Teacher Life Insurance

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Teacher Life Insurance – Is It Enough?

Is Death In Service Benefit Enough To Protect Your Loved Ones?

Something you probably don’t think about when standing in front of a classroom full of students is what would happen to your loved ones if you were to die unexpectedly.

And, if you did think about it, you wouldn’t be blamed for believing the death in-service element of your teacher’s pension would be enough to see your dependents through to adulthood and clear the mortgage.

A tax-free lump sum of around three times your salary is the amount you can expect your dependents or spouse to receive if you die while employed by your school or college.

When you ‘do the math’ based on that, you’ll be forgiven for realising it wouldn’t be nearly enough.

Having the peace of mind that your children and partner can continue to live comfortably if you’re not there to provide for them, is priceless.

So finding out how much additional life cover you’ll need on top of your teacher’s death In-service benefit, is well worth acting on today.

As specialists in life insurance for teachers, we can take away the worry of not having enough life cover, by making sure your loved ones have the right amount of protection in place should the worst happen.

What Is Life Insurance?

If you were to die unexpectedly, how will your children, partner, and any other dependents survive without your income? A life insurance policy protects your family by paying out a tax-free lump sum if you were to die unexpectedly or diagnosed with a terminal illness.

Life Insurance is different from critical illness cover which protects you if you are unable to work due to serious illness.

What Type Of Life Insurance Do I need?

The general sort of life cover is Term Life Insurance, so-called because it covers you for a period of time. There are three types of term insurance.

Level Term

If your life is insured for a specific amount, say £300,000, the policy will pay out that amount whether you die at the start, middle, or end of the policy term.

Decreasing Term

If you have a mortgage, this will pay off the balance if you die during the policy term. The amount of cover decreases in tandem with your mortgage balance.

Increasing Term

The amount your dependents will receive is linked to inflation. The policy premium and amount of cover your dependents would receive increases with the cost of living.

Do I need Life Insurance?

If there is no-one who depends on your income right now, then you may not need life insurance.

However, if your circumstances change, for example, if you get married, enter into a civil partnership, and have children, then taking out a life insurance policy is very important.

In fact, one of the most caring and responsible things you can do is to cover your family’s financial commitments should you die unexpectedly.

Do I Get Life Insurance through My Employer?

Most teachers will have death in service as a benefit of the Teachers’ Pension Scheme. The amount you’re covered for will depend on your salary and the conditions of the pension scheme.

If you leave the teaching profession, the cover will stop, leaving you unprotected.

How do Life Insurers View Teaching As A Profession

Insurers always look at the level of risk their clients are exposed to. Viewing a teacher’s application for life insurance will not be treated equally when it comes to risk.

For example, the most risk a Maths or English teacher will be exposed to is likely to be their daily drive to work.

However, if you’re a science teacher who uses dangerous gases and chemicals in your teaching work or a technology teacher who uses laser cutters and lathes you will be exposed to higher risk, which means you may pay more for your monthly premium.

What Is And Isn’t Included?

Life insurance will pay out a lump sum of money to your beneficiaries if you die or are diagnosed with a terminal illness during the term of the policy.

In general, a policy will not pay out if you die from a pre-existing medical condition listed on the policy, or if you die as a result of alcohol, substance abuse, or taking part in a dangerous sport.

How Does Life Insurance Cover Work?

When you take out life insurance cover you pay a monthly premium to your insurance provider until the policy comes to an end. In return, the provider will pay a tax-free lump sum to your beneficiaries if you die during the term of the policy.

How Much Does Life Insurance Cost?

Most people can afford life insurance and some insurance providers offer discounts to teachers. Monthly premiums can cost less than a week’s worth of school lunches.

The premium you pay will depend on the type of insurance you need. Choosing one that will cover you for 20 years and pay off your mortgage will be cheaper than a policy that pays out a specific lump sum or increases with the cost of living.

Your age and health will be a determining factor. Whether or not you smoke will make a difference to the cost of your premium.

What To Consider Before Taking Out Life Insurance?

The most important thing to consider is how much life cover you will need to keep your dependents financially secure until they become independent.

If you are the only earner or main provider in your family, it’s really important to make sure you have enough life cover now.

How Can Life Insurance Quote Help?

We specialise in life insurance cover for teachers. This means we can help you save money and valuable time when it comes to finding the most appropriate life insurance to cover your financial obligations.

We do this by working with you to determine how much life cover your loved ones will need should the unthinkable happen. Then we’ll search the market and compare life insurance providers to find the most appropriate type of cover for you and your family.

What’s more, we’ll guide you through the application process to ensure your life insurance policy is set up as quickly and as effortlessly as possible.