Life Insurance for CRNAs and Physicians
Life insurance for physicians and CRNAs who work 1099 or locum tenens. When you leave a W-2 job, the employer’s group life policy usually stays behind. A policy you own goes with you to every contract.
Life Insurance for Physicians and CRNAs Who Work 1099
Group life insurance is an employee benefit. When you go 1099 or take locum contracts, nobody provides it for you.
Employer Coverage Ends With the Job
Group life insurance through a hospital or practice usually ends when you leave, or has to be converted on the carrier’s terms. A policy you own isn’t tied to an employer, an agency, or a contract.
Your Income Depends on You
1099 pay stops when you stop working. Life insurance replaces that income for the people who rely on it: a spouse, children, or a parent you support.
Debts Don’t Stop
A mortgage, a loan someone co-signed, or money borrowed for a practice or business still has to be paid. A death benefit lets your family handle it without selling what you built.
Life insurance is one piece of replacing a W-2 benefits package. The others: nationwide PPO health insurance and supplemental policies.
Term vs. Permanent Life Insurance
Most decisions start here. Neither type is better. They do different jobs, and some people own both.
| What to compare | Term life insurance | Permanent life insurance |
|---|---|---|
| How long it lasts | A set number of years that you choose. It pays if you die during that period. | Designed to last your whole life, as long as the premiums are paid. Whole life and universal life are the common forms. |
| Premium | Generally the lower premium for the same death benefit. | Higher, because the coverage doesn’t expire and part of the premium builds cash value. |
| Cash value | None. It is protection only. | Builds over time. How it grows and how you can use it depend on the policy. |
| If your needs change | Many term policies can be converted to permanent coverage within a set window. The rules vary by carrier. | Some policies let you adjust the premium or the death benefit. Others are fixed from the start. |
| Often fits | Covering the years that carry the most risk: children at home, a mortgage, the first years after leaving W-2 work. | A need that doesn’t end, such as a lifelong dependent or final expenses. |
Questions About Life Insurance for 1099 Clinicians
I had life insurance through my hospital. What happens when I go 1099?
Group coverage is tied to the job. When you leave, it usually ends, or you get a limited window to convert or port it, often at a higher price. Check the plan documents or ask HR before your last day. A policy you own isn’t affected when you change employers, agencies, or contracts.
How much life insurance do I need?
There is no single number. We look at the income your family would need to replace and for how long, the mortgage and other debts, future costs such as college, and what you already have in savings and existing policies. The policy is sized to that, not to a rule of thumb.
Do I have to take a medical exam?
It depends on the carrier, your age, and the amount of coverage. Some policies are issued from health questions and records alone. Others ask for an exam and lab work. We tell you what to expect before you apply.
Should I apply before or after I leave my W-2 job?
Life insurance has no enrollment window, so you can apply at any time. Many clinicians apply before they leave, so there is no gap between the group coverage ending and the new policy starting. Approval isn’t guaranteed and can take weeks. Keep the coverage you have until the new policy is in force.
Replacing the health plan too? Health insurance for 1099 and locum CRNAs
More answers on the health insurance FAQ page