Police officers put their health and wellbeing on the line each and every day at work. The task of keeping our community safe and secure comes with inherent risks, risks that police officers take to ensure that the rest of us can enjoy the sense of security that we do.
Historically, life insurance, TPD insurance and income protection options have been very limited when it comes to police officers. However, there may be some options and policies available that can be significantly more flexible than the default ‘group protection’ plans that the government or your super fund may provide.
Recent developments and improvements to product offerings have meant that a significant portion of police officers are now eligible for life insurance, income proteciton, disability insurance and trauma insurance.
Different roles in the police force carry with them differening levels of danger and risk. As a result, there are a handful of police duties that are ineligble for both life insurance and income protection.
Roles in the police force that are ineligible for income protection and disability insurance generally includes the following: Motorcylce police, Bomb disposal, Special Operations, Wingman, Pilot, Diving as well as Search and Rescue.
It is important to remember that those who are ineligible for income protection and disability insurance could well be insurable for both life insurance and trauma insurance.
At Curo Financial Services, we pride ourselves on being able to utilise our many years of experience to achieve the best possible out come for you, our clients. Our executive level relationships at many of Australia’s top life insurance companies allows us to deliver results to our clients that far exceed their expectations. As a result, it is vital that you speak to us before coming to the conclusion that you are unisurable, you could be pleasantly surprised.
Life Insurance – Life insurance is generally available to all police officers and the policy has no special conditions that wouldn’t typically apply. Some of the more hazardous police roles (i.e bomb disposal) attract a premium loading which essentially increases the cost of the premium to compensate for the added risk (when compared with other roles.)
TPD (Total and Permanent Disability) Insurance – TPD insurance is generally only available to police officers that aren’t working in the previously mentioned ‘high risk’ roles. As well as this, generally only “Any Occupation” TPD insurance is available. “Any Occupation” generally refers to the fact that you will have to be deemed unable to ever work again, due to accident or illness, in any occupation that you have reasonable training or experience.
Income Protection Insurance – Similar to TPD Insurance, Income Protection insurance is generally only available to police officers that are working in less hazardous roles. As well as this, the type of policy that is available to police officers is slightly different to those working in jobs that are low-risk. One of the limitations is that the benefit period, the maximum amount of time you can be on claim, is restricted to a maximum of 5 years. As well as this, there are a number of other aspects of the policy that are different to a standard one. As a result, it is crucial to speak with one of our advisers so that you can fully appreciate what level of protection an income protection policy offers you.
Trauma Insurance – Similar to life insurance, trauma insurances is typically available to all members of the police force, regardless of their role. Police officers that are performing very high risk jobs might have to pay a premium loading to compensate for the added risk. Generally, there are no special conditions attached to trauma policies taken out but police officers, they are generally identical policies to those held by the rest of the population.
General Advice Disclaimer
General advice warning: The advice provided is general advice only and in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.
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