Purchasing life insurance for police officers is a simple and straightforward process which usually results in excellent rates
The life insurance companies we utilize consistently offer the best police life insurance rates available
Regardless of the fact that police officers and other members of law enforcement sometimes have a hazardous occupation. The life insurance companies do their best to keep police life insurance rates as low as possible.
Anyway you look at it, high risk life insurance is going to be more expensive. This is why you have to apply with a company that feels comfortable insuring police officers. Preferred rates will have the lowest cost every time. The largest percentage of police officers can actually qualify for Preferred rates when insured with the proper companies.
Only a small percentage of policeman are involved with exceptionally dangerous work and should be classified as high risk. Unfortunately, society has become more violent than ever before. A police officer has to put their life on the line each and every day. The Officer Down Memorial Page shows 150 law enforcement officers were killed in the United States in 2018 along with an alarming start for 2019.
Finding the best police life insurance rates is easy with today’s technology
Finding the lowest rates is where the independent insurance agents who specialize in life insurance really excel. Independent agents usually have contracts with well over 40 companies. This enables the agents to match up an exact fit by using the most applicable carrier for the specific applicant. The modern quote engines give side by side comparisons within seconds. This will allow you to see how one life insurance company compares to another. The use of simple and quick telephone applications make the job simple for the agents and the applicants alike.
What is the application process for police life insurance all about?
On a conventional fully underwritten life insurance application. You would start out with an application which we usually recommend doing over the telephone to save time. The telephone applications take about 20 minutes are a joy compared to the original 20 page paper applications. After your application you will have a Para-Med nurse visit you for a very quick mini physical. This can be avoided if decide to go with a no medical exam life insurance policy. Finally medical records are requested from your doctor and then there will be a period of time for the insurer to do their underwriting. Here is some of the information they review.
- Your current health history
- The Para-med nurses report
- Your occupation if hazardous
- Dangerous sports if any
- A pharmacy check for prescription drugs
- Your driving record
- Possible foreign travel plans
- Physician statement ( medical records)
This is all standard procedure which take from start to finish between 3-6 weeks. If you decide to purchase a no medical exam policy, your underwriting time could be reduced to 24-48 hours. Just keep in mind that no medical exam life insurance costs more than fully underwritten policies. We find that most police officers choose the fully underwritten applications so they can take advantage of the best law enforcement life insurance rates.
The highest rated life insurance companies will usually offer the lowest rates
Insurers who are in very good financial condition usually have the lowest rates. They can afford to charge less for their products and still show a strong profit margin each year. The most important step to finding the best life insurance for police officers is to use to the most applicable company. Every life insurance company processes applications in a differently. For example, some life insurance companies have a big concern with tobacco users. Other carriers are going to be more liberal with applicants that smoke. Just as one company will be more concerned about medical conditions as another.
The dangers a police officer faces each day has been steadily increasing according to FBI Statistics
In the last few years we have all seen steadily increasing assaults on police officers and other members of law enforcement all over the United States. The FBI has released some new statistics and the number of policemen assaulted or killed on the job is alarming to say the least. Law enforcement personnel have found having sufficient life insurance is more important than ever before.
Questions that carriers will be concerned with when assessing a police officers specific job duties
- Do you work high in crime areas? The more dangerous the area you work in can reflect a higher rate of risk to a police officers safety.
- What types of safety measure do you follow on the job?
- How often do you work in the field and out of the office?
- Do you have a specialty which is more dangerous such as narcotics, criminal investigations, and traffic control?
- Are you a police officer working in high crime rate districts?
The answers to these questions will help determine your risk of being hurt or possibly be killed on the job. These are just standard questions related to your occupation.
There are mainly two types of policies to consider
Term life is by far the most common form purchased in America. The big reason for this is term plan designs have the lowest premiums and are very cost effective. When an individual looks for an individual plan design, term life insurance products always offer the best rates. People can then secure the higher face amounts they desire at an affordable cost. Use our face amount calculator to help you calculate your most applicable death benefit required for your specific needs. You can also purchase term life insurance with no medical exam required.
Universal Life is your other option to keep in mind. Universal Life is a permanent plan design which lasts for the rest of your life. All of the Universal Life insurance plan designs cost more because of the simple fact that the companies know they will be paying out a death benefit one day. In many cases, people that own term insurance outlive the policy and this is very profitable for the companies.
The cost of life insurance for police officers is actually going down
Many occupations pose a high risk of being injured or even killed and a police officer’s job is no different. The insurance industry realizes that penalizing a Policeman with higher rates due to his occupation would be an injustice. They would be penalizing the brave men and women that make our towns and cities safe to live in.
