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Life insurance for nurses

If you’re a registered nurse and you don’t know what to do about getting life cover then here’s our latest guide to help.

Nursing has always been considered to be an incredibly challenging job and an extremely difficult role. Currently, the challenges that nurses face day to day are even higher thanks to things like Covid-19.

Challenges for nurses getting life insurance have increased since the pandemic in March 2020. We applaud the work that you do and we want to make sure that you’ve got the right protection in place.

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by Elizabeth Turner-Long - 9th August 2023

We’ve created this guide to explain the best ways to apply for life insurance if you’re an NHS nurse. We’ll aim to answer your most common questions but if you’ve got any other questions then please contact us free on 0800 009 6559.

Do nurses need life insurance?

Only you can really answer that question and it’s based on what your financial and family circumstances are. Some of the main reasons why you should consider taking a life insurance policy:

  • Children/dependents
  • Partner
  • Mortgage
  • Debt

The main reason for considering life cover is to protect your financial dependents

What about my nurse’s pension scheme?

As a registered nurse, you are entitled to contribute to the NHS pension scheme which provides benefits such as:

  • Death in service
  • Retirement funding

There are also added benefits that have been included to provide extra security during high-risk periods. These include:

How much does life insurance cost for nurses?

The cost of life cover for nurses can be extremely low and affordable, especially for younger nursing staff (e.g. under 40). As part of your application, you will be asked a number of questions about your health, lifestyle, and occupation.

You could protect your loved ones for as little as £4 per month…

Amount of coverTerm of policy (years)SmokerAgePremium
£100,00020No25£4.63
£100,00020Yes25£5.80
£200,00020No30£6.95
£200,00020Yes30£11.61

*These examples are an average of the TOP 3 insurance providers in the UK in November 2020

Does life insurance cover me while I’m at work?

You’ll be pleased to know that standard life cover does not have any exclusions so you will be covered while you are at work. One of the most common issues that we see is people who are concerned that they won’t be able to make a claim.

  • On average 98% of life insurance claims are paid

As long as you disclose everything you need to on your application then you’ll be covered at the point of claim.

There are also some specialist products that can offer guaranteed cover without the need for questions or underwriting. These may exclude any pre-existing medical conditions or some occupational-based elements.

Why do nurses need life insurance?

You don’t necessarily need life cover, however, it’s important to consider it if you’ve got a family or financial dependents. The Financial Conduct Authority which is the financial regulator, recommends that you should have adequate protection in place.

There’s an argument to suggest that nurses are classed as a higher-risk occupation due to the work they do. In recent times this has been clearer due to events such as the coronavirus pandemic.

If you are a nurse and you contribute to your NHS pension scheme then you’ll have some cover, but this may not be sufficient.

Consider things like:

  • What’s your mortgage balance
  • How old are your children
  • Have you got any savings in place?
  • Will you receive an inheritance
  • What are your monthly outgoings?

Are nurses at higher risk for life insurance?

Nursing is not classed as a high-risk occupation as far as life insurance is concerned. You’ll need to disclose your occupation on the application but that won’t impact the cost of cover.

There are certain events that have happened in recent years that mean that nursing could be classed as a higher-risk job. If you have been exposed to extra risks due to COVID-19 for example, then you might have extra questions to answer when you apply.

How can I get the cheapest life insurance for nurses?

The price that you’ll pay for life cover can vary dramatically from company to company and depending on your age. To get the cheapest cover, you’ll need to make sure that you’ve checked several insurance providers to compare costs.

Some of the main things that will have an impact on your premiums will be:

  • Your age
  • Smoker status
  • Sum assured (amount of cover)
  • Term (length of cover)
  • Health & lifestyle

What if I’ve been declined life insurance because I’m a nurse?

If you’ve applied for life cover in the past and been refused then it is worth contacting a specialist. There are a number of reasons why you might have been declined or refused life insurance, so don’t worry, it’s not the end of the road.

If you have applied previously then we’ll just need to know which insurance company you applied to and when. It won’t have any impact on future applications for cover either.

Can I get critical illness cover if I am a nurse?

There’s no reason why you shouldn’t be able to get critical illness cover if you’re a nurse. There could be other things that could affect whether you can get this type of policy, but your occupation shouldn’t be an issue.

Does critical illness cover exclude nursing?

Critical illness cover should not exclude your occupation if you are a nurse or anything related to your occupation. This type of policy will provide cover for medical conditions such as cancer, heart attack, stroke, and MS.

Can I get income protection for nurses?

Nurses are often provided with a comprehensive scheme that provides support for long-term sickness. Most NHS sickness pay schemes will provide pay for periods of around 6 months, depending on your role.

If you are looking for longer-term income protection then you might want to consider a policy with a 3 to 6 months deferred period. This can help to reduce or manage the cost as well as fit your circumstances.

More about INCOME PROTECTION

USEFUL RESOURCES

Finder.com – Life insurance statistics

Statista – Life insurance industry in the United Kingdom (UK)

iam|INSURED – Frequently asked life insurance questions

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