Life insurance for teachers

Get an affordable deal on life insurance as a teacher with a cheap quote from Bobatoo

Unlike some other professions, being employed as a teacher won’t affect the life insurance options available to you – meaning there’s a wide variety of policies at your disposal.

Bobatoo works with a host of leading life insurance companies to help you find a great deal.

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Life insurance for teachers

Getting life insurance as a teacher

In the UK, teachers don’t tend to receive life insurance via the terms of their employment. It is more common for those in the teaching profession to be eligible for a 'death in service' benefit. This is a payout from your employer if you pass away during your employment.

However, once you leave your job, when you retire for example, your 'death in service' benefit expires – leaving you and your family financially unprotected.

Therefore, it is a good idea for teachers to take out their own form of life insurance to protect their loved ones in the event of their passing. 

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Learn how to save money on life insurance with our special guide...

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Why might you need life insurance?

The reasons you might need life insurance depends on your own personal needs, requirements and circumstances.

There are various different types of life insurance policies available that can suit different needs, such as:

  • To pay the mortgage on the family home
  • Settle any existing debts in your name
  • Pay the rent and other household bills
  • Make sure your children are financially secure
  • Cover the cost of your funeral

Depending on your needs, you may choose a term life insurance policy or a whole of life insurance policy.

Find cheap life insurance quotes

Find cheap life insurance quotes

Save money on life insurance by comparing policies suited to you.

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Term life insurance

There are several variations of a 'term life insurance’ policy. Level term life insurance is perhaps the most common, which provides a fixed (or ‘level’) lump sum payout if you pass away during the term of the policy.

This means that the amount that is paid out is constant and won’t change throughout the length of your policy. The pay-out amount is agreed at the time you take the policy out, then whether you pass away 2 years or 20 years after that, the amount paid out is the same.

You also set the length of the ‘term’ of the policy – which is the amount of time you are covered for. This tends to be designed to make sure certain financial obligations are met, so the policy could be set to expire when your mortgage is paid off or when your children have grown up and left the family home.

If you don’t pass away during the policy term then no pay-out is made.

Level term life insurance is ideal for protecting large expenses such as paying off debt, an interest-free mortgage or leaving as an inheritance.

Find out more: Term Life Insurance

As well as level term life insurance, another popular option is decreasing term life insurance. With this type of policy, your pay-out will reduce throughout the term of the policy.

As with a level term policy, you set the amount of time you are covered for – but the key difference is that as the potential pay-out decreases, so do your premiums.

Decreasing term life insurance is suitable for those looking for life insurance to cover their mortgage obligations, as the sum insured (the amount of your pay-out) will go down as you pay more of your mortgage off.

Find out more: Level Term Vs. Decreasing Term Life Insurance

Whole of life insurance

As an alternative to setting your life insurance cover to last for a certain period of time, a whole of life policy will last until you die – so is guaranteed a pay-out.

This makes it the most expensive life insurance option, but you do have peace of mind that your family will be financially secure when you pass away.

Whole of life insurance is not usually recommended for those at a young age and is more suited to those who are later on in life who want to make sure their family are not left with expensive funeral bills or other debts when they pass away.

Find out more: Is Whole of Life Insurance Worth it?

Get a teacher’s life insurance quote now

For teacher’s looking for a great life insurance deal, let Bobatoo find help – with access to a range of top UK insurers, we are able to find the best policies to suit your needs.

Simply click the green button at the top of this page to receive a no-obligation life insurance quote now!

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