Teacher protection insurance
Protection insurance is an umbrella term typically used to describe insurances which provide cover (and peace of mind) for you and your loved ones in the event of your death or illness. These insurances include life insurance, income protection and critical illness cover. 
In simple terms, life insurance pays out a lump sum in the event of your death. Income Protection pays an income in the event of being unable to work due to sickness or accident. Critical illness cover pays a lump sum upon diagnosis of a critical illness. 

Why would a teacher need life insurance or critical illness cover? 

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? 
What is life insurance? 
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. 
When is a good time to take out life insurance? 
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 
• getting married 
• starting a family 
• separating from a partner 
• changing jobs/ losing your job 
• losing a loved one 
How much does life insurance cost? 
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. 
Why would a teacher need critical illness cover? 
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. 
*Source- www.neu.org.uk correct at Nov 2022 
During the 1st year of service: Full pay for 25 working days and, after completing four calendar months’ service, half pay for 50 working days. 
During the 2nd year of service: Full pay for 50 working days and half pay for 50 working days. 
During the 3rd year of service: Full pay for 75 working days and half pay for 75 working days. 
During the 4th and successive years: Full pay for 100 working days and half pay for 100 working days 
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.  
How do I find out more? 
Call us on 01302 866787 and speak to one of our trusted advisers. 
FCA Disclaimer 
According to our research, the content contained in this article is accurate at the time of writing. 
Infomation on this website is NOT bespoke advice to its audience and therefore does NOT constitute financial advice. 
Readers are encouraged to contact our qualified advisers directly for mortgage and protection advice. 
As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments. 
Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. 
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