Policy Check

Universal Life Insurance For Nurses

Written by Universal Life Insurance Check

Nurses are often underappreciated by society as a whole for the sacrificing they make well trying to help those in need. 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.

Should I Get 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.  Therefore, having additional life insurance that is not through your employer can be very beneficial if you were to change employers going forward.

Also, when you purchase life insurance privately instead of the group plan that your employers offer you may be able to get a better bang for you buck.  When you take part in group life insurance plan you often pay the same rate as everyone that using this benefit.  However, if you are healthier than the average person and don’t smoke you can get a better price for the same amount of insurance compared to the life insurance that is offered through your workplace.  Obtaining a universal life insurance contract will allow you to lock in a good rate and will allow you to change jobs without having to worry about protecting your family financially.

Nurses Are Staying On The Job

Nurses are staying on the job well past their retirement ages because of the shortage and the recession. Nursing can be a stressful job, but it can also be a lucrative one. But what a lot of people don’t think about is what happens when you retire? New nurses often don’t think about retirement when they first start the job. However, it’s good to know the basics of retirement.

According to U.S. News, 42% of registered nurses receive pension payments by the time they retire.

Here’s a quick recap about nursing pensions:

  • Nurses who work in a government job are more likely to receive a pension payment than those that work in the private sector.
  • If a nurse joins a nurse’s union, then they are more likely to have a pension than a nurse without a union.
  • There are regions in the country that are more likely to offer pensions. In the Northeastern part of the United States, nurses are more likely to end up with a pension than a 401K.

Pension Protection

When nurses retire, they are faced with a decision on what pension option they should take. The ‘max pension option’ will provide you with the highest income for which you are eligible.  All the other options – called “Survivorship options” – will provide an income less than the max option. The ‘max pension option’ will provide you with income until you pass away.  Once you pass away, your pension income goes away – it will not be passed on to your spouse or children. Survivorship Options provide a safety net for your spouse – if you pass away and you have a survivorship option – your spouse will receive a pension income for as long as she lives.  Having a universal life insurance policy will allow you to take the max pension option without sacrificing coverage for your loved ones in the worst-case scenario. 

About Universal Life Insurance Check
About Universal Life Insurance Check

We work with individuals across the nation to secure the best life insurance rates.

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