Police officers put their lives on the line everyday to ensure our safety, which is why life insurance for police officers is so important to us at Waterway Financial Group. Many hazardous occupations, like construction workers or fire fighters, all have similar concerns.
Police officers and first responders deal with people who have passed away on a weekly basis, so they can see how quickly life can be taken away. Many police officers have spouses and children who rely on them and their income, and life insurance for police officers can create piece of mind.
Unfortunately, we speak with many police officers who are highly underinsured or uninsured all together with life insurance. There are some important factors to consider when applying for life insurance for police officers and it is important to understand what options exist.
First responders, including police officers, generally have pretty good benefits through work. My father is a retired first responder, and he had excellent health insurance, pension, and some life insurance. All of his benefits were great, but he was not provided with enough life insurance. Looking back, we would have needed much more than they provided if something would have happened.
Most police departments will supply some form of life insurance as part of their benefit package, but rarely is it enough. Many times they will offer life insurance for police officers equal to a year or two of salary.
Every family situation is different, but in most cases police departments do not supply near enough life insurance.
Police officers are usually aware they have life insurance, and often times feel it is enough so they never consider purchasing additional life insurance. This is risky, and is a big mistake.
The important question to ask yourself if you are a police officer is if your family could survive if you passed away, and they only had your salary for one year. If the answer is no, then it is important you purchase additional life insurance protection outside of work. The other thing to consider is in most cases if you leave the force, or retire, your life insurance may not stay in force. With many police officers retiring in their 50’s and early 60’s it still may be important to have at least some life insurance.
The same life insurance options exist for police officers, as exist for anyone. Police officers can still obtain affordable term, universal, or whole life insurance rates.
Being a police officer alone should not disqualify you from obtaining the highest life insurance ratings. The most common life insurance we use with police officers is term life insurance, but of course each situation is different. Normally, a police officer will match his term life insurance policy to the amount of years until they retire. This way their family will be protected while they are still contributing an income to the family. A 20-30 term life insurance for policy for police officers can be an extremely affordable option, and can give your family the piece of mind they deserve.
Now you know the importance of owning life insurance outside of the workplace and the ability to access the best life insurance rates as a police officer. The next step is to determine your life insurance need, and then allow us to shop your policy rates for you. As an independent life insurance agent, we will shop your life insurance rates among all the major carriers and match you with a company and policy which will meet your needs.
If you, or a loved one, is a police officer shopping for life insurance the first step is to get a quote and see just how affordable peace of mind can be.