Life Insurance for Travel Nurses: Do You Need It?

Introduction

Life insurance is not the most exciting financial topic, but for travel nurses with dependents, debt, or long-term financial goals, it is one of the smartest moves you can make. A life insurance policy ensures that the people who depend on your income are protected if something happens to you.

The good news: life insurance is surprisingly affordable, especially when you are young and healthy. A 30-year-old nurse in good health can get $500,000 in coverage for under $25 per month. The challenge for travel nurses is understanding which type of policy makes sense, how much coverage you actually need, and how to keep your policy active as you move between agencies and states.

This is educational content, not insurance or financial advice. Consult a licensed insurance professional for guidance specific to your situation.

Do Travel Nurses Actually Need Life Insurance?

Not every travel nurse needs life insurance. The answer depends entirely on your personal circumstances.

You likely need life insurance if:

You have children or other dependents who rely on your income
You have a spouse or partner who could not maintain their lifestyle without your earnings
You have co-signed debt (student loans, a mortgage, a car loan) that someone else would be responsible for
You want to leave money for a specific purpose, like a child’s education fund
You have aging parents who depend on your financial support

You can probably skip it if:

You are single with no dependents
You have no significant debt or co-signed obligations
You have enough savings and assets to cover final expenses
No one depends on your income for housing, food, or other essentials

Life insurance as part of a broader plan. Even if you do not have dependents now, locking in a life insurance policy while you are young and healthy secures low rates for the future. If you plan to start a family in the next several years, buying a 20- or 30-year term policy now means you will pay significantly less than if you wait until you are older or develop health conditions. It is a forward-looking financial decision.

Travel nursing income can be substantial. If your family has built a lifestyle around that income — mortgage payments, childcare costs, school tuition — losing it suddenly would be devastating. Life insurance replaces that income for the years your family needs it most.

Term Life Insurance Explained

Term life insurance is straightforward: you pay a fixed premium for a set number of years, and if you die during that term, the policy pays a death benefit to your beneficiaries. If you outlive the term, the policy expires with no payout.

Common term lengths. Term policies are available in 10-, 15-, 20-, 25-, and 30-year terms. For a travel nurse in their late 20s or early 30s with young children, a 20- or 30-year term aligns well with the years your dependents will need financial support. A 10-year term might make sense if you have a specific short-term obligation, like paying off a mortgage.

Monthly cost examples for healthy nurses:

Age	$250,000 Coverage	$500,000 Coverage	$1,000,000 Coverage
25	$10-$14/mo	$14-$20/mo	$22-$32/mo
30	$11-$16/mo	$16-$24/mo	$25-$38/mo
35	$13-$19/mo	$19-$30/mo	$30-$48/mo
40	$17-$26/mo	$28-$42/mo	$45-$70/mo

Rates are estimates for non-smoking individuals in good health. Actual premiums depend on health, lifestyle, and the insurer.

Why term life is the best fit for most travel nurses. Term life is inexpensive, simple, and provides a large death benefit during the years when your family needs protection the most. Financial experts overwhelmingly recommend term life over permanent insurance for the vast majority of people under 50.

Convertibility options. Many term policies include a conversion option that allows you to convert your term policy to a permanent (whole life) policy without a new medical exam. This flexibility means you can start with affordable term coverage and convert later if your needs change. Look for policies with conversion options that extend at least 10 to 15 years into the term.

Whole Life and Permanent Insurance

Whole life insurance (and other permanent insurance types like universal life) provides lifelong coverage with a cash value component. It is more complex and significantly more expensive than term life.

How whole life differs from term. A whole life policy never expires as long as you pay the premiums. Part of your premium goes toward the death benefit, and part goes into a cash value account that grows at a guaranteed (but typically low) rate. You can borrow against the cash value or surrender the policy for its cash value.

The cost difference is dramatic. A healthy 30-year-old might pay $25 per month for $500,000 in term life coverage. The same person would pay $300 to $500 per month for the same death benefit in a whole life policy. That is 12 to 20 times more expensive.

When whole life might make sense. Whole life insurance can serve a purpose for high-net-worth individuals who have maxed out all other tax-advantaged accounts and want additional tax-deferred growth, or for estate planning purposes. Some nurses with special-needs dependents use permanent insurance to fund a special needs trust. These are niche scenarios.

Why most financial advisors recommend term. The standard advice is “buy term and invest the difference.” If you buy a $500,000 term policy for $25 per month instead of a whole life policy for $400 per month, you save $375 per month. Investing that $375 monthly in a low-cost index fund will almost certainly grow faster than a whole life policy’s cash value. The math strongly favors term life for travel nurses focused on wealth building. Consider using the savings for other priorities like HSA contributions or disability insurance.

How Much Coverage Do You Need?

Determining the right amount of life insurance coverage requires looking at what your family would need to replace.

The 10 to 12 times income rule of thumb. A simple starting point is to multiply your annual income by 10 to 12. If you earn $90,000 per year, that suggests $900,000 to $1,080,000 in coverage. This rule is rough but gets you in the right ballpark.

The DIME method for a more precise calculation. DIME stands for Debt, Income, Mortgage, and Education:

Debt: Total all outstanding debts — student loans, car loans, credit cards, personal loans. Your policy should cover these so your survivors are not burdened.
Income: Multiply your annual income by the number of years your dependents would need support. If your youngest child is 5 and you want coverage until they are 22, that is 17 years of income replacement.
Mortgage: Include the remaining balance on your mortgage (or the equivalent in rent your family would need to pay).
Education: Estimate future college costs for your children if that is a priority.

Add these together for your total coverage need. Subtract any existing savings, assets, or employer-provided life insurance.

