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Teachers Life Insurance

Teachers are some of the most respected professionals in the world, educating youth and shaping the future of their respective countries. But even teachers worry about protecting their loved ones financially should something happen to them.

Is there specific life insurance tailored to the needs of teachers? And would the specialist requirements make the premiums more expensive? This guide answers all the general questions regarding life insurance for teachers.

What is Teachers Life Insurance?

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Teacher’s life insurance isn’t a specific product. However, it plans that form around the needs of one of the most important professions in the UK. But why would insurers offer teachers dedicated policies when general life insurance is available?

Teachers tend to have more exposure to harmful environmental factors raising concerns about their well-being. That includes hazardous chemicals, heavy machinery, or strenuous physical activity. Life insurance provides the teacher’s family peace of mind of financial protection should something happen to them.

So what are the essential defining factors of teachers’ life insurance?

What Should I Know About Teachers’ Life Insurance?

It’s understandable that if you’re a teacher, you might feel that getting a life insurance policy might be more complicated than in other professions. The more adverse factors behind your work might make the cover more expensive when applying.

The more adverse factors behind your work might make the cover more expensive when applying.

One of the most imperative things to know about teachers’ life insurance is that there are many low-cost options just as there are for anyone else. Insurers respect that teachers also need policies that fit their budgets despite the nature of their job.

So when should teachers consider life insurance? Many in the profession think about taking out cover for the following reasons.

  • You have a partner with joint financial obligations.
  • You have a family
  • There’s an outstanding mortgage on your home.
  • Your surviving family would struggle with finances if something happened to you.
  • You want to leave funds for your children.

If you want to learn more about life insurance specific for teachers, you can contact expert brokers for information. But others will wonder if they need life cover, considering the many benefits of a teaching job.

Do Teachers Need Life Insurance?

We compare plans from the leading life insurance providers

Whether you need a teacher’s life cover policy while on the job is a valid question. Those members of the Teacher’s Pension Scheme have the ‘Death in Service’ benefit, meaning that beneficiaries receive a lump-sum payment if they pass while in employment. They will receive:

  • Three times your average salary if you subscribe to a final salary arrangement
  • Three times your annual rate of pensionable salary should you be in a ‘career average’ arrangement

The Teacher’s Pension Scheme is not free life insurance as you continue contributing to the pot while in employment. And while the ‘Death in Service’ benefit provides reassurance should something unexpected happen, there are still concerns about protecting loved ones’ financial well-being.

The lump-sum payment received will not likely cover some critical factors life insurance can offer. These worries include:

  • The amount won’t be enough to cover your mortgage.
  • Three years of family income benefit may not be enough to protect your family’s expenses.
  • The benefits depend on the fact that you continue to have employment as a teacher

These concerns eventually rack up to see that independent life cover could be an ideal option to quell these worries. So what are the best options for teachers should they want to take out a life insurance policy?

What’s the Best Life Insurance for Teachers?

Three different types of life insurance may be more suitable options for the needs of teachers. Find more about each one below.

Term Life Insurance for Teachers

Most teachers tend to opt for term life insurance, offering a lump-sum payout should you pass away within the agreed term of your policy. It’s arguably the most straightforward policy for teachers, especially if they are in good health.

Decreasing Life Insurance for Teachers

Is your mortgage the primary concern? Decreasing life insurance is the most viable option if you unexpectedly pass. Many teachers see that the ‘death by service’ benefit won’t cover their outstanding asset debt should they die. However, they don’t need the fixed payout from life insurance to cover family expenses outside mortgage repayments.

The decreasing life insurance pegs to the remaining debt on your mortgage. It reduces the final payout during the contract term.

The policies’ payments are generally cheaper, fitting into the budget and taking care of paying off primary assets.

Critical Illness Cover for Teachers

Critical illness cover is life insurance designed not to pay out upon death but on diagnosing a listed severe condition. The coverage helps teachers with a payout should they contract an illness rendering them unable to work.

These life insurance policies can run concurrently with the benefits of a teacher’s pension scheme. But how much will it cost?

How Much Does Teachers’ Life Insurance Cost?

There’s no fixed figure for how much teachers’ life insurance will cost as everyone’s circumstances differ. However, we can outline how the price of premiums gets calculated.

Insurers will take the following factors into account when determining the cost of premiums:

  • Age
  • Health and lifestyle
  • Whether you’re a smoker
  • Specifics of your teaching job
  • Type of policy and desired coverage
  • Length of term

It’s important to reiterate that premiums will not automatically be higher because of a teacher’s profession. The provider will process the application just like any other person, where monthly premiums will base on the risk factors mentioned above.

So since teachers are in a noble profession and seek protection alongside their benefits, are there any discounts available?

Are There Any Teachers Life Insurance Discounts?

Teachers across the UK get many discounts across multitudinous services to thank them for assisting in educating Britain’s future. Those savings are available for teachers even in the life insurance industry, where they can get discounts and perks.

Many providers will offer a percentage off on life and critical illness cover. In contrast, some will offer cashback and other benefits. You can review all your options with an expert broker who can find an excellent teachers life insurance company.