Firefighters risk their lives daily to help protect our family, and our belongings, which is why firefighters life insurance is of such importance. This post will discuss some of the options which firefighters have through the workplace, either through the state or county. It will also address why it may be important for firefighters to personally own life insurance outside of the workplace.
Firefighters are also curious about what types of firefighters life insurance are available, and whether being a firefighter will disqualify them for any type of life insurance. This is a topic which I am very passionate about as my father is a retired firefighter and my cousin is currently a firefighter. I understand the challenges of the career, as well as the importance of life insurance.
Life insurance through the workplace is both a blessing and a curse many times. I say it is a blessing because it is basically free life insurance coverage. On the flip side, it can be a curse because many firefighters know they have life insurance through work and do not consider purchasing additional coverage. With life insurance, it is great you have it, but more importantly you need to have the right amount. Many times, your workplace will not provide you with enough to cover 7-10 years of income, debt, burial, and any educational needs of children.
Often times, firefighter life insurance through the workplace is equal to 1-3 times your yearly salary. This may sound like it’s enough life insurance coverage to the average person, but with a family it really is not enough. Let’s say you are making a salary of $50,000 per year, your life insurance may only cover $150,000. In most cases, this is barely enough money to just pay off your mortgage, without leaving any extra money for your spouse.
Often times, fire departments will also offer an additional life insurance benefit if you pass away while on the job. Usually this is $50,000-$100,000 which is payable to your family. This is a great benefit, but you have to look at the odds of you passing away on the job. The odds are not very high, and you are more likely to die of natural causes.
The other factor which goes into all workplace insurance is you usually cannot keep it if you leave the job, or retire. You may not ever plan on leaving your department, but you need to make sure what benefits will transfer with you. Leaving your family without life insurance is the last thing you want to do at retirement.
When shopping for firefighters life insurance you may be overwhelmed by the amount of options available. The most common options which firefighters have for life insurance are term life insurance, whole life insurance, and universal life insurance. Each one of these types of life insurance can be used in a variety of circumstances.
Term life insurance, for instance could be used to cover a firefighter during their working years to fill the life insurance gap existing between your actual need and what you already have through work. Term life insurance is the most inexpensive type of life insurance, and comes with a death benefit, which exists for a certain period of time, or term. Your premium will stay level during this term, and the coverage will stay in force as long as you pay your premium.
Whole life insurance is a permanent life insurance option. Term life insurance will keep your premium level throughout your life. Whole life insurance is a good option if you are looking for life insurance for a need you will have the rest of your life. Whole life insurance also has a cash value attached to it. Cash value is money you may be able to access while you are still living, which is a nice feature of whole life insurance. These extra features do make whole life insurance more expensive.
The risk of being a firefighter is very apparent. You are going into a burning building, regardless of how good your equipment is. Their are many obvious risks of being a firefighter, and their are also many other risks such as smoke inhalation. Many people do not know life insurance companies generally ask occupation questions on the life insurance application.
If you are in a risky occupation, such as firefighting, some life insurance companies may charge you a higher premium in order to help offset the risk. This is why it is important to work with an independent life insurance agent who has access to multiple life insurance companies. This allows us to pair you with a life insurance company who will not penalize you for a being a firefighter. This action alone could save you hundred of dollars on your life insurance premium.
If you, or a loved one, is a firefighter we would be happy to discuss your life insurance options and help you develop a life insurance plan which will protect what matters most. You can get free quote here through our website or, give us a call at 855-347-4769.