Nurses life insurance

The work of a nurse is invaluable but, unfortunately, healthcare workers know just how quickly life can change.

That’s why having the right financial protection in place is vital to safeguard your loved ones' future.

If you’re contributing to an NHS pension, you’ll be entitled to death in service benefits - which could minimise the amount of personal cover you require.

At Reassured, we make arranging personal life insurance as effortless as possible so that you can get back to enjoying your much needed down time.

We compare quotes, free of charge, from our panel of leading UK insurers to find you our best deal.

Read on to learn more about life insurance for registered nurses. In this guide we’ll be covering:

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Do NHS nurses get life insurance?

NHS nurses aren’t provided with personal life insurance.

However, if you’re an NHS employee and are actively contributing to the NHS pension scheme then you’ll be entitled to death in membership benefits[1].

This means, if you pass away during your employment (or during your retirement) with the NHS, your loved ones will be paid a lump sum benefit.

If you’re eligible for this benefit you may wish to factor in this sum when securing your own personal cover.

Alternatively, if you’re a nurse who works outside of the NHS, securing a personal life insurance policy could be even more important to safeguard your family’s future.

Do nurses need life insurance?

As mentioned, as a nurse you may already be entitled to death in membership benefits as part of the NHS pension scheme.

The scheme provides a lump sum pay out and pension benefits to your loved ones if you were to pass away during your membership.

The amount you receive will depend on your circumstances at the time of your passing but is usually a multiple of your salary or pension.

While this is a generous benefit to receive, it may not cover everything for your loved ones after your passing.

Having an individual policy could help to provide your loved ones with the utmost protection during and after your employment with the NHS.

This offers protection in case you were to retire early and your death in service benefits with the NHS pension scheme are reduced.

Or, if you were to leave the nursing profession and your death in service benefits no longer apply.

By providing your loved ones with a life insurance pay out in the event of your passing, you can help them to cover:

  • Mortgage or rent payments
  • Daily living costs & household bills
  • The cost of your funeral
  • Outstanding debts
  • Additional childcare fees

How much life insurance do nurses need?

Calculate how much life insurance you may need by filling in the key costs and expenses you’d like your policy to cover.

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£137,934 is the estimated mortgage debt per household in the UK.

The purchase of a home is likely to be the largest financial commitment any of us will make in our lifetime. Your life insurance should cover your remaining mortgage balance to allow your loved ones to stay in the family home should anything happen to you.

Source: Moneynerd.co.uk
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The average monthly household budget in the UK is £2,548 (that’s £30,576 per year), which is spent on transport, food & drink, utilities (gas, electricity, water etc), clothing, council tax and leisure activities.

With energy prices hitting a record high and the cost of living rising sharply in the UK, you may wish to factor in utility bills and family living expenses into your cover.

Source: Nimblefins.co.uk
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The average personal debt of UK adults has risen to £34,566 (not including mortgage debt), with credit cards, personal loans and overdrafts being the most common forms of debt.

Factoring in any debts into your life insurance cover means that, if they need to be paid back from your estate after your passing, your loved ones won’t miss out financially.

Source: Money.co.uk
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According to SunLife, the average cost of a funeral in the UK is £3,953 (with the overall cost of dying at £9,200).

Funeral costs have increased by 116% since 2004 and are a significant cost which should be factored into the amount of life insurance you secure.

Source: SunLife.co.uk
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When factoring in cover for your children, you may wish to calculate the amount based on how long it is until they reach financial independence.

This could include childcare (£7,000 per year for part-time care), school expenses (£1,519 per school year for uniforms, lunches, stationary etc), as well as an additional sum for further education (this could be a contribution of up to £5,000 per year).

Sources: Daynurseries.co.uk, Primarytimes.co.uk & Savethestudent.org
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2 in 5 adults say they are relying on an inheritance to fund their retirement.

Factoring in an inheritance to your sum assured could allow loved ones to live a more financially comfortable life. Alternatively, you could leave a cash gift to a charity of your choosing.

