According to internal data from Reassured, the average cost…
As a teacher, it’s important to have the right life insurance 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 right policy to meet your needs.
We can secure affordable life insurance for teachers from as little as 20p-a-day † .
Continue reading to find out how to secure suitable teachers life insurance…
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 wise 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 fee-free broker service today to compare life insurance quotes for teachers to 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 help protect their loved ones financially if they were no longer around.
A pay out from a life insurance policy can help to cover all the above for your loved ones to ensure they can continue living their current lifestyle, without struggling financially.
A friendly member of our team can talk through your needs and provide you with the most suitable life insurance options for teachers.
There are various types of life insurance, all suited to different life needs.
Which is the most suitable for teachers will depend on your own personal circumstances and what you’d like to protect.
The policy option available to you include:
Use our award-winning broker service to compare multiple quotes to find the most suitable life insurance for teachers.
Teachers’ life insurance can start from as little as 20p-a-day through Reassured.
However, the exact price you pay for your monthly life insurance premiums will be calculated based on the level of risk you pose to the insurer.
Providers will take into consideration the following when calculating the cost of your premiums:
Occupation is one of the factors that insurers take into account when calculating your premiums.
For most teachers, occupation won’t influence the price you pay for your cover.
However, if you’re a teacher that frequently works overseas (particularly in countries with disease outbreak or countries that are in the midst of war) or you work in another dangerous environment (such as a lab with harmful chemicals), you may experience inflated premiums with certain insurers.
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.
Compare teachers life insurance quotes through Reassured. Quotes start from just 20p-a-day.
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 3x 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 help secure the financial 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 help 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|
Compare life insurance quotes free of charge to find your lowest quotes from our panel of leading insurers.
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 help ensure that all costs are covered and your family can live comfortably.
Being a teacher won’t affect your ability to obtain life insurance.
Contact Reassured for your fee-free and personalised quotes for UK teachers.
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 help 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.
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.
Income protection can provide monthly (tax-free) payments if you become too ill or injured to work as a teacher.
Up to 70% of your teacher’s salary could be protected to help you cover your current cost of living.
Teachers can be entitled to a generous sick pay scheme (as detailed in the Burgundy Book, which provides national guidelines for the conditions of service for teachers in the UK).
As per the Burgundy Book, teachers can receive up to 100 days of full pay, followed by 100 days of half pay (depending on your length of service).
However, income protection can provide an extra safety net of financial protection to top up your sick pay during times when you’re receiving half pay.
It can also be beneficial in case of longer-term illness or injury that keeps you off work for longer than you’ll receive sick pay for.
Reassured Advice can help you to compare the best income protection insurance quotes from the whole of the market.
Get in touch for personalised and fee free quotes starting from just 20p-a-day ‡ .
Why not check out our dedicated income protection for teachers page to find out more about this policy type?
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 - such as death benefits.
This will pay out a lump sum to your loved ones. However, this is unlikely to cover all costs so it’s wise to also have your own personal cover in place.
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 in your life, you may want to consider one of the following 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 £1,234*.
They’re currently offering the following discounts for teachers:
The discounts stated are correct as of 05/05/23, 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 cover at the best available price from our panel of insurers.
To secure the most affordable teachers life insurance, 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.
Life insurance for teachers through Reassured starts from 20p-a-day so why not put us to work today and save yourself time and money?
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