Life Insurance for Nurses (Discounts & Rates)
Life insurance for nurses comes in three main types: group life policies direct from employers, private life insurance policies, and organizational policies. Each type of policy comes with its own benefits.
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UPDATED: Jun 1, 2022
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- Nurses can get life insurance directly through their work, from private insurers, and through nursing organizations
- Group life insurance is the most affordable option. However, it will provide less coverage than other policies
- Private life insurance policies are sometimes more expensive but allow more coverage and flexibility
- Organizational policies are often tailored for nurses and can be affordable and provide more coverage, and are a great middle-ground
Nurses put their lives on the line to help patients every single day; as such, they deserve access to affordable life insurance for nurses.
Luckily, nurses have several options when it comes to purchasing life insurance, including group life insurance through their employers.
Keep reading to learn more about what life insurance options are available for nurses and which option is the most affordable.
Are you ready to look for affordable life insurance for nurses? Enter your ZIP code above, and we will help you find life insurance rates for nurses from companies near you.
What options do nurses have for life insurance?
As a nurse, you have three primary ways of obtaining life insurance; insurance through your job, a private policy, or specialized policies funded or crafted by nursing organizations.
Each type of policy comes with its own benefits, and you may have the option of purchasing multiple policies if you feel you need additional coverage options.
Group Life Insurance
This type of life insurance is offered through your employer. Group life insurance usually offers term life policies at a discount to all full-time employees.
This can be a very convenient way to get coverage at a discounted rate, with insurance premiums deducted directly from your paycheck.
However, these policies often offer lower coverage amounts than traditional policies, and most won’t be transferable if you change employers.
Specialized Life Insurance Options
Both groups provide life insurance options for members. However, there is a fee for retaining membership with these organizations.
These policies are advantageous if you are a member, as they will offer discounted rates that may be hard to beat compared to private policies.
However, they may not offer you the type of policy you want. Many of the life insurance options designed by these organizations provide term policies only.
Private Life Insurance Options
The last option would be to purchase an individual life insurance policy wholly separate from the job, like those offered by MassMutual, Haven Life, or Prosperity Life.
Some life insurance policies may provide nurse discounts based on where you work or offer better rates and more coverage than the nursing-specific policies available.
As stated before, many of these organizations will work solely with term life insurance policies, so if you are after a permanent policy, going private may work better for you.
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What is the most affordable life insurance for nurses?
On average, group life insurance policies and the specialized policies crafted by nursing organizations are more affordable options for life insurance.
However, not all insurance coverage is equal. If you are looking for higher coverage amounts or permanent coverage, you may need to turn to private policies that come with higher premiums.
That being said, if you have the budget, you may consider getting more than one policy at a time.
If you have a group life insurance policy for a lower amount, like $25,000, you can get another small term life insurance policy from a private insurer, say for another $50,000.
This gives you $75,000 in coverage for as long as you maintain your job, and you are getting it at a discount between the two policies.
Another great way to save on nurse life insurance is to shop around before making your final decision.
Which life insurance company for nurses is the best? Get an insurance quote from multiple providers, then compare coverage amounts and premiums for private, group, and specialized policies.
Are you ready to buy life insurance for nurses? Enter your ZIP code below to find life insurance quotes for nurses.
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