Guide to Finding Life Insurance for Teachers
As a teacher, chances are you already make a steady salary and have a complete benefits package from the school you teach at. You might think that you're already covered for life insurance. However, you could be putting you and your family at risk for being underinsured. Most companies, including many school systems, are facing increasing costs of health insurance and therefore, are cutting back on insurance coverage and other benefits. Your current life insurance policy as well as pension might not be enough to secure your family's future if you died tomorrow. Fortunately, there are very affordable supplemental life insurance plans available, many offering discounts to educators or only providing to teachers.
A teacher's dilemma: Term life or whole life?
Most insurance options give you the choice between term life insurance and whole life insurance.
- If you choose term life insurance, you'll be generally paying a lower premium for a fixed period of time. If you die within the policy's term, your beneficiaries will receive full death benefits.
- Whole life insurance tends to cost more but extends throughout your entire life, as long as you continue to pay for the policy. Whole life insurance also gives you the option to have a tax-free "cash value" account that, as time passes, can grow to be a substantial sum. This is a wonderful back-up emergency fund for anything life might throw at you. Most companies also offer optional accidental death riders, meaning that if you died in an accident, they will double the payout.
If you request a teacher's life insurance quote today, you are getting started on preparing you and your loved ones for the worst. Take time to consider many of the insurance options out there. There is sure to be one that you can afford and can keep your family safe.