Nurses provide one of the most important occupations in the country, but often times life insurance for nurses gets overlooked if it’s not part of the company benefit package. As most nurses have families which need the protection of life insurance in their financial plan. In this article I will discuss many of the different options which nurses have at work, either through the state or the institution they work for. We will also discuss why nurses need to consider purchasing life insurance for nurses outside of the workplace as well.
Nurses are also pretty curious about the different types of nurses life insurance which are available, and whether being a nurse could disqualify them for any type of life insurance. This is a topic which I am actually very passionate about as my mother is a retired nurse. I understand the challenges of being a nurse, and also the importance of life insurance for nurses.
Having life insurance provided through your job can be both a good thing and a bad thing. I feel it is a good thing because it essentially is life insurance coverage which is free. On the other side of the coin, life insurance for nurses through work can be a bad thing because when someone understands they have life insurance through work, they often don’t consider purchasing any additional coverage. It’s great you have it, but you need to make sure you have the right amount, and you own it. I have seen very few workplaces which will provide you with 10 times you income amount and will also cover burial, debt, and any educational needs if you have kids.
Many of the times, I have seen life insurance for nurses through the job being equal to 1-3 times your average annual salary. To many people this sounds like it would be enough coverage, but if you have a family it probably isn’t. If you are making $40,000 a year, your life insurance would only then cover $120,000. For most families, this may not even be enough money to pay off a mortgage. This leaves a huge life insurance gap.
In our opinion, the biggest factor which is incorporated into all workplace insurance plans is you cannot keep your policy if you leave you place of work, or even retire. Even if you are not planning on leaving anytime soon, you never know, and you should always be prepared. The last thing you want to do is in retirement is leave yourself unprotected with life insurance.
When shopping for life insurance for nurses you will probably be overwhelmed by all of the options available in the market. Some of the most common options which we help nurses with for life insurance include term life insurance, universal life insurance, and whole life insurance. All of these types of policies can be used whatever circumstance you are in, but each are highly customizable.
One of the most common types of life insurance for nurses is term life insurance. It can be used to cover a nurse in their working years to bridge the life insurance gap which is between what you need to cover and the amount your workplace already provides. Term life insurance is your most inexpensive life insurance option, and comes with a tax free death benefit which will stay in place for the duration specified on the policy terms. This will keep your premiums level during this time period, and you will have coverage as long as you pay your premiums.
Whole life and universal life insurance are permanent life insurance for nurses options. Permanent life insurance will keep your premium level throughout the rest of your life. These are good options if you are looking for coverage for a need which will exist for the rest of your life. Whole life insurance policies even have cash value incorporated with it, and this is money which can be used while you are still living. These policies do have these additional options which do make them more expensive.
The first step in getting started with any types of life insurance, including life insurance for nurses is to determine how much coverage you need. Once you have narrowed this down, it’s time to start looking for quotes. At Waterway Financial Group we have provided you with an instant life insurance quoting tool where you can get quotes from over 50 carriers in less than a minute. When you are ready to apply we will help you get covered without all the hassle. If you would like more personalized life insurance quotes please don’t hesitate to reach out to us.