what they need.

Can police officers take out life insurance?

Yes. However, the type of life insurance you can sign up for depends on the type of police work and whether you are at high risk. However, as a general rule, life insurance is available to most police officers and should not be subject to special conditions.

This does not mean that premiums will not be more expensive than in other jobs, because police work is considered to be more risky than other jobs. Your premiums will increase as your job becomes more dangerous.

Why is life insurance important for police officers?

Police officers regularly face more life-threatening risks than people in other professions, and in today’s environment, that’s more than ever.

If you are a police officer, you may risk your life every day to protect the public, or you may regularly find yourself in a dangerous situation, even if it is not intentional.

The number of deaths police officers suffer varies from year to year.

Some statistics show that law enforcement is not as dangerous as people often think.

According to the National Census of Fatal Occupations, in 2018, a police officer was only 3.5 out of 100,000 likely to die in the line of duty.

But that still makes police officers one of the 10 most dangerous professions almost every year.

Are police officers considered high risk?

Working as a police officer means that officers work in many different situations during their work.

An officer may be assigned as a school resource manager after several years of service due to illness. If an officer is on board after graduating from the academy, he or she is likely to be stationed in various departments or offices during his or her service.

However, given the aforementioned statistics and the general risk of police work, insurance companies understand that police officers take on business risks, but in general most insurance companies do not consider the job to be high risk.

How much life insurance do police officers need?

When calculating the amount of life insurance needed, most insurers suggest multiplying your salary by 7-10 to give you a rough idea. The best starting point is to see how much employer-sponsored life insurance is available and then find additional private insurance.

However, the desire to replace your paycheck should not be the only factor in deciding on life insurance. If you have a family that you need to protect, you want to get life insurance based on other financial obligations, such as:

The cost of a loved one’s life.
Funeral costs and burial expenses are borne by you.
This is the mortgage left over from the family home.
If you need to contribute to your spouse’s severance pay.
Household debts.
Your children’s school fees.

What’s the best life insurance for a police officer?

Again, the type of life insurance that’s best for you depends on your situation, in addition to being a police officer. That is, who you leave behind, and what financial circumstances your death will leave them in. You can choose from several options, such as:

Life insurance – You can be insured for a certain period of time. Ideally, if your financial debt is finally paid off (for example, your mortgage is paid off or your child becomes economically independent).
Life insurance – If you sign up for life insurance and die, you will pay for it. Ideal if you know the financial debt will never go away, or you always decide to keep a lump sum.
A family income benefit is a type of life insurance that is paid monthly, not a lump sum, in the event of death. Ideal if you need a manageable way for your loved ones left behind to provide for themselves economically.

How much is a police officer’s life insurance fee?

As a police officer, it won’t cost you more to sign up for life insurance than someone with another job. Sometimes having a dangerous job can mean that insurers add a “burden” to the price of life insurance, but police service is generally not one of those jobs. However, some insurers may ask questions specific to your profession (to check your risk level) during the application process.

And don’t forget that regardless of your profession, the price of life insurance is still determined by age, health, lifestyle and many other factors, including the insurance you sign up for.

What rate of life insurance can you expect to pay as a police officer?
As an officer, your rate will be determined by your health as much as your career.

If police service is considered dangerous, a table rating may be assigned.

This system is used to increase insurance premiums based on the risk of death.

Choosing the lowest quality table will increase your initial premium by 25%. The highest rating will increase by 250%.

Single premiums can also be assessed along with the rating table.

This charge is added to the base premium over a period of time and can change if the business changes. This, too, will change once you retire.

Generally, the table rating is related to your health status, and the cum surcharge is determined by your career or lifestyle risk.

One or both can be used to determine life insurance premiums.

How do insurance companies determine premiums?

Police officers’ life insurance is insured in much the same way as other applicants. Of course, age and health are the most important factors in the evaluation, but many carriers use additional questionnaires when you report that you work in law enforcement.

You can provide your insurer with information on the following topics:

Do you own a firearm? Because an armed officer can be more dangerous than an officer without armor, the insurance company will ask you when you don’t have a firearm.
Do you go out in the field often? Since many police officers are permanently or temporarily assigned to “desk jobs,” the insurer will ask you if you have ever been out in the field and performed tasks such as investigations, witness searches, or crime scene inspections.
What security measures do you take? These questions are directly related to whether you follow established protocols and take additional security measures while on the job.
Do you handle major crime cases? Of course, major crime cases can be more dangerous than misdemeanor cases, so the company will ask you if you handle major crimes and what your average monthly or annual incident caseload is.
What is your specialty? If you have a specialty education beyond regular schooling, your insurer will ask you what your specialty area is.