The COVID-19 pandemic may have brought the world to a screeching halt, but it didn’t stop the remarkable men and women in the medical field from getting on the frontlines and fighting this invisible enemy. Doctors, RNs, nurse practitioners, and more all making the ultimate sacrifice to assure the safety and wellbeing of others during an unprecedented time.
It was a very daunting time for not just them, but their family members. Families were left uncertain of what would come next. That’s why it is important for these heroes and their loved ones to have the protection they need and deserve if difficult circumstances arise. Term life insurance companies are here to help.
Understanding Term-Life Insurance
Life insurance comes in different versions in the United States, but one of the more common forms is term life insurance. Also known as pure life insurance, term life policies guarantee payment of a stated death benefit if the insured dies during a specified term. Once that term expires, a policyholder can renew, convert the policy to a more permanent type of life insurance, or allow the life insurance policy to terminate.
Term-life insurance premiums are based on the policyholder’s age, health, and life expectancy, with a stated death benefit awarded to their beneficiaries if the insured person dies during that specified term. Some insurance companies will even take into account your career and hobbies as factors when determining life insurance premium payments.
Choosing a Life Insurance Policy
When looking at various life insurance policy quotes, it is important to term just how much life insurance you may need. For a younger person, they may prefer a term policy in the unlikely event of their untimely passing. If a 30-year-old were to purchase a $500,000 ten-year term life insurance policy, the policy will pay their beneficiary if they die before 40. After 40, that term policy has expired and a beneficiary will not get the death benefit. You can renew the policy but, in the event, you are dealing with a terminal illness, some life insurance companies will not allow you to re-up your coverage.
Keep in mind, most applicants must have a basic medical checkup at some point through the application process. Pre-existing conditions like high blood pressure and chronic illness could result in a higher premium. Life insurance costs can also increase if a policyholder is a smoker or uses recreational drugs.
You may want to weigh a term policy for now, and consider a permanent life insurance policy down the line, as you expand your family or reach a later point in life to assure your family’s financial future is protected, giving you peace of mind.
How Insurers are Giving Back
Some life insurance companies recognize the sacrifices that doctors, RNs, and other medical workers have made during the pandemic and are rewarding them with free term life insurance coverage. Other insurers are offering greater guidance for the best rate or discounts on their term life insurance during the unique situation brought on by the pandemic.
The need for medical workers is greater than ever, with even current employees in the field looking to expand their education opportunities. Through online RN nursing programs, a registered nurse can earn a master of science in nursing, or MSN, degree. By registering for an online degree through an accredited institution, a nursing career can head into a new chapter as a nurse practitioner. Nurse practitioners are trained to assess patient needs, order laboratory and diagnostic tests, and even create treatment plans as part of patient care.
These online programs and online classes also offer structure in critical thinking for career advancement in the medical field. Consider it the next step in a life of serving others, in an industry where there are not enough thank yous for the sacrifices made.
