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 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.

Level term

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.

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.

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:

• Daily living expenses
• Monthly rent payments
• Help with long-term budgeting

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.

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.

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 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.

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.

UK residents aged 50 – 85 are guaranteed acceptance to an over 50s plan, with no medical information required.

Whole of life insurance provides lifetime cover, due to this it’s well suited to those later on in life who’re in good health.

A funeral plan allows you to pay for your funeral at today’s prices so your loved ones don’t have to find the funds themselves when the time comes around.

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 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^{^}.

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.

^{^}Saving illustrates a total saving over the term of the policy. Illustration based on Life insurance (including earlier terminal illness) AIG, 40-year-old, non-smoker, £100,000 sum insured, over a term of 30 years