Whole Life Insurance for Nurses

Key Takeaway

Whole life insurance products may be a good option for nurses looking to supplement the life insurance provided through their employer or union. Some benefits of whole life insurance include consistent premium costs, a fixed death benefit, and options to help fund your retirement savings.

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Nurses Whole Life Chart Scope
5/18/2024


Nurses work rewarding, demanding jobs. When you spend your workday caring for others, you want to make sure that your loved ones are also cared for. This is where life insurance can help provide protection for your family, potentially offering a financial safety net in the event of your passing.

It’s tempting to default to the insurance offered by your employer or union, especially when you’re weighing the differences between index universal life insurance versus a 529 plan for your kids. You might also seek options for an index universal life insurance product with long-term care after seeing the struggles your patients face when the unexpected occurs.

In this article, we’ll explore why employer-based insurance might not provide you with the financial security your family needs and why whole life insurance products may be the right fit for you.

Is Insurance Through Your Employer Enough?


Employers often offer life insurance coverage as a part of their benefits packages, but these group life insurance policies may not offer enough coverage or aren’t enough to accommodate your family’s needs.

Financial experts often recommend purchasing at least 10 times your annual income in coverage, although your personal number may be higher or lower.*Life insurance can help cover end-of-life costs and replace income in the event of your untimely passing. If your employer-provided policy does not meet this amount, you have options. You can purchase multiple life insurance policies, or you can use your own independent insurance policy to supplement your employer’s group policy.

Benefits of Whole Life Insurance


Whole life insurance products come with an array of benefits that may be helpful to nurses. Whole life insurance is a permanent life insurance product that may come with a cash value account component to supplement your policy’s death benefit. 

Let’s explore a few key benefits of whole life insurance:

Consistent Premium Costs


Beyond its protective capabilities, whole life insurance accrues cash value over time, serving as a tax-advantaged savings vehicle. This cash value grows at a guaranteed rate, plus potential dividends, providing a reliable source of wealth accumulation that can complement other investment strategies.

Fixed Death Benefit for Beneficiaries


Whole life insurance products usually offer a fixed death benefit to pay out to your beneficiaries, no matter when you pass. As long as you pay your premiums in-full and on time, you will generally always have coverage with this type of insurance product. This can help provide peace of mind as you plan for the future.

Help Fund Retirement


People may choose to use their whole life insurance policies to help build supplemental retirement income. This is a key reason why many insurance experts recommend applying for life insurance when you’re younger–so that your cash value account can have more time to build up.**

You may be able to use that money in a tax-advantaged manner because depending on the specific product, cash value is usually insulated from fluctuations in the market and may be tax-free when you withdraw it. However, keep in mind that the more money you withdraw from this account, the less you leave for your beneficiaries through your cash value account.

Final Thoughts


As a nurse, you likely understand the value of life and the importance of protecting it. Consider how whole life insurance may help offer peace of mind and security for you and your loved ones. While it’s tempting to rely solely on employer-provided life insurance, it may not be enough to provide your family with what they need. With your own whole life insurance policy, you can supplement your employer-provided policy and potentially enjoy additional benefits.

Learn more about whole life insurance and other life insurance solutions by exploring Everly’s educational content.


*https://www.investopedia.com/articles/pf/06/insureneeds.asp 
**https://www.investopedia.com/articles/investing/072816/what-best-age-get-life-insurance.asp

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The information above is for educational use only and does not represent insurance, tax or legal advice. It is not a recommendation or solicitation to buy insurance. Please talk to your licensed insurance agent for more information about life insurance and your needs. Please consult with the appropriate professional for tax or legal advice. Guarantees are backed by the claims-paying ability of the issuing insurance company.

Article Author: Meredith Bell
Author Bio: Meredith joined Everly in 2022 and has 20+ years of experience in the life insurance industry. She has held various roles in advertising, marketing, communications, sales and distribution support, and product development. Outside of the office, Meredith lives with her daughter Kennedy and their dog Mavis. Meredith enjoys cooking, camping, gardening, hiking, and bourbon (though not always at the same time). She is a live music enthusiast and an avid reader. Her favorite quote is by Thomas Jefferson: "I cannot live without books." Meredith agrees, but would add cheese, movies, and dogs to that list.

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