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If you are a nurse and are interested in nurse life insurance eligibility, then we can help you out. There are many reasons why life insurance for nurses is a great idea to have in place for your loved ones should you die unexpectedly.
Nursing is an essential occupation that significantly benefits citizens of the United States every day. Without highly skilled nurses, our life expectancy and quality of life would be diminished. We are grateful every day for the contributions that are nurses provide to our society.
Why is life insurance for nurses important?
Nurses have a stressful and dangerous job. Nurses work with ill and injured people who are often facing life-threatening medical complications. Nurses also are working with sick or injured people who have contagious or otherwise-transferable illnesses and diseases.
These issues can lead to a diminished lifespan for some nurses. The importance of life insurance in these cases cannot be understated.
I’m a nurse, and I already have life insurance through work?
Life insurance for nurses through work is a welcome workplace job benefit. Your employer owns this life insurance (they pay the premium), and you get the benefit of life insurance coverage as long as you work for this employer.
If you change jobs or transition to another line of work, your life insurance benefit goes away.
Just as you will be unable to take your health and medical benefits with you to a new employer, you will be unable to take your employer-provided life insurance with you to a new job.
I have life insurance with my current employer, and I will have it through my next employer, why do I need to purchase life insurance?
Because your employer-provided life insurance benefit is owned and controlled by your employer, they can choose to increase, decrease, or eliminate your life insurance coverage in the future. You need life insurance will never go away. Your employer’s willingness to pay for your life insurance may go away under a myriad of circumstances.
Many nurses are injured or unable to work due to an illness. When you leave your place of employment due to injury, illness, or disease, you may be unable to qualify for life insurance coverage in the future.
Owning life insurance that you pay for and control is a crucial financial safety net for nurses and other medical professionals.
My life insurance through work is cheap or free?
This can be a good situation or a bad situation. It’s good that you have access to free or cheap life insurance for nurses at work. It helps save money for your family budget and provides you with life insurance protection while you work for your current employer.
It’s bad because it provides a false sense of security that this life insurance will be a benefit for years to come. Most people switch employers every 5 to 7 years, and their benefits package will change dramatically each time they change employers.
If you do decide that you want to purchase life insurance at a later time, you may do so, but it will be more expensive the older you get. It is wise to choose to purchase a “base level” of life insurance that you own while having the rest of your life insurance coverage provided by your employer.
How much nurse life insurance am I eligible for at work?
This depends on your employer’s benefits package. Most nurses are offered one year’s worth of income as a life insurance policy. Some nurses can purchase additional life insurance through work for 1 to 3 times their base salary.
If you make $50,000 a year as a nurse and purchase an additional three times your annual income in employer-provided life insurance, you would have access to $150,000 in life insurance protection.
While $150,000 sounds like a lot of money, it only provides your family with three years’ worth of income replacement when you die. When you die, there will be other expenses that will pop up that will make this $150,000 disappear faster than you had imagined.
Additional costs such as medical expenses, burial expenses, children’s education, college loan repayment, mortgage payoff, etc. may make your $150,000 in life insurance coverage quickly disappear.
If you only have 1 times your annual salary in employer-provided life insurance, you can see how quickly your $50,000 in employer-provided life insurance goes away thereby placing your family and loved ones at great financial risk.
Providing for your family and making sure that they are taken care of after your death is one of the most loving things a nurse can do for their family.
Nurses selflessly give themselves to the rest of society every day at work, and we’re grateful for that. Do, however, make sure that your family is taken care of when the worst happens.
When should I buy life insurance if I’m a nurse?
The best time to purchase life insurance is right now. As you grow older, the cost of life insurance will increase as you age. As a nurse, you fully understand that people who are healthy one day can become sick the next day.
As a nurse you may see people die on a daily basis. Most of these people never imagined they would become ill, sick, or die at that time of their life; life does not always go as planned.
The best time to purchase life insurance is before you need it. The best time to purchase life insurance is before you become diagnosed with an illness. The best time to purchase life insurance is when you are younger, rather than older.
What type of life insurance should I purchase?
If you want life insurance as a nurse to cover you only during their working years, a term policy would be an ideal choice. If you want life insurance coverage to protect you for your entire life, a permanent insurance policy such as a whole life or universal life insurance policy would be appropriate.
Term life insurance is like auto insurance. You pay a monthly premium, and when you die the life insurance company will pay your family a death benefit. If you stop paying your life insurance premium, life insurance coverage ends. At the end of the term for your life insurance (often 15, 20, or 30 years) you will not get your money back.
Permanent life insurance such as whole life or universal life insurance builds up cash value which you can access while you are still living.
Term insurance costs less than whole life or universal life insurance.
There are “hybrid” life insurance policies that include a base level of whole life or universal life insurance, and an additional “rider” of term life insurance. These policies are great options for those wanting a higher amount of coverage in their working years, and permanent life insurance protection with access to cash value later in life.
Which life insurance is right for me?
It depends on your financial needs, your tolerance for risk, and your budget. We can help you understand your life insurance options as a nurse in order to help you determine the correct short and long-term life insurance plan for you and your family.
How do I get started?
Your first step will be to determine how much life insurance coverage you need. We are experts in this area, and can help you to assess your needs over the phone.
Your second step will be to determine what will fit into your budget. Once we understand the coverage amount you’re comfortable with, we can approach our 40+ life insurance companies for quotes.
What are my life insurance payment options?
You can pay monthly, quarterly, or yearly with term life insurance policies. With whole life and universal life policies, you have other payment options (lump sum, etc.)
If you are a nurse, call us to help you understand your nurse life insurance approval options.
At Life Wealth Win, we specialize in healthy to high-risk life insurance cases. We can help you understand your nursing life insurance options.
We work with clients across the nation to get the best life insurance rates possible. If you are a nurse, we can help you get the best life insurance rates.