The benefits set forth in this part shall be in lieu of any or other compensation payable to a member of a police force, fire department, or band or any of the member’s dependents under or on account of chapter 386, or any other claim or demand against the county by whom the member is employed. However, the member of the police force, fire department, or band or the member’s dependents may, at the member’s or their election, waive the benefit provided for in this part and in lieu thereof claim any compensation or benefits that would otherwise be payable to the member or the member’s dependents under chapter 386, or in any manner authorized by law.