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Income Protection for Police Officers


If you are a police officer or are part of a task force then chances are that you worry frequently about your family and what will happen when you cannot work due to health reasons. Income protection policies can help you sleep well at nights and they can ensure that your family’s financial needs are taken care of when you are temporarily disabled. Listed below are a few things you should know about while buying income protection insurance for police officers.

 

Importance of Income Protection Policies

Police officers are at a higher risk for injuries and other health problems since they risk their lives on a daily basis. Income protection insurance can ensure that police officers do not have to worry about financial problems when they are injured or ill. These insurance plans protect both police officers and their families when they are unable to go to work due to the reasons mentioned above.

 

Insured Amount

Majority of the insurance plans offered to police officers provide maximum compensation and additional benefits. These plans offer up to 75% of the pre-tax salary amount towards timely compensations that are given every month. If the buyer gets additional salary perks from his employer such as superannuation benefits, then he is eligible to receive up to an additional 8% compensation from the selected insurer. It is important to note that by selecting a higher insured amount you will have to pay higher premiums, however, when your claim is accepted then you will receive higher compensation payments as well. The insured amount also depends on the type of contract you have opted for and if you are looking to get a pre decided insured amount that does not fluctuate then you should consider opting for an agreed value contract.

 

Benefits of Income Protection

The basic benefit offered to police officers who opt for this type of insurance is monthly compensation benefits once they file a successful claim. Additional benefits that may be offered include rehabilitation expenses benefit, specific injuries benefit, home care benefit and transportation benefit. Depending on the type of policy purchased, the policy holder may be offered other benefits as well such as a death benefit and a day one claim benefit.

 

Things to Remember

Buyers who plan to purchase basic income protection insurance for police officers should note that in most likely hood, the waiting period for cheaper policies is more than 4 weeks. Comprehensive policies on the other hand offer a shorter waiting period that can range from 2 weeks – 4 weeks.

If you want to purchase a good policy while saving money then you should consider contacting an insurer that offers discounted rates for police officers. In addition, by comparing rates from selected insurers before opting for a policy you can save up to 25% on the cost of the policy.


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