Protection Insurance for Teachers

In most cases, teachers will receive a Death In Service (DIS) payment as part of their employment benefit. It’s really important to understand how much coverage this would provide if you have a mortgage or dependents who reply on your income. 

 

One of the main reasons people often decide against protection insurance such as life/critical illness cover and income protection is because they believe their employment benefits or state benefits will be enough to cover their requirements in the event of an unexpected shock. Planning ahead and understanding your employment benefits could help you make the decision around whether protection insurance is something you may consider. 

 

• Do you know and understand what benefits your employer provides? 

• Do you know what you are entitled to if you die or become too ill to work? 

• Do you need to speak to your HR department to help you clarify any questions you may have? 

• Do you have a plan in place to cover your mortgage/ rent & bills should you die or become too ill to work? 

 

Life insurance is a type of policy that will provide financial support to your family and loved ones in the event of your death. As a nation, we in the UK are not very good at talking about death, even though making such plans can help alleviate so much stress in times of grief. 

 

 

The sooner the better! Generally, the younger and healthier you are, the cheaper your premiums are going to be. It is always a good idea to review your life insurance requirements when any major changes or life events occur, such as: 

 

• buying a house 

• remortgaging your property 

• getting married 

• starting a family 

• separating from a partner 

• changing jobs/ losing your job 

• losing a loved one 

 

 

Life insurance premiums vary depending on your individual circumstances. Insurance providers take into account factors such as your age, smoker status, lifestyle & medical history. Monthly premiums also depend on the term (the length of the policy) and the sum assured (the pay out amount). It’s a good idea to speak to a specialist protection adviser as they can research a wide range of insurers and provide you with a fair analysis of policies. An adviser can also discuss your bespoke requirements ensuring you purchase the best quality coverage for you and your loved ones. 

 

 

Although most teachers have some income security in terms of sick pay for around 12 months* it is worth considering that log-term illness can be financially devastating for you and those who depend on your income. 

 

 

Critical illness cover pays out a lump sum upon the diagnosis of a critical illness which can be used however you see fit at that time, for example – medical treatment, adjustments to the home or clearing debt. Again, it is highly recommended to find a specialist protection adviser who can carry out the research for you to ensure you are purchasing the best quality coverage for you and your loved ones.  

 

Children’s cover can also be included as part of the policy.