Should Police Officers Consider Additional Life Insurance
Life Insurance for Police should be carefully scrutinized when it comes to group coverage provided and if they should consider purchasing seperate individual insurance, I think you will find the answer to be yes. Jack Bendahan well known Toronto, Peel and York Region Police Life Insurance Advisor explains that group insurance coverage is ok but it needs to be supplemented.
With the group insurance if the worst occurs, the principal sum of coverage is equal to two times the officer’s annual salary rounded to the nearest $1,000. The average salary of a 1st class constable (the highest rank of constables) police officer in Toronto, according to the Toronto Police Service Board is $81,000. So if an officer of this rank were to die of accidental death (this includes any causes of death that do not include illness, suicide, war injury or otherwise known as natural causes), that officer will have approximately $160,000 worth of life insurance coverage from the indisclosed group insurance provider. This means that if you are to pass because you have fallen ill to a life-threatening illness you will not be insured under this group policy. According to various Statistics Canada reports, it is far more likely to die of a critical illness than it is to die of accidental death.
The average coverage amount for an adult of approximately 40 years of age is usually $500,000 to a million dollars in coverage. Especially with the high mortgage rates, energy costs, increased food prices, and other costly living expenses it is inadvisable to rely on less than half a million dollars in coverage especially if you have dependents. Therefore it is essential to apply for additional coverage and as a police officer it is generally quite affordable to do so with an individual policy. The reasons for this includes the fact that police officers have higher chances of being eligible for preferred ratings which can mean substantial savings on monthly premiums.
If you do not wish to pursue an individual life insurance policy for additional coverage your options are limited under the Toronto Police Service Board. For example, you can only apply for additional coverage if you are a Command or Senior officer. Command or Senior officers are the only sorts of police officers eligible for additional coverage. If you do happen to be a Senior of Command officer you have the option of applying for additional coverage but must do so within 31 days of their appointment or promotion to this title, and can only do so once.
This additional coverage you can collect is equal to one times your annual salary. This additional coverage is also given through separate insurance policy with different restrictions, regulations, and claim procedures.
Therefore, if you are not a Command or Senior officer or if you would like to explore your options for additional coverage and top up your current life insurance coverage to a sufficient sum, consult a life insurance broker. A life insurance broker can stake out individual policies from multiple companies and provide with more options you can examine and assess yourself, as opposed to leaving it up to the Toronto Police Service Board. By doing this, you can ensure that the additional coverage you collect comes with premiums you can afford.
Real Life Insurance case Studies for Police
Here are a few free life insurance quotes for a term 20 life insurance that can help top up your coverage to a sufficient coverage amount like $500,000 while still remaining fairly affordable. The premiums for this type of policy remain level for 20 years and after 20 years your coverage is paid up in full.
Term 20 Life Insurance Quotes:
Age: 30
Coverage amount: $500,000
Lowest Monthly Premium (compared with 35+ life insurance companies): $66 with Unity Life Insurance Company
Age: 40
Coverage amount: $500,000
Lowest Monthly Premium: $115 with RBC Insurance Company
Age 50:
Coverage amount: $500,000
Lowest Monthly Premium: $334 with RBC Insurance Company
For additional quotes or if you have any questions regarding the pursuit of additional coverage with individual life insurance policies contact Jack Bendahan, senior life insurance broker of Toronto Ontario, at 416-995-8705.
You Serve and Protect. Let the Lifeman Serve and Protect You.
