Life Insurance for Police Officers: A Complete Guide to Securing the Best Rates in 2024
Applying for Life Insurance for Police Officers 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 life insurance is now more convenient than ever. Our streamlined and easy-to-follow process guarantees a seamless application experience, complete with 20-minute telephone applications.
Enjoy peace of mind knowing that you and your loved ones will be financially secure in the face of unexpected events.
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.
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.
Why Life Insurance Is Essential for Police Officers
I don’t believe a life insurance policy is any more important to a police officer than anyone else because everyone with
dependents should have life insurance.
But if you think about it, the hazards of a police officer can be considered very high at times placing a higher demand on providing financial protection for their dependents.
This is because law enforcement members must regularly put themselves in harm’s way and rely on their training and common sense to keep themselves safe.
Unfortunately, police officer statistics have shown a higher degree of on-the-job injuries and deaths than most other occupations in the last few years.
In addition, the negative change in the judicial system has allowed criminals to evade prosecution and gives them a very early release from prison becoming an additional threat to deal with.
Many other risky occupations in this country also have many dangers that could cause severe injuries and, in some cases, fatalities.
Many other types of occupations are issued flat extra fees to cover the added risk the carriers are taking, but law enforcement rates can typically be approved without them.
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 to be safe.
By today’s standards, with this 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 must base your death benefits 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. There are two or more outstanding car payments in many American homes 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 could easily amount to over $30,000 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 Police 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 death 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 HELP, 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. Many times 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 Police 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.
Comparing 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 an 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 and whether you use tobacco products and not with your occupation in law enforcement.
What Kind of Insurance Policy Should I Apply for?
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 life insurance for police families, especially if the officer has multiple children.
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 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 need an answer.
Portability:
An essential question 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 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.
How to Secure the Lowest Rates for Term Life Insurance
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
