Family life insurance can secure the financial future of…
As a teacher, it’s important to have the right life cover in place to protect your loved ones in case the worst were to happen.
Many perceive the process of taking out life insurance to be complicated, but it doesn’t have to be.
By using an award-winning broker service, like the one we provide at Reassured, you can compare quotes from multiple providers to find the best policy for you.
We can secure life cover for teachers from as little as 20p-a-day † .
Continue reading to find out how to secure the most affordable cover for teachers…
Unfortunately, most teachers don’t get life cover through their employment.
In the UK, it’s more common for teachers to only be eligible for a death in service benefit.
This is a pay out from your employer if you pass away during your time in service.
However, once you leave the position your death in service benefit expires, leaving your life unprotected.
Therefore, if you’re a teacher it’s a wise idea to take out your own life cover to protect your loved ones in the event of a worst-case scenario.
Being a teacher won’t affect the life insurance options available to you, meaning there’s a wide variety of policies at your disposal.
Use our broker service today to compare quotes and find the cover you need.
Whether you need life insurance will depend on your own personal needs.
Generally speaking, we believe most people would benefit from some form of life cover to protect their loved ones financially if they were no longer around.
There are different types of life insurance all suited to different life needs.
Without adequate life insurance protection would your loved ones be able to:
If you were no longer around to contribute financially?
As a teacher, you may also want to consider the level of risk involved with your job.
If you’re a teacher who travels for work, frequently uses harmful chemicals or you work in dangerous environments this may increase your need for life insurance.
While this won’t stop you from taking out life cover, it may lead to increased premiums due to the higher risk you pose to insurers.
Contact our team today who can talk you through the different cover options that are available to you.
Level term life insurance provides a fixed (or level) lump sum pay out.
This means that the amount paid out upon your passing won’t change throughout the length of your policy.
The amount your loved ones receive will be the amount agreed when you took your policy out.
You’ll be protected for an agreed period of time (the term) and if you pass away during this time, a pay out will be made.
If you don’t pass away, no pay out is made and your policy expires.
This type of cover is ideal for protecting large expenses such as paying off debt, an interest-free mortgage or leaving as an inheritance.
Get in touch for quotes on level term life insurance policies.
With a decreasing term policy, your sum assured will reduce throughout the term of your policy.
As with any term policy, you’ll be covered for a specific period of time and your loved ones will only receive a pay out if you pass away during the term.
If you don’t pass away, no pay out is made and your policy expires.
Decreasing term life insurance is well suited to covering a repayment mortgage as you can have your sum assured decrease in line with your outstanding balance.
At Reassured we can compare multiple decreasing term policies to find the most cost-effective option.
Whole of life
Whole of life insurance is a form of life assurance, as you’re provided with life-time cover.
This means that your loved ones are guaranteed a pay out.
Whole of life tends to be well suited to those who’re later on in life and in good health.
Arranging a whole of life policy at a young age can lead to you paying more into your policy than it’ll pay out.
At Reassured, we can compare both term and whole of life insurance policies to ensure you secure a policy that suits your needs.
Over 50s plan
UK residents aged 50 - 85 are guaranteed acceptance to an over 50s plan, with no medical information required.
This option is well suited to those over 50 with less than favourable health.
Due to the unknown risk you pose to insurers, your sum assured will often be capped at around £20,000.
Most insurers also add a ‘waiting period’ to the policy, (usually 12 - 24 months).
This means if you pass away due to natural causes during this time period, no pay out will be made. However, the premiums you’ve paid will be refunded.
A pay out from an over 50s plan can be used to cover funeral costs or left as an inheritance for your loved ones to enjoy.
To compare over 50s plans, get in touch today.
Family income benefit
Family income benefit is an alternative type of life insurance.
Rather than receiving a lump sum pay out upon your passing, your loved ones will receive a monthly (tax-free) income.
This can help to cover:
Having to budget a large sum of money can be extremely stressful, especially at an already difficult time.
Family income benefit will relieve your loved ones of this stress and ensure they can continue to live comfortably.
However, family income benefit cannot be used to pay off larger debts in one lump sum (such as a mortgage).
In some cases, depending on your budget, it can be beneficial to take out a life insurance policy (such as decreasing term) as well as family income benefit.
Like all applicants, the cost of your monthly premiums will be based on the level of risk you pose to the insurer.
Providers will take into consideration the following:
Teachers may experience inflated premiums with certain insurers due to working in dangerous environments, working with hazardous chemicals or travelling a lot for work.
In these instances, providers may ask for more information about your job to understand the level of risk you pose.
It’s extremely unlikely that you’ll be declined life insurance due to your profession.
Yes, teachers are eligible for a death in service benefit through the teachers’ pension scheme.
Death in service benefit through the teachers’ pension scheme is 3x your salary, but this amount may differ if your employer offers a different pension.
You’ll no longer benefit from death in service if you leave your profession, highlighting the need for additional protection in the form of life insurance.
Even with death in service, teachers may benefit from additional life cover.
