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Teachers life insurance

There are currently over 550,000 teachers working in schools in the UK according to government statistics. Most teachers will be in receipt of a teacher’s pension which will pay up to an equivalent 3 times the average final salary.

Many teachers believe that they will have sufficient protection for their families from this scheme.

It might be the case that you have enough cover from your death in the service scheme if you’re young with no dependents. If you have a family and dependents then it makes sense to include an element of life cover.

If you’re a teacher with a family and want to know what the best options are then we can help.

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Do teachers have life insurance?

As we say to everyone that we speak to with this type of cover, unfortunately, death in service is not a life insurance policy.

If you receive a death in service benefit with your employment then you should ideally consider life insurance. When you take out life cover, it will be specifically designed to protect you and your family if you die.

Life insuranceDeath in service
Tailored to your needs and your budgetFree benefit that is offered through your employer
Able to select your own term and sum assured (up to age 90)Will pay out a defined benefit that is usually a multiple of your salary (3 times for teachers)
Benefits designed to protect your children, partner, mortgage, or costs of livingCannot be adapted to suit your needs or specific to a mortgage amount
Cover will remain in place until the end of the policy term or you dieYour cover will end as soon as you leave your job or change employment

 

Some things to consider are:

  • How much is your mortgage?
  • How many children do you have and how old are they?
  • Is there anything specific you want to protect?
  • What happens if you change jobs in the future?

Your death-in-service benefit can be included in your calculation but it’s always worth checking what else you might need.

Best life insurance for teachers

If you’re a teacher and you want to know what the best life insurance options are then you might need advice.

You might also have a pre-existing medical condition which can make getting life insurance more confusing. There are several life cover options to consider and it depends on what you want to protect or what you protecting against.

Term life insurance for teachers (family protection) is the most common type of life insurance that is designed to protect your children or partner if you die. This policy is often the easiest type of life cover to get and usually will be simple for teachers, especially with no health problems.

If you have a pre-existing medical condition with this type of cover, you might find that there are some extra checks. You should also be able to get term life insurance with a pre-existing medical condition in most cases.

Decreasing life insurance for teachers (mortgage protection) is very similar to term life insurance apart from the cover reduces in-line with your mortgage. This cover is specifically designed to protect a repayment mortgage and will be around 20% cheaper than a family protection policy.

Critical illness cover for teachers is important for people who want to protect themselves against serious illnesses. A critical illness cover policy will provide a lump sum benefit to you and your family if you get diagnosed with a serious illness.

Conditions covered include cancer, heart attack, stroke, HIV, MS, and many more. Some policies cover up to 180 illnesses and it’s important to check what cover is being offered.

More information about CRITICAL ILLNESS COVER

Income protection for teachers is another type of cover that may be suitable and can be adapted to your needs. One key thing to consider with this type of cover is you might also get sick pay through your employer for up to 6 months potentially.

More information about INCOME PROTECTION

Teachers life insurance company

There isn’t one specific life insurance company that provides cover for teachers. You should have the choice of most of the top insurance brands depending on your health, age, and lifestyle.

Most insurers will offer competitive terms for teachers and so it’s then just a case of choosing which is best for you. Some insurers will offer different benefits so just make sure that you’ve got everything that you need.

Unlike some other public sector jobs, you’ll just need to make sure that you’ve got sufficient cover for yourself and your family.

Teachers pension life insurance

Another term for death in service is pension life insurance or death grant, which is also included within teachers’ benefits. Teachers often receive a standard benefits package which includes:

  • Pension
  • Death in service
  • Sick pay
  • Holidays

Many people choose teaching as an extremely rewarding career, but also because of the security and benefits.

If you die after retirement, then your partner will receive a short-term pension which is equivalent to 3 months of your pension. After the short-term pension finishes, a long-term pension will be put in place.

How much is life insurance for teachers?

The cost of your life insurance will depend on several things which are pretty standard for anyone looking for cover.

Common things that impact life insurance premiums:

  • Your age (date of birth)
  • Amount of cover required (£’s)
  • Term of cover (years)
  • Type of cover (e.g. family, mortgage, or whole of life)
  • Smoker
  • Health
  • Lifestyle

You shouldn’t have any issues in getting life insurance if you are a teacher unless you have other risk factors (e.g. health, sports, or hobbies).

Some examples of the cost of life insurance for teachers are:

AgeAmount of coverTerm of coverPremium
25£200,00020£5.85
35£200,00020£9.09
40£100,00020£7.73
45£100,00020£11.10

 

*premiums quotes above are an estimate based on no other health issues and as of 17/03/2021

Do teachers get life insurance?

A common question that we get asked with most public sector jobs is do I get life insurance with my job. As we mentioned above, death in service does not classify as a life insurance policy as it’s not sufficient in most instances.

You should seek further advice or guidance if you have children, family, or a mortgage that you need to protect.