Source: Moneyage.co.uk
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If you’re lucky enough to have your own savings or are part of the 30% of UK residents who already have a life insurance policy in place, this can provide financial protection for loved ones.

By entering your current cover, savings or death in service amount you can reduce the sum assured you require.

Source: Scottishbusinessnews.net
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Are nurses considered as high-risk for life insurance?

Being a nurse isn’t typically considered as a high-risk occupation, meaning you should be able to secure cover on standard terms.

Standard terms refers to cover that’s offered with no price inflations.

While you’ll be asked questions about your occupation as part of the standard application process, declaring that you’re a nurse shouldn’t impact the price you pay.

Compare life insurance quotes through Reassured, prices start from just 20p-a-day.

What’s the best life insurance for nurses?

The best life insurance for nurses will be the policy that protects what’s important to you and compliments any death in membership benefits you’re eligible for.

Unlike death in service, a personal life insurance policy can be tailored to your specific needs and budget. This means you have more control over:

  • The policy type
  • Cover amount
  • Term length
  • Pay out distribution (if written in trust)

If you’re eligible for death in membership, either through the NHS or via a private practice, this could allow you to secure a smaller sum assured with your personal life policy.

There are multiple life insurance options available to nurses. Keep reading for more information on the different types of life insurance…

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Term life insurance for nurses

Term life insurance for nurses

Term life insurance key points

  • Cover for a set period (typically up to 40 years)
  • Pay out can be level or decreasing
  • Maximum pay out up to £1,000,000
  • Ideal for helping to protect mortgage costs and/or family living expenses
  • Can be secured as a joint policy
  • Available from just 20p-a-day through Reassured

Term life insurance provides cover for a specified period and a pay out will be made to your loved ones if you pass away during this time.

You may wish to choose a term length that ends when you plan to retire to ensure your income could be replaced if the worst were to happen.

With term life insurance you can choose for your pay out to remain the same (level term) or reduce during the policy lifetime (decreasing term).

Due to the fixed pay out, level term life insurance is often best used to help cover an interest-only mortgage and/or other large costs such as family living expenses.

Decreasing term life insurance is ideal for helping to protect a repayment mortgage as your sum assured can reduce in line with your mortgage balance.

At Reassured, we have a team of highly experienced consultants who are happy to answer any questions and provide all the information you need regarding your life insurance options.

We can help you compare both level and decreasing term life insurance quotes from some of the UK’s best insurers, simply get in touch for your free quotes.

Family income benefit

Fib for nurses

Family income benefit key points

  • Cover for a set period (typically up to 40 years)
  • Provides monthly payments rather than a lump sum
  • Monthly pay outs of up to £5,000
  • Ideal for helping to protect family living costs
  • Available from just 20p-a-day through Reassured ¤

Family income benefit is an alternative form of life insurance which can provide loved ones with monthly income payments, rather than a lump sum.

If you passed away during the term, your loved ones would receive monthly payments for the remainder of the term.

For example, if you had a 30 year term length and passed away 5 years into the policy, your loved ones would receive payments for the remaining 25 years.

This can help them to keep up to date with daily family living costs if you feel they may struggle to budget a large sum of money.

You could choose a monthly sum assured to match your nurses salary, meaning your family wouldn’t miss out on your income and could continue with their current standard of living.

Family income benefit is available through Reassured. Their whole of market comparison service can allow you to find the right policy to meet your needs at the best price.

Whole life insurance

Whole of life insurance for nurses

Whole of life insurance key points

  • Lifelong cover
  • A pay out is guaranteed after your passing
  • Maximum pay out up to £1,000,000
  • Ideal for helping to cover inheritance tax and/or funeral costs
  • Available from just 27p-a-day through Reassured ±

Whole of life insurance provides cover for the rest of your life, guaranteeing a pay out to loved ones when you pass away.