While a death in service benefit will provide a pay out to ease some financial burdens for your family in the event of your passing, it’s unlikely that this will cover all costs.
This is because your pay out will be a set amount decided by your employer (for teachers this is normally 3 times your salary).
With life insurance you can choose your sum assured to ensure there are enough funds for your loved ones to live comfortably.
Death in service will only protect you while you’re in service. If you leave your job, you’ll no longer receive this benefit.
Life insurance provides you with your own personal protection so you can secure the future of your family no matter what happens.
|Life insurance||Death in service|
|Provides your own personal protection||Offers financial protection through an employer|
|Can choose sum assured to meet your needs (up to £1,000,000)||Pay out will be a multiple of your salary (for teachers typically 3x)|
|Pay out can pay off mortgage, cover living costs, pay for your funeral or be left as inheritance||Unlikely that pay out amount will cover mortgage or other large debts|
|Cover remains in place until the end of term or until you pass away||Cover will cease if you leave employment|
Teachers are able to secure affordable life insurance. At Reassured, we can find you cover from just 20p-a-day.
Teachers’ pension are responsible for managing the teachers’ pension scheme on behalf of the department of education.
The teachers’ pension scheme is only one of eight schemes guaranteed by the government.
You can find full information on what a teacher's pension includes here.
The teachers’ pension scheme doesn’t include life insurance; however, it does include death benefits and death in service.
Death benefits will allow a payment to be made to your spouse in the event of your passing during retirement.
The amount paid out will depend on how much pensionable service you have and what agreement you’re a part of.
Although this payment can ease some financial stress for your loved ones, it’s likely that it won’t cover all expenses.
As discussed previously, death in service will pay out a multiple of your salary if you pass away while in service with your employer.
Life insurance allows you to choose the amount that you’d like to be paid out so you can ensure that all costs are covered and your family can live comfortably.
Being a teacher won’t affect your ability to obtain life insurance.
The teachers’ pension scheme provides ill health cover.
This will pay out an early proportion of your pension should you be unable to work due to ill health.
This is similar to critical illness that can be added onto a term life insurance policy for an additional cost.
Critical illness cover allows you to make an early claim if you’re diagnosed with a life-changing illness (listed within your policy) that may prevent you from working.
This pay out can be used to cover any lost income or to help pay for medical costs.
Alternatively, terminal illness comes as standard with any term life insurance policy taken out through Reassured (other than an over 50s plan).
This provides an early pay out if you’re diagnosed with a terminal illness and predicted to pass away within 12 months.
While ill-health cover will help to provide some financial support, it’s likely it won’t cover all of your expenses.
This is where terminal illness or critical illness can be beneficial as you’ll receive your sum assured in full.
If you pass away and are receiving a teachers’ pension, your pension will automatically be paid to your spouse.
If you don’t have a spouse, you’ll need to make a known nomination to teachers’ pensions to declare who you’d like the funds to go to.
This is known as a death benefit.
Retired teachers aren’t provided with life insurance.
However, there are retirement benefits you can take advantage of as part of your teachers’ pension.
If you’re taking out life insurance after retirement you may find your premiums to be higher due to your age and health.
At this stage of your life you may want to consider one of the following options:
To find the right cover, call Reassured today. A friendly member of our team will be happy to talk you through all of your options.
Teachers insurance is specialist insurance for those in the independent teaching profession, it won’t provide life cover.
Teachers insurance refers to insurance that will cover you for risks that are likely to happen while carrying out your profession (such as theft of equipment or injury to a student).
Unfortunately, this type of insurance isn’t provided by Reassured.
Teachers often benefit from a range of discounts across many services, products and days out.
As a teacher, you’re eligible for a discount on life insurance through the website discountsforteachers.co.uk.
This includes an offer from Reassured. Teachers can obtain free quotes and save up to £1,137^.
They’re currently offering the following discounts for teachers:
The discounts stated are correct as of 30/03/22, please note they may be subject to change.
While a discount on your policy may seem like an attractive offer, it’s not the most important thing to consider when taking out life cover.
What’s more important is finding a provider that offers cover that meets all of your needs.
At Reassured we can compare multiple policies to ensure you’re getting the right level of cover for the best price.
To secure the most affordable cover, it’s crucial to compare quotes as prices can vary significantly.
Using our FCA-regulated broker service you can compare quotes from some of the UK's leading life insurance providers.
Our award-winning team can take you through all the available options so you can find your ideal policy.
By comparing quotes, you can save money on your policy as well as ensuring the right cover is in place to protect your loved ones.
Why not put us to work today and save yourself time and money?
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Yes very pleased with my choice very helpful easy to understand and very pleasant transaction all good!Mrs M Rushworth
Very professional and reassuring. Life insurance sorted in about 10 minutes.Stephen Davies
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I must say Jake took me through every step and was brilliant, recommend them anytime.Allan Green
Very happy and everything explained well, so glad a took the time to take the call, normally I would say I'm busy. But compared to other company's we save so much more money.Jenny Berry