first published on January 13, 2019 by Luke P
If you’re a police officer, having life insurance is paramount. You go to work every day, risking your life and risking your family’s financial stability. The younger you are the bigger your family is, the more burdensome your passing could have on your loved ones, especially if they are relying on you financially. Luckily, most police or sheriff’s departments give their officers life insurance as a part of the hiring benefits. However, is that enough? Yes, you can have too much life insurance, but not having enough can do a lot more damage.
That’s why we’ve gone ahead and put together a list of some secondary life insurance companies you might want to check out.
You’ve probably seen the commercials on television for AIG Direct. They’ve been around a while, which means they know what they’re doing when it comes to life insurance. Luckily, all that experience means they can offer you a lot more than some of the other guys. For instance, they offer whole life insurance up to age 85 without any medical examinations. This means if you’ve acquired some poor health as a result of your police duties, chances are, you’ll still get coverage.
Health IQ might be an intelligent choice for life insurance, especially if you’re in great shape. And since we know it takes a great deal of health to be at the peak of your game in the LE world, this might be a company to look into. And if you’re a national weightlifting champion on your days off, not only will they cover you, they’ll fairly take into account your BMI as a result. Despite being very health conscious when it comes to selecting their clients, their tailored underwriting will make sure you get the best deal possible.
Because your life is busy enough with overtime, court dates, and your regular shifts, Bestow might be the easiest life insurance to get for officers. You don’t have to do any medical examinations—so it’s good for disabled/medically retired police officers in poor health—you can get coverage in 10-minutes, and you don’t have to talk to anyone to get it. If that’s not easy, I don’t know what is. The downside, they give coverage based on age, so if you’re retiring at 65, you won’t be able to get coverage through them.
Now, we know most law enforcement personnel don’t get paid a lot, or at least not what they deserve, but let’s say you have assets from your past life, say $10 million worth, Ethos is probably a good choice for you, because that’s how much coverage you can get. We couldn’t find any information specifically related to being in law enforcement, but we still think they’re a good choice for the policing community—unless that community is in NY, because you aren’t covered there. Otherwise, unlike those pesky salesmen, Ethos isn’t one of them. They’ll sell you what you need and nothing more, which we like. Again, sorry NYPD.
Now to get into why you should look at these different insurance providers. We know you put your life on the line every day, and that might be off-putting to most insurance companies. But, that’s not necessarily the case. Also, contrary to what some may believe, having insurance through your department might not be enough. And having coverage through your department’s insurance company does not prevent you from getting extra coverage.
In addition, simply having life insurance through your department doesn’t mean it will follow you when you retire. Once you leave the job, you’ll also leave your life insurance. And while you may be sitting there thinking, well I’m not a police officer anymore, why would I need life insurance if I’m no longer working in such a high-risk job. The answer—your family. Even if you don’t work in a high-risk position, your passing could still prove fatal to your family’s finances once you’re no longer around to help support them.
Another myth about law enforcement and life insurance is that you’ll have to pay a lot more because of the risk. In some cases, yes, you will pay more depending on the provider. However, if you look at independent insurance companies, select term life insurance, or go with a company that doesn’t charge more based on occupational risk, you will pay the same premiums as the average citizen.
Life insurance premiums increase with age, medical history—in some, but not all cases—term length, smoking history, and even gender. But not all companies increase rates due to occupational risk. Your best option to save a little cash is to go with term life insurance, and if you’re in good health a company that requires a medical exam. If you’re in poor health, your cheapest option typically seems to be term life insurance without a medical exam. Overall, the prices are higher, but if you went to go with a company that required the exam, your rates would be even higher than that.
So, look at adding more coverage, especially if your department isn’t providing a sufficient amount. If your assets, bills, and lifestyle are more than your coverage, you need more. And if that’s you—the one reading this—start by looking at some of the top life insurance companies we’ve talked about here. It never hurts to get a quote.