Trying to help my friend out and see if ‘Supplement Employee Life’ & ‘Voluntary AD&D’ is worth it.

Submitted by failtrashman t3_yh45qb in personalfinance

In a few weeks he will become a police officer, so there’s that.

Not entirely sure if people in this field generally select additional coverage for these insurance options.

The county covers the cost for $50k for each insurance option.

The additional, cost are listed below.

‘Supplement Employee Life’ $50k - $1.32 per pay period (biweekly)

Each additional $50k is $1.31 more, up to $400K

For ‘AD&D’ It’s $50k - 80¢.

Each additional $50k is 80¢ more, up to $400k.

He does not have a spouse or kids. It’s just the nature of his job that he is not sure if he should pay for additional coverage.

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Comments

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g92592 t1_iuc4mkq wrote

Yes, he should get the insurance. The cost is negligible. Law enforcement is dangerous, anything can happen. The cost is very low. Get the insurance

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Gobucks21911 t1_iuc5gz2 wrote

Plus you then have portability if/when you leave for a different position or agency. Nobody knows what the future holds health wise, regardless of profession. Get it now while it’s cheap and while you still qualify.

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g92592 t1_iug3q0r wrote

These policies, I'm sure, are specific to law enforcement. The policy ends with your employment. If moving to another law enforcement agency, they will (should) offer similar at similar rates. It is not possible to take the insurance with you when your employment ends, especially to a non law enforcement position

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Gobucks21911 t1_iugwcpv wrote

The supplemental life insurance will be portable if he continues to pay the premiums. It’s like any additional life insurance you choose (beyond what your employer pays for) when you start a new job.

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g92592 t1_iuiva3u wrote

I don't believe so. I'm not sure where this is. Where I work it is not. Neither the life nor the AD&D are portable. When your employment ends, your insurance ends

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Lollc t1_iucdxlg wrote

Of course he should get those insurance options. He has a dangerous job, he will never get that kind of coverage from another vendor at that price. When I was in similar circumstances re dangerous work for the government and insurance offered I took it.

Look at the math- $2.12 x 26 pay periods is $55 for the year. That's pennies. He should look over the AD&D handout and if it seems reasonable double it, that's another $21.00 per year. Because of his dangerous job, he wouldn't be able to find that coverage for $76 a MONTH on the outside.

You and he might find this subreddit's wiki interesting, it is about a great variety of financial topics.

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racf599 t1_iuf0jiq wrote

he should buy it now, because he may have a spouse and kids later. I was not allowed to increase my life insurance through my employer a few years after my initial hire date because I had medical issues (in their opinion - I am totally fine and very unlikely to drop dead in the next 5 years before I retire). So it's better to buy it when they can't say no, just in case there is some reason they can reject you later on.

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failtrashman OP t1_iuflws3 wrote

Thank you. Should he just max it out? It’s only $435.5 for the entire year for both coverage.

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racf599 t1_iufxp04 wrote

I'd max it out now, and if any increases are ever offered I'd max those too

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93195 t1_iucq3cg wrote

You’re really asking if something that costs a dollar or two a month is worth it? That’s like asking if buying a bag of chips at the convenience store once a month is worth it.

What it’s not worth is even thinking about. He should just sign up for a few bucks worth and forget about it until his life situation changes (at which point he should get more).

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