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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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All you need to know about life insurance for nurses

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.

Our experts work with and help thousands of NHS nurses to get the best life cover.

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

More about LIFE INSURANCE

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:

The scheme provides a death benefit to frontline NHS workers of £60,000 paid to bereaved family members. The sum equals approximately double the average pensionable payment for NHS staff, which will be paid by the government.

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

£100,000

20

No

25

£4.63

£100,000

20

Yes

25

£5.80

£200,000

20

No

30

£6.95

£200,000

20

Yes

30

£11.61

 

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

A lot of people are put off applying for life insurance because they think that it’s too expensive. You should check the cost of cover for you before you decide whether it’s affordable for you or not.

Does life insurance cover me while I am 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.

NB. Check your policy wording carefully before you accept an off of the cover

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?

These important questions will tell you whether you have sufficient cover in place to protect your loved ones.

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.

Making sure that nurses pay the fairest and best price for life cover is extremely important, because of the important work that you do.

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

If you’ve got any pre-existing medical conditions, then you’ll need to disclose these on your application. Make sure that you are honest about anything you have suffered from previously.

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.

More about DECLINED LIFE INSURANCE

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.

More about CRITICAL ILLNESS COVER

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.

There aren’t many serious medical conditions that could be caused by nursing so there isn’t a real reason to exclude any medical conditions.

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