Nursing is both a demanding and rewarding profession. As a nurse, you spend your days caring for others, but it’s important to keep your loved ones protected as well. That’s where life insurance comes in. Purchasing life insurance is an easy way to provide your family with a financial safety net. If you pass away unexpectedly, life insurance benefits can help replace your lost income and can also ensure your loved ones won’t be left with any outstanding debt you may have, such as student loan payments. This guide is here to help people in the nursing profession make decisions about life insurance, so let’s get started.
Why Nurses Should Buy Life Insurance
Many people can benefit from having life insurance, and nurses are no exception. One of the most significant incentives to purchase life insurance is that it can help replace your income in the event of your death. If your household depends on your salary from your nursing job, then life insurance will help make sure your loved ones are provided for financially. Nursing school also leaves many nurses with student debt, and having life insurance can help make sure your loved ones aren’t burdened by that debt if you pass away.
Why Employer-Based Life Insurance May Not Be Enough
You may be wondering about the difference between purchasing your own life insurance policy vs. enrolling in group life insurance through your employer. Many employers offer life insurance coverage as part of their benefits package, but it is usually not enough coverage or the right fit for your family’s needs. It’s typically recommended that your life insurance coverage should equal 10-15 times your annual income, so if your employer-provided policy doesn’t meet this amount, you can choose to have multiple life insurance policies and supplement it with coverage that you purchase independently.
What life insurance options do nurses have?
Like everyone else, nurses have two main types of life insurance to choose from: term or permanent. Term life insurance only provides coverage for a certain amount of time (typically a 10-, 15-, 20-, 25-, or 30-year term), while permanent life insurance is meant to cover you for your entire lifetime. Permanent life insurance also offers a cash value component that accumulates over time. Nurses can receive life insurance through their employer, through a policy that they purchase individually, or even through a specialized organization that provides life insurance for those in the medical field, such as the American Nurses Association. If you’re unsure which option is right for you, talking to an insurance broker can help.
As members of a busy and demanding profession, nurses may not always have time to get a medical exam and wait for their policy to be underwritten. Luckily, no medical exam life insurance, also known as instant life insurance, is another option for nurses. With this type of life insurance, healthy individuals under 60 can qualify for same-day coverage with up to $5 million in benefits.
Are you a healthcare professional looking for life insurance? Let SelectQuote help find the coverage that is right for you.
The nursing profession can be stressful and demanding, and the last thing you want to worry about is leaving your family with a financial burden if something were to happen to you. At SelectQuote, we can help you find peace of mind by shopping for life insurance on your behalf. We search trusted carriers in a matter of minutes, quickly finding you the right coverage at an affordable price.