Factoring in travel nurse income variability. Travel nurse income can fluctuate year to year. Use your average annual income over the past two to three years as your baseline, not your best year. Some years you may earn more with overtime and crisis contracts, and other years may be slower. A conservative income figure ensures your family is adequately covered without overpaying for excess coverage.

Adjusting coverage as your situation changes. Review your life insurance needs every few years or after major life events — marriage, divorce, birth of a child, paying off a mortgage, or significant changes in income. You can purchase additional policies (a strategy called “laddering”) to add coverage for specific periods.

Getting Life Insurance as a Travel Nurse

The application process for travel nurses is straightforward, with a few considerations unique to the profession.

Applying for coverage. Most life insurance applications can be started online. You will answer questions about your age, health history, lifestyle, and income. The process typically takes 20 to 30 minutes for the initial application.

Medical exam requirements. Traditional policies require a brief medical exam — a nurse (the irony) visits your home or a convenient location to check your blood pressure, height, weight, and collect blood and urine samples. The exam is free and takes about 30 minutes. Results are used to determine your rate class (preferred plus, preferred, standard, etc.).

No-exam options. Several insurers now offer “no-exam” or “simplified issue” policies that skip the medical exam. Approval is based on your application answers and a review of medical records. The trade-off: no-exam policies typically cost 10 to 30 percent more than fully underwritten policies and may have lower maximum coverage amounts. If you are healthy and can schedule the exam, the fully underwritten option saves money.

How your nursing occupation affects rates. Good news: nursing is considered a standard occupation by most life insurers. You will not pay a surcharge for being a nurse. Your rates are based primarily on age, health, and lifestyle factors like smoking status.

Agency-offered life insurance vs. personal policy. Some agencies offer group life insurance as a benefit, often $10,000 to $50,000 in coverage. While this is a nice perk, it is not enough for most families who depend on a nurse’s income. More importantly, agency life insurance ends when your contract ends. A personal policy stays with you regardless of your employment.

Keeping your policy active between assignments. Unlike agency benefits, a personal life insurance policy remains active as long as you pay the premiums. There is no enrollment process when you start a new contract and no lapse when a contract ends. Set up automatic premium payments and your coverage runs continuously. For more on keeping all your insurance active during breaks, see our gap coverage guide.

Top life insurance providers for travel nurses. Haven Life (backed by MassMutual), Bestow, Ladder, and Protective are popular choices for affordable term life with straightforward online applications. Traditional carriers like Northwestern Mutual, New York Life, and State Farm also offer competitive term products through agents.

Frequently Asked Questions

Do travel nurses need life insurance?

It depends on your personal circumstances. If you have children, a spouse, aging parents, or anyone else who depends on your income, life insurance is essential. It ensures your dependents are financially protected if something happens to you. You should also consider life insurance if you have co-signed debt like student loans or a mortgage that someone else would be responsible for. If you are single with no dependents and no co-signed obligations, you can likely skip it, though locking in a policy while young and healthy secures low rates for the future.

How much life insurance does a travel nurse need?

A common rule of thumb is 10 to 12 times your annual income. For a travel nurse earning $90,000 per year, that suggests $900,000 to $1,080,000 in coverage. For a more precise calculation, use the DIME method: add up your total Debt, the Income replacement your dependents would need over a set number of years, your remaining Mortgage balance, and estimated Education costs for your children. Subtract any existing savings and assets from the total to arrive at your coverage need. Use your average annual income over two to three years rather than your highest-earning year.

Is term or whole life insurance better for travel nurses?

Term life insurance is the best choice for the vast majority of travel nurses. A healthy 30-year-old can get $500,000 in term life coverage for under $25 per month, while the same coverage in a whole life policy would cost $300 to $500 per month. Financial experts overwhelmingly recommend term life because it provides the largest death benefit for the lowest cost during the years when your family needs protection the most. The standard advice is to buy term and invest the difference in low-cost index funds, an HSA, or other tax-advantaged accounts.

Does agency life insurance count as enough coverage?

Agency-provided life insurance, typically $10,000 to $50,000 in coverage, is a nice perk but is not sufficient for most families who depend on a nurse’s income. More importantly, agency life insurance ends when your contract ends, leaving your family unprotected during gaps between assignments. A personal term life insurance policy stays with you regardless of your employment status, requires no re-enrollment when you start a new contract, and remains active as long as you pay the premiums. Treat agency life insurance as a supplement, not your primary coverage.

How do I keep my life insurance active while traveling between states?

A personal life insurance policy remains active as long as you pay the premiums, regardless of which state you are in or whether you are between assignments. Set up automatic premium payments through your bank or the insurance company’s website, and your coverage runs continuously with no interruption. Unlike agency benefits that start and stop with each contract, your personal policy requires no action when you change agencies, move to a new state, or take a break between assignments. This portability is one of the key advantages of owning your own policy.

Key Takeaways

Life insurance is essential if anyone depends on your income. Children, a spouse, aging parents, or co-signed debt all create a need for coverage.
Term life is the best value for most travel nurses. It provides the highest coverage for the lowest cost during the years you need it most.
A healthy 30-year-old nurse can get $500,000 in coverage for under $25 per month. Rates are based on age and health, so buying sooner means paying less.
Buy your own policy so it stays with you regardless of agency. Agency life insurance is a nice perk but not enough coverage, and it does not follow you.
Lock in a rate while you are young. Premiums increase with age, and developing health conditions later can make coverage more expensive or harder to get.
Use the DIME method to calculate the right coverage amount. Factor in debt, income replacement, mortgage, and education costs for an accurate number.

Affiliate Placement Notes

Term life quote comparison widget after Term Life section
No-exam life insurance provider links after application section
“Get a life insurance quote in 5 minutes” CTA after Getting Life Insurance section
Sidebar widget for life insurance calculator (coverage needs estimator)