But sometimes working in more severe conditions can change that concept. This normally pertains to members of SWAT teams and undercover narcotics agents. Choosing the most applicable company can make a difference with this issue. Law enforcement life insurance rates are going down because of people now living longer than ever before. Always keep in mind that medical conditions can have an impact on your rates regardless of what kind of policy or occupation.
How much life insurance do you actually need?
How much life insurance a police officer is going to need will depend on a number of important variables such as:
Your current age
Younger policeman usually have more debt to contend with because they have younger families. This usually can mean young children that will have to be supported for quite a few years to come. Also, a police officers spouse will be young where she will be restricted as a stay at home mom and will not be able to run out and get a job if the income suddenly stops. The young police officer will usually have a mortgage that is recent where they will have a substantial nut to crack for quite a few years. We also can’t forget one or two car payments in the formula along with plans for college tuition.
Existing life insurance
Police officers today usually always have life insurance through the police department that they are employed by. The face amount of these policies are usually much lower than they really need. The face amounts are usually based on their annual income with the department. A young policeman usually does not have enough time on the job to make much rank to increase his annual salary.
In many cases your group life insurance may not be portable where you can take it with you if you leave the department. You can never totally depend on your employers life insurance especially if you leave or change departments. Having your own life insurance portfolio will be your only guaranteed way to make sure your dependents are properly covered.
Your financial budget
Let’s not forget your monthly budget. Regardless of what face amount you should actually have, how much you can actually afford will be one of the most deciding factors. You always want to make sure you can comfortably afford your monthly life insurance premium. The standard rule of thumb when purchasing police life insurance is purchasing approximately ten times your salary. This is just an industry standard thought but what you actually need can be higher or much lower. You can also add a dollar amount such as $100,000 of coverage for every child you have to your overall projected face amount. But as I said before, your budget will usually determine what your face amount will be.
Use our face amount (death benefit) calculator to help determine how much life insurance you should apply for
Use our face amount calculator to help you determine what death benefit you need. Sitting down and jotting down your current expenses and projected future expenses is also going to be something you need to do. Purchasing life insurance for police officers requires some planning and especially the help from a good life insurance agent.
Return of Premium life insurance is an excellent option to consider
A return of premium plan design is a term product which returns every penny you paid in if you survive the term period. For example, let’s say you purchased a 20-year Term policy with a face amount of $500,000 and an annual premium of $1,500.00 per year. After the term period has its 20 year anniversary, you would receive all your premiums back. Naturally, you have to outlive the policy for this to happen. The statistics normally are in your favor so it becomes a smart way to go for purchasing life insurance. These premiums are naturally higher to compensate for the return of premium rider. You even get back the cost of the rider also.
Life insurance rates are regulated by law
Here are 2 facts you really need to understand
Number 1, the companies actuaries create the life insurance rates based on mortality statistics. Once these rates are developed, the company will publish their rates for the agents and consumers to consider. The insurance company underwriters work with these rates and apply these rates to peoples life insurance applications. This works exactly the same for law enforcement life insurance.
Number 2, the rates for police life insurance have to be approved by each state’s Department of Insurance. After that, the rates will then be strictly regulated by law. The agent and brokers have absolutely nothing to do with these rates except, to use them to run insurance quotes for people. Whoever you purchase your insurance from, the rates will always be the same for the exact same product. This means nobody can sell for less that one another. Shopping around on the internet for the exact same product is not necessary because the premiums will all be the same. The agent has to shop your insurance needs around to see what company will be less than another.
Where is the best place to buy life insurance for police officers?
The best source for purchasing law enforcement life insurance in our opinion would be from our agency. This is one of our specialty markets and I totally understand a police officers occupation. I used to be a part time police officer is my original home town for about 15 years and I have a special interest in law enforcement. We have been helping folks get the best rates for over 25 years. With our comprehensive list of companies, you will be guaranteed to receive the lowest premiums possible. Just like any other product or service you are planning on purchasing. You should not have to pay any more each month than you have to.
Take advantage of our websites quoting system
If you are ready to start comparing companies and various plan designs, complete the form on the right side of this page. You can quickly compare the lowest rates for police life insurance from the most competitive companies in your state. Our quote engine will display instant quotes from the most competitive life insurance companies. All of the quotes displayed are up to date and accurate. This will give you an idea of what your options are and there approximate cost.
Our final word
You may call us toll free at 1-800-897-5699 7 days a week to get answers to all you questions. There is never any cost or obligation for our help. We can direct you to the best company with the lowest rates in a matter of minutes.
If you are a police officer and you read this post, we hope this information has helped you. We also want to say, thank you very much for your service. Many times a police officers job can seem like a thankless one. But keep in mind there are millions of Americans that appreciate what you do everyday including myself!
All the best,