NHS Life Insurance

Life cover provides a tax-free lump sum benefit to your beneficiaries in the event of death apply now online or get free advice from one of our expert advisers.

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NHS Life Insurance – Do You Have Enough?

Talking about death and dying is never a comfortable subject, even if it’s something you deal with every day in your NHS or Social Care job.

However, what’s much worse than not talking about it, is not knowing what will happen to your family financially if you were to die unexpectedly.

As a healthcare worker, it’s more important now than ever before to know what your dependents are entitled to if you die in service.

It could be the difference between them continuing their lives in financial security, or being unable to fend for themselves without you there to provide for them.

Whichever way you look at it, making sure you have enough life cover to protect your family is the one thing you can do today, so they can carry on after you’ve gone.

So, if you don’t know how much your death in service is worth, or how much they’ll need while they’re growing up, there’s no better time than now to find out.

What Is Life Insurance?

Life Insurance pays out a sum or ongoing regular amounts to your dependents so their home life can remain financially stable for as long as possible after you have died.

If you are one of two breadwinners or the only earner in your household, if you have young children or other dependents, then adequate life insurance cover is essential.

The minimum life cover you should aim to have is 10 times your annual salary to provide enough funding for your dependents to live on until they are 18 years old.

Your Life Assurance Entitlement As An NHS And Social Care Worker

The Coronavirus Life Assurance Scheme 2020
We know all too well that the Covid-19 Pandemic is putting the lives of more NHS and Social Care workers at risk than at any other time in the last 100 years. This has become a stark reality for many who work in frontline health and social care professions.

In recognition of the increased risk faced by NHS and Social Care workers, the Government has introduced the NHS and Social Care Coronavirus Life Assurance Scheme 2020.

The Scheme promises to pay £60,000 to the estate of eligible front line workers in England who die as a result of contracting Coronavirus during their essential frontline work.

You can find more and access claim forms on the NHS Business Services Authority (NHSBSA) website.

Whatever your role in the NHS or Social Care, having sufficient life insurance is vitally important, particularly in this current, unpredictable climate, and especially if the role you perform is high risk.

The NHS Pension Scheme
Most NHS staff contribute to the NHS Pension Scheme and are automatically entitled to life assurance and family benefits. A key feature of scheme membership is that when a member dies while in service or retired, their beneficiaries will receive a lump sum payout.

As an NHS employee, the amount you are entitled to, depends on your personal circumstances, eg your age, when you joined the NHS, work part or full time, and whether you’ve had any breaks in service.

If you know your NHS Life Assurance and family benefit isn’t going to be enough, we can help you find the right type of personal life insurance to cover the shortfall.

Do I Really Need Life Insurance?

Single people without dependents often ask this question. However even if you are single and have no children or other dependents, having a life insurance policy will cover an outstanding mortgage and other debts if you die.

Your NHS death in service benefit may be enough to cover this, but if not, we can help you work out how much life insurance you’ll need to cover all your outstanding debt.

What are the three types of Life Insurance?

Level Term Life Insurance
The amount paid out stays the same. If you’re insured for £100,000 over a 20 year term, your beneficiaries will receive £100,000 irrespective of when you die during the term.

Decreasing Term Insurance
This insurance is linked to your mortgage and will pay off the balance if you die. The amount paid out reduces as you pay off your mortgage.

Increasing Term Insurance
Linked to inflation, your cover amount rises during the policy term. If you die, the amount your dependents receive will be in line with the current cost of living.

Other types of insurance include Family Income Benefit and Whole Of Life Cover. Click >here< to find out more.

How Much Does Life Insurance Cost?

Life insurance is affordable for most people’s budget. It does of course depend on the amount of life cover you need and also your own personal circumstances.

It also depends on the type of insurance policy you choose and the length of time you need it for.

Some providers offer discounts for NHS staff.

What Are The Determining Factors?

The factors that determine how much your policy will cost are based on your medical history and lifestyle. For example, if you’ve suffered ill health and whether or not you smoke.

What To Think About Before Taking Out Life Insurance?

How much will your family need to thrive on if you are not there to provide for them?

The things to think about include the age of your dependents up to age 18, and how much it costs to run your household.

It’s important to include the usual monthly outgoings, as well as food, clothing and transport costs as a baseline. Also add any major debt, like the mortgage and your funeral costs.

How can a Life Insurance Quote Adviser help?

As an NHS Health and Social Care employee, you work hard, often at unsociable times of the day and night.

As life insurance and critical illness specialists, we can save you time and money by locating the most appropriate providers and affordable products to protect your dependents should the worst happen.