A law enforcement career should not be considered high risk by your life insurance company.Click To Tweet
Regardless of the fact that police officers and other members of law enforcement sometimes have a hazardous occupation, purchasing life insurance life insurance is now a very simple process.
Anyway you look at it, high-risk insurance is going to be more expensive all the way around. This is why you have to apply with a liberal company that feels comfortable with ensuring law enforcement personnel. Preferred rates will carry the lowest price tag. The largest percentage of law enforcement officers actually qualify for Preferred rates.
Only a small percentage in law enforcement officers are involved with exceptionally dangerous work and should be classified as high risk. Unfortunately, society has become more and more violent than ever before. A law enforcement 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 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 over 40 top rated 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, so there is no question how one company compares to another. The use of simple and quick telephone applications make the job simple for the agents and the applicants alike.
Some of the best companies offer the lowest rates
Insurers who are in very good financial condition usually have the lowest rates. They can afford to charge less money for their products and still show a good profit margin each year. The most important step to finding the best life insurance rates is to use to the most applicable company. Every life insurance company processes applications in a different way. For example, some life insurance companies have a big concern with tobacco users and others are going to be more liberal with applicants that smoke. One company will be more concerned about pre-existing medical conditions more than another and the list goes on.
Here are some questions that carriers will be concerned with in assessing your risk:
- Do you work high in crime areas? The more dangerous the area you work in can reflect a higher rate of risk to your 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 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 two basic policy types 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 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 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 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 industry goes out of their way to make policies more affordable for law enforcement personnel
Many occupations pose a high risk of being injured or even killed and an 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 people 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.
Return of Premium life insurance is an 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.
The carriers set the rates and the rates are then 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.
Number 2, the rates have to be approved by each state’s Department of Insurance where the rates are 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. Wherever you purchase your life insurance and 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 useless. The premiums are all the same. The agent has to shop your insurance needs around to see what company will be less than another.
Get a head start and run our quoting system
If you are ready to start comparing plans designs and premiums, complete the form on this page. You can quickly begin comparing the lowest rates from the most competitive companies in your state. Our quote engine will display immediate life insurance quotes from over 40 of the best life insurance companies. All of the quotes displayed are up to date and accurate.
If you prefer, feel free to contact us directly and we will be able to direct you to the best company with the lowest rates in a matter of minutes.