Public servants such as police officers, postal workers and those in political office can often find various products and services just for federal and local government employees and their families. What about government life insurance? If you are a government employee, you may have a certain amount of term life insurance built into your benefits package.
If you want whole life or universal life insurance policy, you may need to find another policy to supplement your existing life insurance. You may also want an additional policy to ensure that your life insurance goes with you even if you transfer into the private sector.
To find the best rates and discounts that may be available to you as a government employee, do your homework. All life insurance companies are different, and the rates can vary widely.
You can get help comparing rates and options from multiple life insurance companies. An independent insurance agent in our network can look for government life insurance discounts on your behalf.
Types of Government Life Insurance
- Veterans life insurance
- Federal employees group life insurance
- Service Members and veterans group life insurance
There are a number of life insurance policies just for government employees. Work with an agent who can provide guidance on the right type of policy for you and help you choose the right amount for your needs.
Life Insurance for Police Officers
Law enforcement officers often wonder what kind of life insurance they should obtain, and how much they need. The main questions you should go over with your life insurance agent include:
- In the event of your death, how much income would your family need to cover your final expenses?
- How much income would your family need for living expenses when your income is no longer available?
- How much would your family need to cover your children’s education expenses?
- How much would your family need to pay for any outstanding debts, including credit card debt and your home mortgage?
Once you know the answers to the above questions, consider any income your family may have other than your salary, such as investments, social security, and your spouse’s salary.
You will also need to decide whether you want a permanent policy that will build cash value over time, or a term policy that will simply provide a death benefit to your beneficiaries upon your passing.
As a police officer, you may have additional factors to consider as you choose the best policy for your needs. For example, you may also want to consider an accidental death and dismemberment policy as an addition to your life insurance coverage.
Additionally, you may want to consider adding disability insurance to your portfolio to ensure that your income is secure if you become disabled.
The policy you need to provide security for yourself and your family will depend on your employment benefits package.
How to Compare Quotes on Government Life Insurance
Finding the right insurance for your unique needs involves a careful assessment of your risks, goals, and family needs. While it can be overwhelming to sort through all of the options and associated costs, when you have the right coverage in place you will have peace of mind that you and your family are prepared.
An independent insurance agent in our network specializing in life insurance can help you fully assess your insurance needs and compare government life insurance quotes. Simply find an agent to get started.