Due to the guaranteed nature of the pay out, the funds could be used by your loved ones to help cover any inheritance tax bills and/or your funeral costs.

You’ll be required to make premium payments for the rest of your life in order to keep cover valid, meaning it could become a costly form of cover.

For this reason, whole of life insurance could be better suited to nurses who are later in life but still in good health.

If you were to leave your profession and give up your death in services benefits, a whole of life insurance policy could ensure that a payment is still provided to your loved ones upon your passing.

Compare whole of life insurance, free of charge, through Reassured. We can help you find a great deal on a policy.

What is the cost of life insurance for nurses?

The cost of your life insurance will depend on your individual circumstances and the policy you choose.

Life insurance premiums are calculated based on the level of risk posed to the insurer.

The following factors are taken into account as standard:

  • Age
  • Health / medical history
  • Smoking status
  • Lifestyle
  • Occupation
  • Policy type
  • Length of cover
  • Level of cover (sum assured)

While you’re required to provide information about your occupation, rest assured that being a nurse isn’t typically considered a high-risk occupation. Therefore, you should be able to secure cover on standard terms.

The pricing table below shows example quotes for non-smoker in good health.

Quotes are based on a level term life insurance policy with a 20 year term and a sum assured of £150,000:

AgePrice per month
20£3.72
25£4.52
30£5.59
35£7.86
40£11.00
45£16.25
50£26.80


Comparing multiple quotes can allow you to find an affordable deal on a policy that meets your needs.

You can use our award-winning, no-fee life insurance broker service to do this.

Our quotes start from as little as 20p-a-day, so why not get in touch?

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What other life insurance policies should nurses consider?

Critical illness cover

Critical illness cover can be added to term life insurance for an additional cost in your premiums.

It allows you to make an early claim on your policy in the event you’re diagnosed with a specific serious illness (that’s listed within your policy).

These funds could be used to cover lost income while you’re off work and/or pay for any private medical treatment.

Available from 33p-a-day through Reassured º .

Income protection

Income protection could protect up to 70% of your usual earnings if you’re unable to work due to illness or injury.

You’ll receive monthly payments to help you keep up with daily living costs.

This could work alongside any sick pay you receive from the NHS to top up your funds during any ‘half pay’ periods.

Available from 20p-a-day through Reassured ‡ . Why not check out this income protection for nurses guide for more information?

Terminal illness cover

Terminal illness cover comes at no extra cost with all term life insurance policies through Reassured.

It allows you to make an early claim on your policy if you’re diagnosed with a terminal illness and given less than 12 months to live.

These funds could help you to get your financial affairs in order, or you could simply use the money to enjoy spending time with your loved ones.

Joint life insurance

A joint life insurance policy covers two lives simultaneously under one policy - allowing you to save money (compared to two single policies).

You’ll fill in one application and pay one premium. This also means there’s only one pay out if either partner passes away during the policy term.

While you could save money initially, it does mean the surviving partner may need to secure a new policy later in life.

Should I write my life insurance in trust?

As mentioned, having your own personal life insurance provides you with some control over how the proceeds are spent after you pass away.

You can do this by writing your life insurance policy in trust.

This is a free option where you’d place a person you trust in charge of your policy.

The trustee will then manage the pay out when the time comes and distribute the funds according to your wishes.

At Reassured we provide a free trust service on the majority of the policies we arrange, helping you through the application and answering any questions.

Compare life insurance for nurses quotes

As a nurse your spare time is precious, so why waste it searching the internet for a good deal on life insurance?

Reassured can do the hard work for you by comparing multiple life insurance policies at once and finding you the best deals from our panel of insurers.

Our service doesn’t stop there as we also guide you through the application process and answer any of your questions.

Our FCA-regulated and award-winning broker service is completely fee-free.

Get in touch with our dedicated team today to get started.

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Sources:

[1] https://www.nhsbsa.nhs.uk/member-hub/understanding-your-benefits-2015-scheme

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