Affordable Life Insurance for Law Enforcement Officers Requires Effort
Acquiring adequate and affordable life insurance to provide for one’s family is often put off to another day, especially during tough economic times like these.
However, when the need is finally acknowledged, the process requires the same effort that any other life decision would necessitate.
Researching the topic, locating options in the market, and then selecting the most appropriate choice become orderly steps to follow, but the task becomes a bit more difficult if your profession involves more risk than the average wage earner.
Have a high risk occupation?
Law enforcement officers fall under this “high risk” definition, and, although it may seem as if the deck is stacked at first against you, finding an affordable life insurance policy that meets your individual needs is definitely doable, but more effort may be required to locate the coverage that you want.
For example, you may obtain a quote for a policy, but after reviewing the detailed exclusions section, you will most likely detect that coverage will not apply if your death is a result of your profession, the very reason you want the insurance in the first place.
The time to buy insurance is generally when you determine there is a need, when you can afford it, and when you know that you will qualify for the coverage.
Police officers understand the need component of this equation, but qualifying at a reasonable cost is the “hurdle” that must be cleared. Cheaper life insurance does not necessarily mean that you must deal with an obscure company or argue over ambiguous language that could exclude your coverage.
There are large reputable companies that have used technology to lower their costs, and with a larger company, you will most likely find agents that are willing to quote when special conditions apply.
Before beginning your research, it may be helpful to understand how life insurance is priced out to develop an appropriate quote for a potential customer. After allowing for sales commissions, the agent must literally make a “bet” based on your individual characteristics and how they stand up to average life-cycle statistical tables. These tables have been developed over many years of experience and are tied to age, sex, medical conditions, profession, whether you smoke or not, marital status, and a host of other variables that allow for more specialized forms of coverage.
People that work on skyscrapers or in oil refineries, and, yes, police officers, have more risk in their daily job routines. On a statistical basis, life expectancies for these professions tend to be shorter than the national average, an indication of higher risk and the reason why policy premiums are higher. The degree of increased cost, however, will vary across the industry. Some insurance companies focus on low-risk segments of the population to lower their costs and increase their potential for profit. You will want to bypass these companies. Other companies that have extensive databases, capable of accurately defining the risk component for law enforcement officers, will actually be the ones that will provide a reasonable quote.
At this stage, you can solicit agents directly or have someone in the industry support your effort. Unless you have an independent financial advisor to help you, do understand that industry agents will receive their compensation directly from the company that writes your policy, a bit of a conflict of interest. Make sure that you receive many options to choose from, and it is best to make a full disclosure about the risks related to your individual job. Risk would obviously be lower for a detective in an office than for a SWAT team member on the street.
There are many companies on the Internet that can also assist you with acquiring quotes for your specific type of coverage. Take advantage of these firms and any advice or coverage that your employer provides, as well. In many cases, your colleagues at work may offer the best advice based on their personal experiences, but be sure to accept the fact that there are no shortcuts and that a degree of effort will ensure the best results.
After acquiring several policy quotes from different companies for the amount of coverage and for the term you want, the review and selection process begins. Your health may also influence your final premium amount. Be sure to negotiate at this stage. Companies rarely make their best offer as their initial response. Ask directly what other items might reduce the premium and have a frank discussion with your agent. If you are persistent, the agent will typically come back with authorized premium revisions from the policymaker. At the end of the day, term life will generally work best.
Affordable life insurance for more riskier job professions is available, but you must accept the fact that more effort is required.
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