Buying Life Insurance as Police Officers and FireFighters
According to recent estimates, there are over 1 million police officers and 1 million firefighters (including volunteers) working throughout the United States. Naturally, with groups of working professionals this large, life insurance companies will do everything they can to try to design reasonable policies. Though having a relatively high-risk career such as being a law enforcement officer or firefighter may make things more difficult at times, there is likely a life insurance policy that could work to fit your needs.
Life Insurance for High-Risk Professionals such as Firefighters
Life insurance policies are typically priced based off of how long the life insurance companies believe you are going to live. For example, individuals who purchase a life insurance policy at a younger age will be able to enjoy lower monthly rates because there will be a longer amount of time before the policy needs to be paid out.
Risk factors that are specific to a given individual could include things such as health, personal activities (such as frequently flying airplanes), and the way that you make a living. Because police officers and firefighters (and other “gray collar” professions) are statistically more likely to be hurt or killed in their line of work, then some life insurance companies may increase their monthly premiums by a marginal amount.
Fortunately, the statistical risks of being a law enforcement officer or a firefighter are not exceptionally high, meaning that many life insurance companies will view your application the same as anyone else’s. But because these policies vary by company, it is essential to look at multiple different life insurance providers before making any final decisions.
Things to look for when comparing life insurance providers or policies include your anticipated monthly premiums, the different types of policies that are available, the length of your coverage, and numerous others. It’s easier to decide if you have taken out time to examine multiple different options.
Purchasing Life Insurance for Police Officers through a Union
Currently, there are many large unions across the country that represent either police officers or firefighters (or, occasionally, both). Though union membership is primarily designed to help individuals gain access to higher salaries, there are multiple other benefits that can come from joining a union as well.
If you are already a member of a union, it would likely be a good idea to contact your local union representative and see if any discounted life insurance policies can be accessed through them. Though you will still want to take a look at other life insurance policies that are available on the open market, having more options instead of fewer options can always be considered a valuable thing.
Finding the Life Insurance Policy that is Best for You
Whether you are a police officer, a firefighter, or any other type of professional, it is important to note that there are many different types of life insurance policies available. “Life insurance” is a fairly general term that can be used to describe a very wide range of financial assets.
• Term Life Insurance Policies are the most affordable type of life insurance policies and are also the most common. With a term policy, you will be insured for a predetermined amount of time and may be able to pay monthly premiums that are less than $10. Term life insurance is the most affordable life insurance policy of all types.
• Whole Life Insurance Policies are more expensive than term life insurance policies, but they also offer a wide range of additional benefits. These policies will cover you for your entire life (rather than a specific term) and also have a distinctive cash value attached to them.
• Hybrid Life Insurance Policies have elements of both term life insurance policies and whole life insurance policies. These policies are ideal for individuals who want access to cash value but also have a limited budget.
• Disability Insurance Policies are often purchased alongside life insurance policies by individuals whose profession involves a significant amount of physical work (such as law enforcement or firefighting). With these policies, you can have a portion of your income replaced in the event that you are still alive, but are physically unable to work.
Ultimately, the type of life insurance policy that will be best for you will depend on your current financial situation, your long-term needs, and numerous other variables. If you are a law enforcement officer or a firefighter, then you should be proud of the work that you are doing. Just because there are certain risks associated with your job, that does not mean you don’t deserve quality coverage.